NearPad DAO-centric DeFi hub, which operates on NEAR’s L2 protocol Aurora, has raised a total of $2 million in seed funding. The investment is meant to accelerate the growth of the Aurora ecosystem through the NearPad protocol. The funding round was led by NGC and participated by NEAR Foundation, OWC, Ellipti, LD Capital, Flow Ventures, Genblock Capital Exnetwork, and SuperNova Fund.
NearPad prides itself on both a protocol and a community. As a protocol, NearPad provides value to its users while as a community, it adds value to its projects. The protocol is focused on being community-driven by placing control of its funds in the hands of its users. The NearPad community can therefore vote on protocol changes, fund allocation, and utilization.
Thanks to ultra-fast finality times, low fees, and instant transfers, the NEAR protocol has been growing in the last couple of months. Nevertheless, NEAR is yet to reach its competitor’s level, an issue which Aurora is solving by providing much-needed dynamic tools and interfaces to developers. In this way, Aurora can accommodate developers at different experience-level to increase project accessibility and inclusivity. Top-notch technological developments are utilized to increase the ecosystem’s potential.
Importantly, DeFi users have been seeking alternatives from Ethereum due to its congestion, high transaction fees, and slow transaction times. As a solution, Aurora, which has an already established DeFi ecosystem in Ethereum, provides lower fees, faster transactions, and finality. Simultaneously, Aurora users benefit from NEAR’s scalability.
Another challenge in the blockchain industry is getting developers to create DApps on a new ecosystem and onboarding users on it. Naturally, users get conservative when exploring unfamiliar grounds. NearPad aims to eliminate this by being a platform where developers can easily access resources while users can easily access tools to optimize network experience.
NearPad’s launch will therefore further advance the growth of DeFi projects on Aurora. Additionally, the DeFi hub will bring increased usability and adoption of the DeFi ecosystem beyond Ethereum.
Of note, NearPad is a one-stop shop for DeFi as it acts as a launchpad, DEX aggregator, and yield aggregator. It aims at revolutionizing the way developers and communities access open finance tools for asset management, yield optimization, and crowdfunding. NearPad will be the first DAO-led protocol on Aurora by becoming community-governed.
Website: https://nearpad.io/
Twitter: https://twitter.com/NearPAD
Telegram: https://t.me/nearpad
