Bitcoin, Blockchain & Cryptocurrency News

NEAR Announces DeFi Incentive Program

The NEAR Protocol has announced the creation of a $350 million grants DAO, in collaboration with Proximity Labs, a research and development firm targeting the NEAR ecosystem. The DeFi incentive program is targeted at organizations, individuals, and projects building DeFi applications on NEAR. 

Well-known DeFi projects such as Sushi, Kyber, Curve.Fi, Dodo, and Woo, along with several native projects such as Burrow, Onomy, Ref, and Trisolaris, have already launched or are in the process of launching themselves on the NEAR blockchain, with several more DeFi projects in the pipeline. 

The DeFi incentive program will distribute up to 40 million NEAR tokens, worth over $300 million, over the next four years to help support the ecosystem. All projects are eligible for the program, with grants from the program ranging from $5000 to several million. Projects interested in the program can express an interest through this form. 

NEAR has several significant projects that are currently live on the protocol. These projects range from DEXs, DeFi projects to Oracles. Some of the major projects on NEAR are:

Rainbow Bridge: The Rainbow Bridge acts as a bridge between NEAR and Ethereum. It is a trustless, permissionless protocol connecting the two blockchains. 

SputnikDAO: SputnikDAO allows other projects and individuals to launch DAOs, upgrade protocol smart contracts, and easily configure governance for treasury management. 

AAVE: AAVE offers flash loans, allowing projects to borrow liquidity, utilize it with other protocols, and then repay it in a single transaction. 

Chainlink: Chainlink is a decentralized oracle network allowing smart contracts to transfer data between blockchains securely. 

The Latest Updates From NEAR

NEAR has seen the launch of several new projects over the past few weeks, with the total value locked (TVL) crossing the $150 million mark. The total locked value is inclusive of NEAR native assets and Ethereum assets. All of these launches have resulted in a significant uptick in the number of wallets using NEAR, with over 1.3 million active accounts on the network. NEAR is on course to become a key layer-1 blockchain for DeFi applications, thanks to Nightshade. Nightshade functions differently from other blockchain protocols, allowing transactions to be executed by groups of shards, allowing servers to store parts of the blockchain, which enables transactions to be processed parallelly. 

About NEAR

NEAR is a decentralized development program founded in 2018. It focuses on the shortcomings (high gas fees, scalability issues) of other protocols in the DeFi space and creates the perfect environment for smart contracts and dApps. NEAR utilizes its Proof-of-Stake blockchain, the NEAR Protocol, a developer-friendly, public, and sharded blockchain. It is a low-cost and highly scalable platform that allows developers to create decentralized applications. It also introduces Doomslug, which allows blocks to achieve finality in seconds.

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