NEAR Protocol Is one operates under the public mechanism and Sharded (segmented). It is like a community run, highly scalable and low cost cloud platform for developers to create decentralized applications easily.

NEAR secure enough to manage high-value assets like money or identities and performant enough to make them useful, especially given the power of Open Web in the hands of users.

NEAR spends 800 USD to develop the ecosystem
ecosystem

And one thing to note, not a side chain, not even an ERC20 token or a specialized, but simply a 1-layer (1-layer) protocol designed to independently support the Open Web platform.

NEAR sets all-time high

When (), () () and have launched a 9-figure ecosystem development fund, NEAR is setting a new milestone with Launching a massive $800 million endowment fund.

Announced yesterday, the self-proclaimed high-speed blockchain has established the fund with key stages including:

  • $250 million in ecosystem funding to be distributed over four years
  • A $100 million regional fund
  • 100 million dollars special for startups
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Besides, is the main focus of the program, with a $350 million fund from Proximity Labs. One " The newly created “will govern how those funds are spent and the protocols will be applicable to liquidity mining schemes through . Proximity is a group of NEAR-contributing projects that originally spun off from the parent company as an independent entity with funding from the NEAR Foundation.

NEAR co-founder Illia Polosukhin said the program has distributed $45 million from the fund this year, with a particular focus on early-stage ecosystem building blocks.

“A lot of the projects so far have become infrastructure. Croncat allows for the ability 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 activate Virtual Machine contracts (EVM) on the NEAR blockchain, which could be the first step towards a full DeFi ecosystem.

“Previously there was a feeling that you had to pull the ecosystem, but now the ecosystem is pulling you. It's time for DeFi to 'earn the mother's interest,'" said Polosukhin excitedly.

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NEAR launched in April 2020 following token sales from prominent backers including Andreessen Horowitz and Pantera Capital.

Immediately after the news was announced, the NEAR price surged over 25% to a high of $12.60 with trading volume increasing by more than 118% to $543 million. NEAR is currently ranked 35th with a market cap of $6.3 billion.

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