Aurora, one of the Ethereum Virtual Machines which is designed to scale Dapps built on the protocol of Near, has decidedly launched a token fund worth $90 million. The fund was instituted in a partnership with Proximity Labs and will be completely focused on financing most of the decentralized finance applications on the Near protocol.
For the uninformed, Near protocol is a platform of DApp that is focused on ensuring a level of usability among developers and most of the users. As an emerging competitor to Ethereum on layer-1, Near protocol, has also turned out to be capable of the smart contracts along with running a consensus mechanism that is based on proof of stake.
Aurora Looking To Oust Ethereum
Funding for this was provided by the Aurora Labs, which went on to allocate a sum of 25 million Aurora tokens- which have a current valuation of $90 million. As a result of this funding model, Proximity Labs will now be able to manage the funds responsibly and start providing grants to those developers that have been aiming to build their decentralized apps through this platform. The team of Aurora Labs does believe that the funding structure being token-based will also increase the amount of activity that is granted through this network.
Alex Shevchenko, the founder of Aurora Labs, stated that the launch of this new token fund would definitely make most of the developing applications of Ethereum on the Near protocol way more lucrative to developers. The EVM, for the uninitiated, is a blockchain-based computer engine that is the very core of the operating system of Ethereum and is largely responsible for transaction execution, smart contract deployment, as well as several other operating functionalities.
Along with Aurora, several others have adopted this EVM as their default smart contract engine.