DeFi Battle Heats Up, Ethereum Competitor Gets $800 Mln Funding.

DeFi Battle Heats Up, Ethereum Competitor Gets $800 Mln Funding.

2021-10-26 | Selina Mathew

DeFi Battle Heats Up, Ethereum Competitor Gets $800 Mln Funding.

Near Protocol, a smart contract ecosystem has set aside $800 million for future fundraising projects focused on expanding its decentralized financial capabilities, demonstrating that the extremely lucrative Defi business is still in its early stages. According to Proximity Labs, the new financing, which includes a $350 million grant program announced last week, gives ecosystem developers more motivation to produce new product offerings on Near. Near plans to support more than 20 startups at a rate of $5 million each, with roughly $250 million going to existing ecosystem developers and another $100 million going to startup awards. The remaining $100 million will be invested in "regional funds" in Asia, Europe, and the United States. According to data from DappRadar, the value of Defi protocols has increased by 936 percent in the last year, with Ethereum competitors such as Binance Smart Chain, Solana, and Avalanche enjoying significant adoption. According to industry sources, Ethereum projects account for around 66 percent of the total wealth held throughout Defi. Despite Ethereum's overwhelming dominance, the DeFi industry is exploding, with a market valuation of over $247 billion, providing plenty of potentials for other platforms to profit. The entire value of Defi projects was less than $13 billion a year ago. Near only makes up a small part of the overall Defi industry, but that might change as more developers take advantage of the new financing campaigns and customers look for alternatives to Ethereum-based protocols. The Ethereum network's competitors have experienced an influx of users fleeing the exorbitant costs.

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