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Aurora team launches $90 million fund to support DeFi projects

The developers of Aurora, the Layer 2 (L2) protocol of the NEAR network, have launched a fund in AURORA tokens of about $90 million to accelerate the development of DeFi applications.

The initiative is implemented in partnership with Proximity Labs. Aurora Labs allocated funds from the DAO treasury.

Proximity will manage the fund and provide grants to developers interested in creating dapps on the protocol.

Aurora provides full compatibility with EVM – a virtual environment for Ethereum applications.

Aurora Labs hopes to make the protocol more attractive to developers from the network of the second largest cryptocurrency by capitalization.

“Aurora DAO continues its mission to expand the Ethereum economy beyond its blockchain. This grant is the next big step in the development of the Aurora ecosystem, and I am glad that Proximity Labs has become our fellow traveler,” said Alex Shevchenko, CEO of Aurora Labs.

The total value of funds locked in DeFi protocols on Aurora exceeded $806 million, according to DeFi Llama.

Data: DeFi Llama.

More than 43% of the total is accounted for by Bastion. In March, the project raised seed funding for an undisclosed amount. In April, Bastion closed a $9 million Series A round led by Three Arrows Capital.

Recall that in May 2021, the NEAR Protocol team launched the Aurora L2 protocol for interacting with Ethereum.

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My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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