NEAR Protocol to run an $800 M fund

The NEAR Protocol team announced the run of an investment fund worth $800 million to develop the project’s ecosystem.

$250 million are expected to be offered as grants for developers with brand new ideas that will allegedly help existing products upgrade and scale. $100 million will be shared among 20 startups chosen by the team. The rest of the capital ($450 M) is on the way to stimulate the NEAR ecosystem development in European, Asian, and American regions.

DeFi projects are the benchmark of the whole ecosystem – Proximity Labs invested $350 million to support the development of initiatives related to Decentralized Finance.

The project’s idea lies in a platform for DApps (decentralized applications) based on the Proof-of-Stake protocol. NEAR is a token issued as a deflation asset used within the project’s ecosystem. NEAR holders are able to get additional profits from staking.

Based on the news about the fund launch, NEAR reached its all-time high at $12.30 jumping into the top-100 digital assets according to market capitalization – the token is ranked at the 99th position.

As for the next week, NEAR is the 3rd top gainer with a growth of 53.58% within 7 days. The cryptocurrency follows THORChain and Nexo.