What Is Aurora Crypto: A Guide to EVM On Near
Cryptocurrencies have made headway in the financial markets for a long time. For more than a decade, it has assumed a lot of value, although many deem them a speculative medium. Coming to the new entrant, Aurora is a network that is compatible with Ethereum smart contracts, and it runs on the Near protocol. Aurora network is a layer 2 protocol, which seems to target some of the issues that rose earlier on Ethereum. To make things simple, Ethereum, which is the best crypto development tool, combines with the robust scalability solution called ‘Near.’
More on Aurora Crypto
Aurora is hailed as one of the perfect solutions for the Ethereum Smart Contracts and runs on Near blockchain. It is a layer 2 network atop layer 1, which was already present. However, unlike its scalability solution, Aurora is EVM-compatible. Any developer can write on different programs and transfer the same to Ethereum applications. You should know about the features.
- Complete Ethereum compatibility.
- The base currency is ETH.
- High throughput.
- The gas fees seem to be a huge attraction for investors. It is just $0.02.
- The transactions occur in 2 seconds.
- There is 50 times the number of transactions, per second when compared to Ethereum 1.0.
- Features a trustless asset bridge.
Aurora DAO governs its existence. You should know more aspects about it. This decentralized solution has a council that acts as a board of directors that can vote on key decisions. Aurora Labs was a part of the program initially, along with the partners and main investors. Another amazing fact that you need to know is that, if you hold a $AURORA crypto, you will be able to vote for the members of the council. Moreover, if you want to pay the gas fees on Aurora, then you have to have ETH or Ethereum. You also have the option to link the ETH, with the Rainbow Bridge by Near. Zerion can help you to find one. If you happen to sign up for Aurora Plus, you may not need to pay any gas fees. So, if you are wondering, what Aurora Plus is, read on.
Aurora Plus is a platform, that allows around 50 transitions every month, and you can also stake the tokens. Apart from that, you will be able to earn ecosystem rewards. The figures of around 4 million, in May, seem promising.
Capabilities of the Aurora Network
So, by now you must have understood that Aurora is an EVM or Ethereum Virtual Machine that provides various kinds of expansion solutions to dApps on Ethereum with NEAR. Amazingly, the Aurora ecosystem is quite vast. It also has bridges, Defi, Exchanges, Launchpads, and Indexers.
In over a year of mainnet launch, Aurora has already reached a total valuation of $275 million across various protocols. Aurora has already managed to allocate 25 million $AURORA tokens to the development grants to build Defi protocols. DeFi is one of the biggest attractors of cash. Thus, the growth mechanism in DeFi is very crucial to the business. Some of the applications already built on AURORA are Trisolaris, Nearpad, Smartpad, and Vaporwave, to name a few. You should get a sneak peek into, what Trisolaris is all about. It is a DEX with incentive-based farming pools. It is by far, the most popular exchange on Aurora.
Trisolaris charges 0.3% swap fees, and out of that 0.25 % goes into liquidity pools and the remaining 0.05% goes into the purchase of USD 3pool LP tokens, which the stakers get as a reward. It has a huge functionality on Aurora, some of which you can sum up here.
Things you can do with Trisolaris include:
- Token swapping capabilities on Aurora
- Providing liquidity in a pair, and earning dual rewards.
- Stake all the TRI for buying USD 3pool LP tokens.
So, Aurora, the utility-type blockchain, has a market cap of 180.000.000. Its tokens have been allocated to community treasury, private investors, early Aurora contributors, bootstrapping, and as DAO for future projects.
DeFi Protocols on Aurora that Run on Multi-Chain Capability
There are many multi-chain protocols, that support Aurora. They are as listed below:
- The curve is the biggest stable coins DEX, which has 3pool on Aurora. But the liquidity may be somewhat low. And there are no incentives at present.
- Pickle Finance is a yield aggregator that runs many pools. Numerous small pools and PICKLE rewards produce high APYs.
- Beefy Finance is another yield aggregator that expands the yield farming pools. You can also transact with it on Aurora.
Token Release and Use Cases Decode
The tokens were released in the market on November 18, 2021. It has a two-year unlocking schedule. There are unlocking events every three months, with Linear vesting. After 25% is unlocked in six months’ time, an additional 12.5% will be unlocked every 9, 12,15, 18, 21, and 24 months.
To simplify matters further, for you, Aurora is a governance token. Do, part of the token goes to community funding. It also considers various other use cases. They include:
- Rewarding Aurora holders
- Paying transaction fees on Rainbow Bridge
- Speeding up the transactions
- Paying fees to validators
So, from an investment angle, Aurora has already raised more than 12 million USD from the investors like Dragonfly Capital and Pantera Capital.
The future of Aurora looks very bright. In January 2022, Aurora was at its peak, and that has drawn a lot of eyeballs. The quantity of Aurora’s daily transactions is also stable. You can also buy or sell Aurora, on CEX or centralized exchanges like Gate.io and MEXC. You can also swap them on Uniswap.
NEAR is also on a growing trajectory, due to its connection to Aurora. As the market starts to recover, cash flow also looks set to improve. Most dApps on the NEAR chain, run on Aurora. Moreover, it does not seem to have any competitors at present. So, you can see Aurora as a potential crypto project, which investors may rely on for high returns. The EVM capabilities seem to highlight its presence all the more in the ecosystem called NEAR.