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Jafrin Ahmed
May 13, 2022
by Jafrin Ahmed

Aurora Launches $90M Fund to Grow DeFi on NEAR Protocol

Aurora developer fund NEAR
Aurora, an EVM scaling mechanism on Near protocol, has launched a $90 million developer fund to accelerate the development of decentralized finance (DeFi) applications.

Financing DeFi Apps on Near Protocol

Launched in partnership with Proximity Labs, the funds will be focused on financing decentralized finance (DeFi) applications on the Near protocol.

To seed the fund, Aurora Labs, the core development team behind Aurora, allocated 25 million aurora tokens (AURORA) worth about $90 million at current prices from its DAO treasury to Proximity Labs.

As a result of the funding model, Proximity Labs will now be responsible for managing the funds and providing grants to developers looking to build DeFi Dapps on Aurora.

“Aurora DAO continues its mission to extend the Ethereum economy outside Ethereum blockchain. This grant is a next big step in the development of the Aurora ecosystem and I’m happy that Proximity Labs accompanies us in this journey,” said Alex Shevchenko, founder of Aurora Labs.

Aurora's EVM Compatibility

Aurora has emerged as an important network in the Near ecosystem due to its EVM compatibility. It currently hosts emerging DeFi-centric apps including Aurigami, Bastion, Trisolaris and others which accounts for over $800 million in total assets locked in the chain.

The platform has also begun pulling in top Ethereum-based projects. For instance, last week, Curve Finance, a leading Ethereum-based DEX launched its DeFi offering on Aurora.

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Aurora Launches $90M Fund to Grow DeFi on NEAR Protocol
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.