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2021-10-27NEAR Launches $800 Million Eco-Development Fund That Will Focus on DeFi Sector
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Today’s Cryptocurrency Headline
According to CoinDesk, NEAR announced the launch of an $800 million donation program for ecological development. The $250 million ecological fund will be distributed over four years. $100 million will go to regional funds. $100 million will be earmarked for startups. In addition, DeFi will be a key focus of the program. Proximity Labs provided $350 million in dedicated funding and a new “DeFi DAO” will manage the funds. The protocol will be able to apply for liquidity mining project funds through the DeFi DAO. Proximity is an early group of NEAR contributors. They were separated from the parent company as independent entities and received funding from the NEAR Foundation. According to NEAR co-founder Illia Polosukhin, the program has allocated $45 million in funding this year, focusing on early ecosystem building.
Bingbon’s Bitcoin Chart
Source: TradingView& Bingbon
Optimism surged as Bitcoin ETFs began trading. Cryptocurrency products and funds saw record inflows of $1.5 billion last week, attracting inflows for the 10th straight week. Bitcoin price is now recovering slightly again. Bitcoin is still trading in the $62,000 – $65,000 range. This week is the last week of October. Bitcoin’s price performance will be crucial.