NEAR Blockchain Goes From Strength to Strength
The INC4 team recently wrote about INC4’s partnership with NEAR, who has integrated with over 100 community guilds and 200 ecosystem partners. Having attended nearcon.org at the end of October and seeing the sheer number of exciting new developments, we are even more convinced of the long-term strength and viability of the project.
In this short post, we’d like to highlight some of the main endeavors that NEAR is embarking on to ensure the rapid and sustainable expansion of the network.
The recent spotlight on the crypto industry’s energy consumption is not going to go away any time soon. In a recent piece, the NEAR team explains why Nightshade, as part of its Proof of Stake (PoS) consensus mechanism, is a far more energy efficient way of validating transactions. This climate-neutral stance is especially important for the NEAR ecosystem due to its recent partnership with the Open Forest Protocol (OFP), which tracks forestation efforts on the blockchain. As Frederic Fournier, the CEO of OFP states:
To make it simple: usability, values, and people is why we choose to build on NEAR Protocol. Building a product for the benefit of others and not just for profit.
The Rainbow Bridge
Much of the interest in NEAR and other new blockchains is down to the fact that the pace of DeFi and NFT development has sent costs on Ethereum skyrocketing. The ETH <> NEAR Rainbow Bridge has now been finalized, allowing individuals to migrate their assets from Ethereum to NEAR’s low-cost and user-friendly platform with ease.
Just recently, Aurora, an EVM built on NEAR, raised $12 million in its initial funding round. Aurora will allow developers to create and operate their applications with a bridge to Ethereum (part of the Rainbow Bridge), and an AMM, with a price oracle and data index coming soon. Aurora is seen as a gamechanger in the world of cross-chain functionality.
Ref Finance is a Dapp built on the NEAR blockchain, comprised of a decentralized exchange, lending platform, and synthetic asset issuer in one DeFi stack. According to the project itself:
Using the recently launched Rainbow Bridge (NEAR <> ETH), traders can utilize the billions of dollars in ERC-20-compliant assets from Ethereum, and eventually, from any chain (BSC, Polygon/Matic, Cosmos/IBC, and others) on NEAR.
Continuous Development on NEAR
Why is NEAR such a great blockchain to build on? As we can see from the projects listed above, DeFi developers and ecosystem participants can leverage Ethereum compatibility, high throughput & scalability, and low transaction costs in an extremely user-friendly environment.
To see a more complete collection of the innovative projects being built on NEAR, check out the website AwesomeNEAR, which includes articles with up-to-date info, a list of DAO, DeFi, Gaming, and NFT apps using the blockchain, as well as a comprehensive view of the infrastructure and integrations related to the ecosystem.
If you’re interested in building a DeFi or NFT project using NEAR, simply reach out the INC4 team. Our knowledgeable specialists will let you know the best approach to take to ensure your idea’s success. Need to kickstart a project that’s stalled? We also provide services such as dedicated CTO, smart contract audits, and more, ensuring that your decentralized application meets its full potential.