Aurora team launched a $ 90 million fund to support Defi projects

The developers of Aurora, the second-level protocol (L2) of the NEAR network, 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 has allocated Tao from the treasury.

Proximity will manage the fund and allocate grants to developers interested in creating DAPPS on the protocol.

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

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Aurora Labs expect to make the protocol more attractive for developers from the network of the second cryptocurrency capitalization network.

“Aurora Dao continues its mission to expand Ethereum economy outside 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 CEO Aurora Labs Alex Shevchenko.

The total cost of funds blocked in Defi protocols on Aurora exceeded $ 806 million, according to Defi Llama.

More than 43% of the total indicator accounts for BASTION. In March, the project attracted sowing financing for an unsolved amount. In April, Bastion closed the round of the series A for $ 9 million, which was headed by Three Arrows Capital.

Recall that in May 2021, the Near Protocol team launched the Aurora L2-protocol for interaction with Ethereum.