ETH competitor NEAR hit an all-time high when it launched an $ 800 million fund to support the growth of its ecosystem. So read more about it on our latest altcoin news.
The team behind the NEAR protocol called NEAR Collective stepped into the DeFi realm by announcing $ 800 million in developer funding and ecosystem startup funding. The platform is a globally dispersed group of teams that are always potentially contributing to protocol research and development. Fueled by the announcement, NEAR and its native token rose to a new high of $ 12.62 in the early hours of Tuesday before falling to $ 12.17 at press time.
Soon #NEARCON Notification! 💥
Learn more about @NEARProtokoll$ 800 million Global Ecosystem Fund. 🔽https: //t.co/00UaiA3jC1
– NEAR protocol (@NEARProtocol) October 25, 2021
ETH competitor NEAR was still up 17% last day, making it one of the biggest winners according to CoinGEcko. Supported by renowned investors such as Coinbase Ventures, Pantera Capital, a16z etc., NEAR is a proof-of-stake blockchain platform for decentralized applications. Blockchain uses a technique called sharding, which divides the network into several parts so that computations are done in parallel and the scalability of the network is improved. This is the same technique used for Ethereum 2.0
Projects built on top of NEAR include Mintbase, an NFT minting platform, and FLUX, a protocol that enables developers to create markets based on assets, commodities, real events, etc. Read:
“While NEAR gives all communities access to this record-breaking amount of funding, it will focus on decentralized finance teams (DeFi) who are actively revolutionizing and envisioning how we handle money.”
The collective added that Defi projects on NEAR have reached a huge milestone of over $ 150 million and that they have a much bigger goal of growing the number safely and quickly. The new funding includes an additional $ 350 million announced by Proximity Labs a week ago. Additionally, NEAR is looking for DAOS and NFT focused projects with approximately $ 250 million in grants and existing ecosystem projects with an additional $ 100 million in accounts receivable. The remaining $ 100 million will be allocated to funds in Europe, Asia and the United States.
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