Since the public chains such as Polygon , Avalanche, Fantom and other public chains launched hundreds of millions of dollars in ecological incentive plans, NEAR officials also recently announced that they will launch a “800 million US dollars ecological fund” to stimulate the development of ecological applications.
In this incentive plan, the development of its on-chain DeFi application is the key support object. NEAR has also established a special management fund “DeFi DAO”, operated by Proximity Lab, which focuses on investment research, and will provide a special fund of 350 million US dollars for investment DeFi applications, institutions and individuals developed based on the NEAR chain.
NEAR (NEAR) is a high-performance block network with unlimited capacity built based on sharding technology.
Fragmentation technology is one of the ways of horizontal expansion of the blockchain. If you understand the blockchain as a highway, the fragmentation technology can widen the highway and divide it into multiple lanes for diversion. NEAR uses the fragmentation technology. a typical representative of expansion, as well as Ethernet Square, one of the project on behalf of the public chain Layer2 layer. At the same time, NEAR is compatible with the Ethereum EVM. Existing Ethereum applications do not need to modify the smart contract code and can be directly migrated to the NEAR chain.
Although NEAR has made innovations in capacity expansion, the current public chain competition has entered a fierce stage. It is no longer an early technical competition, but a competition in the application ecosystem on the chain, including users, developers, and communities. The number of track applications such as DEX, machine gun pool, lending and other applications on a chain often determines the popularity of the public chain.
At present, compared with BSC, Avalanche, Fantom, Layer2 representative Arbitrum, etc., the number of applications and product maturity on the NEAR ecological chain are still in the early stages. Whether it can stand out in this subsidy incentive plan is still a long way to go. This issue of DeFi Cellular will take stock of native applications and operations in the Near ecosystem.
Aurora network, a bridge linking the Ethereum ecosystem
Aurora is an Ethereum expansion solution based on the NEAR network. It is the Ethereum Virtual Machine (EVM) of the NEAR block network, so it is compatible with Ethereum. The Aurora network not only has high throughput and scalability, but also has extremely low transaction costs on the chain.
On Ethereum, since each node needs to process block transactions, its scalability is limited. Therefore, Aurora uses NEAR’s sharding technology to allow transactions to be processed in parallel, without requiring each node to process each transaction, so that the network can operate faster and more efficiently.
Aurora official website
- Operating mechanism
In the entire NEAR ecosystem, the Aurora network provides an environment through which the existing EVM contract of Ethereum allows DApps to be directly migrated to the NEAR blockchain without any code changes. Ethereum users who want to enter the NEAR ecosystem can transfer ERC20 assets to NEAR through the Aurora network.
The GAS fee paid by the user to the Aurora network is also ETH , but its on-chain GAS fee is very low. Currently, the transaction fee on the Aurora network is 0 ETH, and now the GAS fee for each transaction on Ethereum is about 0.08 ETH.
You can understand the Aurora network as the Ethereum Layer 2 expansion project on NEAR. Developers can freely enter the NAER and Ethereum ecosystems through Aurora. It is a “transit station” between the two ecosystems.
The “transit station” of Aurora is also an important difference between NEAR and other EVM public chains and Ethereum Layer 2 project networks. In other EVM compatible chains, the GAS fee for on-chain transactions is the native token of each chain, not ETH. If you want to enter this ecology, you need to purchase its original ecological token before you can enter this ecology-for example, if you are For Polygon on-chain transactions, you need to purchase its native token MATIC as its on-chain GAS fee. In Near, you only need to have ETH to directly enter the NEAR ecosystem through the Aurora network. The GAS fee paid on the Aurora network is ETH, and you can experience its ecological applications without even holding NEAR.
The Aurora team was separated from the NEAR system in July 2021 and became an independent operation team. Now, Aurora officially stated that it still maintains a close cooperative relationship with NEAR to help it develop together with Ethereum. At present, Aurora has also begun to build its own network ecological application.
Again, the GAS fee consumed by Aurora network transactions is ETH, and no tokens have been issued. But just yesterday, Aurora officially announced that it will release its protogenesis Token—AURORA and conduct the first round of IDO. The specific rules need to pay attention to its official dynamics.
The Chinese name of Rainbow Bridge is “Rainbow Bridge”. It is the cross-chain bridge officially launched by the NEAR blockchain . It is mainly used to bridge and transfer assets between the Ethereum , NEAR and Aurora networks. Although the cross-chain bridge is officially owned by NEAR Launched, but in fact it is also a product of Aurora Networks.
Currently, Rainbow Bridge supports the transfer of Ethereum ERC-20 assets in the three networks of Ethereum, NEAR and Aurora. The prefix of assets transferred from Ethereum to NEAR is denoted as “n”. For example, nETH means ETH is transferred to Aurora through Rainbow Bridge. Existence on the Internet and NEAR.
In addition, in the NEAR ecosystem, assets prefixed with “w” represent encapsulated assets in the NEAR ecosystem, which are mostly seen on the Aurora network. On the Aurora network, wNEAR represents the NEAR token transferred from the NEAR network through the Rainbow Bridge to the bridged assets on the Aurora network
Paras official website
It should be noted that using Rainbow Bridge to transfer assets from Ethereum to the Aurora network or NEAR requires only one transaction, up to 10 minutes. When you withdraw assets from NEAR back to the Ethereum network, two transactions are involved-first transfer from the NEAR network to Aurora, and then from Aurora to Ethereum. According to official instructions, it may take up to 16 hours for the transfer to reach the Ethereum chain. The transfer cost will depend on the GAS fee on the Ethereum chain at the time of the transfer. It usually costs $10-50 and cannot be cancelled once the transaction starts. , So it is not suitable for small transactions.
Currently, Rainbow Bridge has not issued any tokens.
DEX Faucet Ref.finance
Ref.finance is the first decentralized AMM (automatic market maker) trading platform on the NEAR chain. According to the data of the NEAR Explorer block explorer, it is currently the most active DEX protocol in the NEAR ecosystem. The number of contract interactions in the last 14 days There are nearly 370,000 times.
In the future, Ref.finance hopes to become a core component of DeFi that integrates trading, lending and NEAR ecological asset issuance. At present, Ref Finance supports the exchange and issuance of various native tokens applied on the NEAR chain. REF is the Ref.finance platform certificate with a total issuance of 100 million.
Ref Finance official website
On Ref Finance, the trading application only supports the circulation of packaged assets wNEAR, but does not support NEAR. Users use Ref Finance to exchange for NEAR or provide liquidity for the DEX’s NEAR before providing liquidity to the fund pool. wNEAR, and then provide liquidity to fund pools such as wNEAR-USDT, wNEAR-WETH, REF-wNEAR, etc. This process can obtain REF rewards.
According to Defillama data, the amount of locked-up funds on the Ref.finance application is currently 100 million U.S. dollars, and the REF is temporarily reported to be 8.83 U.S. dollars.
Decentralized exchange DEX Trisolaris
Trisolaris is a decentralized exchange (DEX) in the NEAR ecosystem, but it runs on the Aurora network and is also the first DEX on Aurora.
Trisolaris supports all ERC-20 standard token exchanges. Users can transfer ERC-20 assets on Ethereum to the Aurora network through the Rainbow Bridge, or transfer assets on the NEAR blockchain to the Aurora network.
Trisolaris official website
It is worth noting that Trisolaris is built on the Aurora network, so the GAS fee that needs to be paid for the transaction is ETH, but because the GAS fee on the Aurora chain is currently 0, the GAS fee paid when Token exchange is performed on the Trisolaris platform ETH is also 0. Compared with DEX on other Ethereum Layer 2 projects, the advantage of “0 GAS fee” for transactions on the Aurora chain may give users a better experience in the early stage.
Currently, Trisolaris has launched a beta version, and users can configure the Aurora network through the Little Fox Wallet to use the DEX.
Yesterday, Trisolaris officially announced that TRI is a platform token with a total issuance of 500 million. 70% of the issuance will be used for community incentives and liquidity mining rewards. Liquidity mining will be launched next week. At that time, users can provide liquidity for wNEAR-ETH, wNEAR-USDT, wNEAR-USDC and other fund pools to obtain TRI mining rewards. Specific detailed rules need to pay attention to official news.
IDO issuance platform SkywardFinance
Skyward Finance (SKYWARD) is an asset issuance platform on the NEAR chain, also known as the “IDO platform”. I hope to realize Token issuance, complete distribution and price discovery for projects based on the NEAR protocol.
Skyward Finance IDO project
At present, the first way of project Token is often to establish a liquidity pool in a decentralized exchange, and users make purchases in the liquidity pool. But there are often “scientists” who rush away from transactions, or encounter price traders with “giant whale” users.
In order to solve this problem, Skyward Finance adopts a time-based streaming auction to provide the initial price discovery and distribution mechanism of assets. Users can check the auction progress at any time during the Skyward Finance auction.
“Time Streaming Auction” refers to a fixed number of token auctions, which are then sold at a constant speed during the sale period, and the transaction price is completely determined by the joint state of the participants. The simple understanding is that in the auction process, the initial number of auctions is fixed, and there is an auction time limit. Users can buy or withdraw at any time during the auction process, and the auction price will change at any time with the change of funds, resisting preemptive transactions. , Price manipulation and other hidden dangers.
As a simple example, suppose that NEAR is currently issued for the first time, priced at $0.1, with a total sale of 1,000 units, and the auction lasts for 10 hours and 100 units per hour. In the first hour, if users A and B each pay 200 U.S. dollars and 300 U.S. dollars, then the unit price of this round of NEAR is (200+300)/100, which is 5 U.S. dollars; in the second hour, A and B users each pay For $100 and $200, user C pays $300, then the price of this round of NEAR will be (100+200+300)/100, which is $6 each; and so on, until the 1,000 sales are over. In this process, users can withdraw funds at any time, so the tokens that have not been auctioned out will automatically flow into the next round of auctions in a balanced manner.
Therefore, when issuing a project on the Skyward Finance platform, the project party can only determine the number of tokens to be sold and the duration of the token sale, and the token price is entirely determined by the participants.
Skyward Finance also released the original token SKYWARD. The total supply of the token is 1 million, and it is temporarily reported to be 58.8 US dollars.
NFT Collection Sales Platform Paras
Paras (PARAS) is an NFT trading platform for encrypted digital collectibles built on the NEAR chain. Art creators can publish and sell their works on this application for investors and collectors to select and purchase.
The biggest difference between Paras and the existing NFT platform lies in its vision. At present, most of the collections circulating on the NFT platform on the market are very single works, such as a picture or an avatar, and the Paras platform supports IP series collections. Paras encourages creators to create an IP based on their own work, spend time and energy to tell a certain story, in order to attract more collectors.
Paras official website
Paras has attracted the attention of Chinese people. Previously, artist Huang Heshan released the NFT series of “Tu Lifu Real Estate Company” on the NEAR chain. It landed on the Taobao Shopping Festival in July this year. It was snatched by users and issued 310 sets of digital real estate NFTs. Sold out within two days, the total price is about 360,000 yuan, and the creation and launch platform of this work is Paras. It is reported that a post-95 couple in Shanghai bought one of the digital real estates, ready to be their virtual wedding house, and attracted the attention of the outside world for a while.
The digital artwork “Tu Lifu” released by NEAR is a virtual character IP created by Huang Heshan. Mr. Tu is a bald big money. As a real estate tycoon, “Tu Lifu” has a limited education level, but he is worried about the world and he wants to provide real estate for people with poor economic conditions. Once this work was released, it has received many praises, and the star Zhu Jingxi is a fan of Mr. Bald.
The popularity of the NFT series of “Tu Lifu Real Estate Company” also sparked the release platform Paras. By supporting and developing encrypted native IP, the platform creates a unique IP series, which in turn derives multiple NFT applications such as comics, games, and toys. It is reported that customized operations will be launched according to user needs in the later period, giving users a unique experience .
At present, users can enter the Paras platform through the NEAR wallet and use the pass NEAR to purchase their favorite collectibles. Paras also has its own platform token PARAS. The total issuance of the token is 100 million, and the current tentative report is US$0.82.
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