While Fantom, Harmony Avalanche and Celo have all launched a nine-digit ecosystem development fund, NEAR sets a new milestone with the launch of a massive endowment fund of $ 800 million.
Early #NEARCON Notice! 💥
– NEAR protocol (@ NEAR protocol) October 25, 2021
The self-proclaimed high-speed blockchain announced today has set up the fund with key stages including:
- $ 250 million in ecosystem funding to be spread over four years
- A regional fund of $ 100 million
- $ 100 million special for startups
Additionally, DeFi is the main focus of the program with a $ 350 million fund from Proximity Labs. A newly created DeFi DAO will regulate how these funds will be spent and the protocols will be applied to liquidity mining programs through the DAO. Proximity is a group of NEAR contribution projects that originally emerged from the parent company as an independent entity with funds from the NEAR Foundation.
NEAR co-founder Illia Polosukhin said the program had distributed $ 45 million from the fund this year, with a particular focus on early-stage ecosystem building blocks.
“Many of the previous projects have become infrastructure. Croncat makes it possible to send transactions at different times, Cartosis is experimenting with smart contracts – hence support for new programming languages, support for storage. “
In early 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.
“You used to feel that you had to pull the ecosystem, but now the ecosystem is pulling you. It is time for DeFi to ‘get the mother interested,’ “Polosukhin said excitedly.
NEAR was launched in April 2020 following token sales by prominent donors such as Andreessen Horowitz and Pantera Capital.
Immediately after the news broke, NEAR price jumped nearly 20% to a high of $ 11.63, with trading volume soaring more than 118% to $ 543 million. NEAR currently ranks 35th with a market cap of $ 6 billion.
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According to Coindesk