Aurora Initiates $90M Fund to Proximity Labs to Boost DeFi Development on NEAR

The CEO of Aurora Labs, Alex Shevchenko, allocated 25 million AURORA tokens from the company's reserve in order to advance the expansion of its ecosystem faster.

As of today, Proximity Labs will be in charge of controlling the funds and distributing incentives to developers working to build dApps on the ETH Virtual Machine, Aurora.

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The autonomous organization suggests that the token-based funding mechanism will boost the network's activity. The partnership will be based on funding DeFi apps on the Near protocol, a software that allows developers to build decentralized apps (dApps) through a network of computers.

Hopefully, this will make the process of improving ETH applications for the developers on NEAR more engaging. The founder of Aurora Labs added:

“This grant is the next big step in the development of the Aurora ecosystem, and I’m happy that Proximity Labs accompanies us on this journey.”

The allocation will be used not only to support the initiatives that are critical to Aurora’s development but also to find new individuals. The Chief Executive Officer at Aurora Labs has expanded on such a vision and stated:

“This grant is the next big step in the development of the Aurora ecosystem, and I’m happy that Proximity Labs accompanies us on this journey.”

The desire to grow ETH’s ecosystem beyond the blockchain still remains.

Aurora is a decentralized application platform that works on DeFi. It has over 100 projects as it reached $1.3 billion of its TVL in May.

Yesterday, the VC technology platform Fasanara launched a $350 million investment fund to support cryptocurrency and fintech startups. With such investment, the CEO Francesco Filia hopes to find newly established technology platforms and traders in crypto and digital assets.

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