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Aurora collaborates with Proximity Labs
The Aurora DAO has decided to provide Proximity Labs 25 million AURORA tokens, valued at around $90 million, from its treasury, entrusting their DeFi expertise to help the Aurora ecosystem develop even faster.The company has joined hands with Proximity Labs to launch the fund today, according to a recent release by Proximity. The fund will be focused on supporting decentralized finance (DeFi) apps using the Near protocol.
Proximity will use the funds to provide grants to the projects that are most important to Aurora's success, as well as attract new talent and ideas.
Commenting on this significant step, the founder of Aurora Labs, Dr. Alex Shevchenko, said that the DAO continues its mission to expand the Ethereum economy outside the Ethereum chain. He 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."
What is Aurora?
Aurora is an EVM-compatible execution environment based on the NEAR Protocol that enables Ethereum scaling through high throughput and low transaction costs. Aurora has experienced exponential growth in recent months, thanks to the introduction of its major projects: Aurigami, Bastion, and Trisolaris.Its total value locked (TVL) has more than doubled since the start of the year, reaching $1.3 billion in May. With over 100 projects in its ecosystem, it is presently in the Top 10 EVM networks on DeFi Llama.
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