{"id":571076,"date":"2022-05-12T18:21:48","date_gmt":"2022-05-12T17:21:48","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=571076"},"modified":"2022-05-12T18:21:48","modified_gmt":"2022-05-12T17:21:48","slug":"aurora-initiates-90m-fund-to-boost-defi-development-on-the-near-protocol","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/aurora-initiates-90m-fund-to-boost-defi-development-on-the-near-protocol\/","title":{"rendered":"Aurora Initiates $90m Fund to Boost DeFi Development on the Near Protocol"},"content":{"rendered":"
Summary:<\/p>\n
Aurora has launched a $90 million token fund geared towards accelerating the development of DeFi applications on the Near Protocol. The fund was initiated<\/a> today by Aurora, alongside Proximity Labs and the DeFi Arm of the Near Protocol<\/a>.<\/p>\n To note is that the team at Aurora has assigned 25 million AURORA tokens from its DAO treasury to Proximity Labs to provide the $90 million in funding proposed for the development of DeFi<\/a> applications on the Near Protocol.<\/p>\n Proximity Labs will now be responsible for managing the funds and providing grants to developers aiming to build DeFi Dapps on Aurora. Such a token-based funding model also aims at increasing activity on the network.<\/p>\n Dr. Alex Shevchenko, the founder of Aurora Labs, explained that the project’s mission was to extend the Ethereum economy beyond the Ethereum<\/a> network. He said:<\/p>\n 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\u2019m happy that Proximity Labs accompanies us in this journey.<\/p><\/blockquote>\nAbout Aurora (AURORA)<\/h2>\n