NEAR Protocol announces $800M DeFi fund
Blockchain development project “NEAR Protocol” announced on the 25th that it has launched an $800 million fund for development grants.
Early #NEARCON Announcement!
Learn more about @NEARProtocol's $800M Global Ecosystem Fund.
https://t.co/00UaiA3jC1
— NEAR Protocol (@NEARProtocol) October 25, 2021
The funds will be allocated to efforts that contribute to the development of the NEAR ecosystem. While developers can apply for several aspects of its ecosystem, most of the funds will be allocated towards DeFi development.
NEAR Protocol is funded by well-known companies such as Andreessen Horowitz (a16z) and Pantera Capital. Currently, in addition to DeFi, the protocol is also paying attention to NFTs (Non-Fungible Token), Autonomous Decentralized Organizations (DAO), and games-specific projects.
As per the announcement, the Total Value Locked (TVL) of DeFi projects on NEAR has reached more than $150 million.
“NEAR’s next chapter is all about fostering growth by helping developers access best-in-class support and providing users with a frictionless experience using and navigating the web3 world. New funding helps accelerate this process.”
NEAR Protocol has also outlined the allocation of funds where $100 million will be allocated to Startup Grant Pools. About $250 million will be allocated to existing projects, and some $100 million funds will be used to facilitate development in Asia, Europe, and the United States, where the Near Protocol’s largest community is located.
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