DeFi Near Blockchain Puts $100 Million on the Table to Compete with Ethereum

Millions of dollars to expand – Many blockchains with a DeFi ecosystem have emerged in recent years. In order to stand out, they must rely on the developers. Thus, the foundations behind these blockchains do not skimp on the means to attract web 3 talents. This is particularly the case with Near who has just announced his web investment fund 3.

Near: a new competitor to Ethereum

Near is a so-called blockchain layer 1 based on consensus in Proof of Stake. This was launched in April 2020, alongside its NEAR token.

However, it will take more than a year to see the emergence of a DeFi ecosystem. Thus, in August 2021, the first DeFi protocols are deployed on the blockchain. Now it has a ten protocols which accumulates a total of $293 million deposited in their pools.

Evolution of Near’s TVL

Near stands out from the competition by offering a method of scaling unique baptized “Nightshade sharding”. In addition, Near relies on second-layer solutions. Indeed, the network hosts auroraan EVM-compatible second-layer solution.

This EVM-compatible solution has already attracted several renowned Ethereum DeFi protocols, such as Curve, Pickle Finance and Beefy.

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100 million to finance the development of web 3

Faced with encouraging developments, the Near Foundation now wishes to work twice as hard. Indeed, the latter has announcement partner with venture capital firm Caerus Ventures for create an investment fund. The fund had an initial close of $50 million and aims to raise another $50 million.

The objective of this fund will be to support developers and builders of protocols on the Near ecosystem. As explained Nathan Pillaithe founder of Caerus Ventures:

“We have been very impressed with Near’s value proposition for developers and users, especially with respect to its mission to give creators and consumers of culture greater control over their assets. We are therefore creating this partnership to help revolutionize existing multi-layered entertainment ecosystems, increasing market size while promoting greater fairness. »

Last June, the protocol Near unveiled his JavaScript software development kit (SDK). The goal is to allow the 20 million JavaScript developers to easily interact and build projects on Near.

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John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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