Aurora, an EVM scaling engine for the near protocol, has partnered with Proximity Labs to launch a $90 million token fund to attract new developers.
Aurora, an Ethereum virtual machine (EVM) designed to scale decentralized applications (DApps) based on the Near protocol, has launched a $90 million token fund.
Launched today in partnership with Proximity Labs, the fund will focus on funding decentralized finance (DeFi) applications under the Near Protocol.
Near Protocol is a DApp platform focused on developer and user experience. As a new Tier 1 competitor to Ethereum, Near Protocol also supports smart contracts and uses the Proof-of-Stake (PoS) consensus mechanism.
Funding was provided by Aurora Labs, which has provided 25 million AURORA tokens, currently valued at approximately $90 million, from its DAO treasury for contactless labs.
As a result of the funding model, Proximity Labs will now be responsible for managing funds and providing grants to developers looking to build DApps on Aurora.
The Aurora Labs team believes the token-based funding structure will also boost activity on the network.
Aurora Labs founder Alexey Shevchenko said that the launch of the new token fund will help make developing Ethereum applications on the Near protocol more attractive for developers:
“Aurora DAO continues its mission to expand the Ethereum economy beyond the Ethereum blockchain. This grant is the next big step in the evolution of the Aurora ecosystem, and I’m excited to have Proximity Labs join us on this journey.”
The EVM is a blockchain-based computer engine at the heart of the Ethereum operating system, responsible for executing transactions, deploying smart contracts and other operational functions, and allowing developers to build DApps on its blockchain.
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A growing number of independent blockchains use EVM as their default smart contract mechanism, including BNB Chain, Avalanche Chain, Polygon, and Fantom.
