Blockchain research and development firm Proximity Labs and three decentralized exchanges on the NEAR Protocol blockchain — Orderly Network, Spin, and Tonic — have announced a $10 million developer fund. The fund is aimed at further strengthening the decentralized trading ecosystem on NEAR.
The fund will provide grants and investments to new developer teams that build on top of Orderly, Spin, or Tonic, which are decentralized trading protocols that rely on virtual order books. These projects offer trading experiences akin to centralized exchanges, using the NEAR blockchain as the settlement layer. New projects can plug into these protocols and use the liquidity they offer for their own tools, such as decentralized exchange aggregators.
Proximity Labs said the $10 million fund will derive from the treasuries of the four contributors. In addition to capital in the form of grants and investments, Proximity will also offer advisory services and developer support.
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