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Ethereum competitor Near launches $800M developer fund as DeFi competition heats up
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Smart contract ecosystem Near Protocol has earmarked $800 million for new funding initiatives aimed at growing its decentralized finance capabilities, offering the latest evidence that the highly lucrative DeFi market is still in its infancy.
The new funding, which includes the $350 million grants program announced by Proximity Labs last week, gives ecosystem developers added incentive to create new product offerings on Near, the company announced Monday.
Roughly $250 million will be allocated to existing ecosystem developers; another $100 million is earmarked for startup grants, with Near planning to fund more than 20 startups at a rate of $5 million each. The remaining $100 million will be spent on so-called regional funds across Asia,
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