Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Cryptos

NEAR hits new highs as protocol announces $800 million ecosystem fund

Ajibola Akamo by Ajibola Akamo
October 26, 2021
in Cryptos
NEAR hits new highs as protocol announces $800 million ecosystem fund
Share on FacebookShare on TwitterShare on Linkedin

NEAR Protocol, a decentralized application platform, that is designed to make applications usable on the web, just announced an $800 million funding initiative, which is intended to support the protocol’s ecosystem growth.

The announcement has caused NEAR, the native token of the NEAR protocol to rally by over 30% for the day, pushing the token to a new all-time high of $12.30, as of the time of writing this report. Its trading volume has jumped by approximately 200% within the last 24 hours and it is currently ranked #35 with a market capitalization of approximately $6.4 billion.

The high-speed and self-styled “climate neutral” chain, which runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, has established the fund with major tranches earmarked for specific purposes which include, Decentralized Finance (DeFi), Startup Grant Pools, helping existing projects further develop and scale-up and regional funds.

RelatedPosts

SNX token value surges to 100% as Bitcoin rallies above $20,000

Decentralised platforms changing the world one cryptocurrency at a time

Per the announcement, decentralized finance (DeFi) seems to be a focus of the program, with a devoted $350 million fund from Proximity Labs. This accounts for 43.75% of the total funds. $250 million is allocated for ecosystem grants geared towards helping existing projects further develop and scale. This will be distributed over four years and it accounts for 31.25% of the total fund size.

The remaining $200 million is allocated equally between startup grant pools and regional funds. These two together account for 25%. Accounting to the announcement, for the startup grant pools, “More than 20 startups will be identified and given $5M each in funding to redistribute to key stakeholders – the ecosystem ultimately decides who gets funding.”

News continues after this ad


For regional funds, the announcement stated that the money will be allocated to, “foster the development of NEAR’s largest community regions in Asia, Europe, and the US.”

What they are saying

In an interview with CoinDesk, NEAR co-founder Illia Polosukhin explained that the program has already distributed $45 million in funds this year, with a particular focus on early-stage ecosystem building blocks.

News continues after this ad


He stated, “A lot of the projects so far have been infrastructure. Croncat allows the ability to send transactions at different times, Cartosis is testing smart contracts – so supporting new programming languages, supporting storage, so a lot of it was, ‘What are the building blocks we need to unlock exponential composability?”

He further added, “Before there was the feeling that you had to pull the ecosystem, but now the ecosystem is pulling you. Now it’s time for the DeFi money legos spawn.”

As Polosukhin said, prior to this announcement, NEAR had already spent $45 million across more than 120 projects, including Core Protocol Infrastructure Grants to the likes of Textile, Liquality, CronCat, Kurtosis and the Grain Programming Language.

NEAR is not the only protocol announcing ecosystem funds as Binance, Fantom, Harmony, Avalanche and Celo have all launched ecosystem development funds, with Binance offering the highest, to the tune of $1 billion.

Related

Tags: decentralized financeDeFiNEAR Protocol

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • The role of manufacturing in accelerating national development
    • Leveraging digital engagement channels to help enhance tax compliance, IGR and Nigeria’s citizen experience
    • Half year 2022: Nigerian Exchange investors earn N3 trillion amid global disruptions

    Follow us on social media:

    Recent News

    The role of manufacturing in accelerating national development

    The role of manufacturing in accelerating national development

    August 9, 2022
    Tax

    Leveraging digital engagement channels to help enhance tax compliance, IGR and Nigeria’s citizen experience

    August 9, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com