Aurora launches a $90M token fund

Aurora launches a $90M token fund

Aurora has recently marketed a token fund of $90 million. For those unaware, Aurora is an EVM (Ethereum Virtual Machine) designed by the Near protocol team. The purpose of Aurora is to provide turn-key solutions for the running of Dapps on an Ethereum-supported, scalable and secure platform with minimum service charges for its users.  

The Ethereum Virtual Machine (EVM) is accountable for allowing developers to build Dapps on its blockchain apart from performing tasks such as smart contract deployment, transaction execution, and other critical functionalities. EVM is a blockchain-based computer engine at the spine of the operating system of Ethereum. 

The fund, which was formed in collaboration with Proximity Labs, will focus on decentralized financial (DeFi) solutions based on the Near protocol.

The Near protocol is a software design that aims to authenticate a computer network to initialize a platform that will allow developers to construct and deploy decentralized applications (Dapps). 

Proximity Labs will now be in charge of handling the money and offering grants to developers working on DeFi Dapps on Aurora as a result of the financing model.

According to the Aurora Labs team, the token-based funding mechanism will boost its network activity. Aurora Labs provided financial support by distributing 25 million AURORA tokens worth around $90 million from its DAO treasury to nearby labs.

Dr. Alex Shevchenko, the originator of Aurora Labs, indicated that the new token fund would make creating Ethereum apps on the Near protocol more appealing to developers.

Dr. Alex says, “Aurora DAO’s ambition to expand the Ethereum economy outside the Ethereum network continues. The initiative will take us one step ahead in developing the Aurora ecosystem, and I’m obliged to Proximity Labs’ for showing trust in us.”

The EVM has been used as the default smart contract engine by a growing number of independent blockchains, including Avalanche Chain, Polygon, BNB Chain, and Fantom.

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