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While blockchains Fantom, Harmony, Avalanche, and Celo have all launched nine-figure ecosystem development funds, Near could set a new record with the launch of a massive $ 800 million grant fund.
The high-speed and self-proclaimed “climate neutral” chain announced on Monday that it had created the fund with major tranches earmarked for specific purposes, including:
- $ 250 million in ecosystem grants to be spread over four years
- A regional fund of $ 100 million
- $ 100 million specifically for startups
In addition, decentralized finance (DeFi) is a major focus of the program, with a dedicated fund of $ 350 million from Proximity Labs. A newly formed “DeFi DAO” will govern how these funds are spent, and protocols will be able to request cash extraction programs through the DAO. Proximity is a group of early Near contributors that grew out of the parent company as an independent entity with funding from the Near Foundation.
Almost ready for prime time
In an interview with CoinDesk, Near co-founder Illia Polosukhin said the program has already distributed $ 45 million in funds this year, with a particular focus on the building blocks of the early stage ecosystem.
“So far, many projects have been about infrastructure,” Polosukhin said. “Croncat allows transactions to be sent at different times, Cartosis is testing smart contracts – thus supporting new programming languages, supporting storage, so a big part was, ‘What are the building blocks we need to unlock exponential composability? “”
Early #NEARCON Announcement! ??
Learn more about @NEARProtocolfrom the $ 800 million Global Ecosystem Fund. ??https://t.co/00UaiA3jC1
– NEAR protocol (@NEARProtocol) 25 October 2021
Earlier in October, the Aurora Ecosystem Project raised $ 12 million to enable Ethereum Virtual Machine (EVM) contracts on the Near blockchain, which could be the first step towards a full DeFi ecosystem.
Read more: NEAR’s Aurora Raises $ 12 Million to Expand Ethereum Layer 2 Network
“Before there was a feeling that you had to pull the ecosystem, but now the ecosystem pulls you,” Polosukhin said. “Now, it’s time for the DeFi Silver Legoes to appear.”
Almost launched in April 2020 following token sales from leading backers including Andreessen Horowitz and Pantera Capital.
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