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.
‼ Huge news for the Aurora Ecosystem!🔥
Read the full article on @TheBlock__ 👇https://t.co/TcqQ9ZZa0r— Aurora (@auroraisnear) May 12, 2022
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.
“Aurora DAO continues its mission to extend the Ethereum economy outside the 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 Dr. Alex Shevchenko, CEO of Aurora Labs.
— Aurora (@auroraisnear) May 12, 2022
The total value of funds locked in DeFi protocols on Aurora exceeded $806 million, according to 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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