Aurora – the Ethereum Virtual Machine (EVM) built to support NEAR-based DApp scaling – has reportedly introduced a token fund with $90 million in value. 

Specifically, the fund was reportedly introduced via an alliance forged with Proximity Labs, with a primary goal of financially supporting decentralized finance (DeFi) applications on the Near protocol.

Near Protocol reportedly functions as a DApp platform that concentrates on usability among developers and users. As an emerging layer-1 rival to Ethereum, Near Protocol, is also smart-contract capable and operates a proof-of-stake consensus mechanism.

Aurora Labs was reportedly in charge of providing capital support, which dedicated 25 million AURORA tokens – equivalent to approximately $90 million at the moment – from its DAO treasury to proximity labs.

As a result of the funding model, Proximity Labs will now take charge of the management responsibility for the funds, as well as offer grants to developers looking to develop DeFi Dapps on Aurora.

The Aurora Labs team believes that the token-based funding structure will also increase activity across the network.

The founder of Aurora Labs, Dr. Alex Shevchenko, additionally revealed that the roll-out of the new token fund will offer assistance in boosting the attractiveness of developing Ethereum applications on the Near protocol for developers.

“Aurora DAO continues its mission to extend the Ethereum economy outside Ethereum blockchain. This grant is the next big step in the development of the Aurora ecosystem and I’m happy that Proximity Labs accompanies us on this journey.”

The EVM reportedly functions as a blockchain-powered computer engine at the core of Ethereum’s operating network, taking care of transaction execution, smart contract deployment, and different operating features, apart from making it possible for developers to design DApps on its blockchain.