$NEAR Protocol Sets New All-Time High After Launch of $800 Million Development Fund

On Tuesday (October 26), the price of $NEAR, the native token of Proof-of-Stake (PoS) blockchain NEAR Protocol, surged to a new all-time high following the announcement of an $800 million development fund aimed at accelerating ecosystem growth.

Here is how Binance Research describes NEAR Protocol:

NEAR Protocol is a decentralized application platform designed to make apps similarly usable to those on today’s web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to provide dynamic scalability and stabilizes fees.

According to a NEAR team blog post published on October 25, $350 million of this funding was announced by Proximity Labs last week.

Although all communities will have access to this fund, the main focus will be on decentralized finance (DeFi) teams. DeFi projects “have already hit a significant milestone of more than $150M Total Value Locked (TVL).” Other areas of interest are NFTs, DAOS, and gaming.

The blog post went on to explain how this $800 million will be distributed:

Of the $800 million in funding, $100 million will be allocated to Startup Grant Pools. More than 20 startups will be identified and given $5M each in funding to redistribute to key stakeholders – the ecosystem ultimately decides who gets funding. 

Some $250 million will be allocated to ecosystem grants helping existing projects further develop and scale. The remaining $100M will be allocated to Regional Funds: money allocated to foster the development of NEAR’s largest community regions in Asia, Europe, and the US.” 

Helped by this announcement, the price of the $NEAR token got as high as $13.20 yesterday.

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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