Proximity Labs Announces $350M DAO for DeFi on NEAR

The DeFi sector recently received a huge boost with Proximity Labs’ latest announcement. The research and development venture announced the release of a 350 million dollar DAO targeting the NEAR network.

Proximity Labs will grant the DAO to projects, individuals, and organizations developing DeFi apps (dApps) on NEAR. Multiple well-known DeFi projects are turning to the NEAR ecosystem. The name includes:

  • Sushi
  • Woo
  • Curve.Fi
  • Kyber

Moreover, it includes native NEAR projects like:

  • Burrow
  • Trisolaris
  • Ref
  • Onomy

Proximity will boost the framework with its DAO, distributing 40 million NEAR tokens in the next four years. The current value of the tokens amounts to 350 million dollars. Any project can apply for the DAO, regardless of its market value. 

The R&D firm specifies that ventures can access 5,000 to multi-million dollars from the DAO, depending on their needs. In addition, it has released an application form to access the DAO.

NEAR has been on a roll for the past few weeks. The platform witnessed several high-profile deployments, reaching over 150 million dollars in TVL (total value locked.) The TVL accounts are for multiple NEAR native assets like OCT, SKYWARD, and REF. 

Moreover, it counts Ethereum-based assets through the Rainbow Bridge, including USDT, DAI, USDC, and ETH. The deployments have helped NEAR gain numerous wallets, taking the count to 1.3 million active users on the blockchain.

The protocol aims to become an essential Layer-1 blockchain network for DeFi apps. That is why it has developed an intuitive design named Nightshade. While other networks require every node within the blockchain to settle each transaction, Nightshade allows NEAR to execute transactions via shards.

The approach facilitates a system where different servers store separate network sections, processing multiple transactions subsequently. It virtually means that NEAR can render limitless scalability with secure, quick, and affordable transactions.

Merging NEAR’s sharded approach with DeFi can offer inclusive finance for every user. The network possesses a versatile and interoperable framework for developers from different niches. In addition, the blockchain caters to different user bases via Aurora and Octopus, making it highly flexible.

Since the network already boasts such features, adding Proximity Labs’ assistance significantly boosts its use-cases. The integration will undoubtedly assist the DeFi sector and many emerging dApps entering the market.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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