Aurora (Thread)

L1/L2DeFi $AURORA L2 Scaling

It’s undisputed now that $ETH has a problem in the gas cost and respective transaction fees. Here comes @auroraisnear! Aurora is an EVM created by the team at $NEAR that delivers a bridge for L2 and enables devs to operate apps on Ethereum-compatible protocols.

Being in the $NEAR protocol, Aurora is able to validate each block in 1 seconds, average transaction finality 2 seconds, and exceptionally low transaction cost $0.02.

Several key features:

Full Ethereum compatibility
High throughput and scalability
Low transaction costs
Trustless bridging
Base currency in $ETH

The underlying technology to realize these visions are the Aurora Engine – a high performance EVM and the Aurora Bridge – facilitating trustless transfer of ETH and ERC-20 tokens.

To these ends, Aurora has raised a total of $25M in fundings. $12M of which are from series A investors including @ElectricCapital, @ZKValidator, @Chroniclesec, @PanteraCapital, @imTokenOfficial, @IOSGVC, @GlobalCoinVC, and @dragonfly_cap. Other $13M from ICO total of 1M tokens.

The people that envision these goals are @AlexAuroraDev (CEO) – Product Manager NEAR, @bendiken (CTO) – NEAR EVM Tech Lead, @septengineering (Bridge Lead) – Senior Blockchain Engineer NEAR, @JoshuaJBouw (Engine Lead) – Near Core dev, and @antonpaisov (apps & partners).

Initial projects:

@Allbridge_io (Bridge)
@ApeDao_ (DAO)
@ribbonfinance (DeFi)
@AuroraSwap (Exchange)
@MoonFarmers (Games)
@graphprotocol (Indexers)
@Aurigami_PLY (Infrastructure)
@SolaceFi (Insurance)
@Mecha_Tracker (Launchpad)
@BastionProtocol (Lending)
@1MillionNFT (NFT)
@fluxprotocol (Oracles)
and much more here https://aurora.dev/ecosystem

Aurora integrates the platform with $NEAR’s Rainbow Bridge as a medium to swap between NEAR native tokens and ETH-based tokens.

Aurora offers plenty of incentives. Most of them are in the form of grants including for Borrow & Lending, DEX, Stablecoins, Synthetics and Derivatives, Reserve Assets, and NFTs. The most recently granted project is @AriesProtocol.

To facilitate the network transmission, Aurora released a native token $AURORA with a fixed total supply of 1B. The token was distributed on November 18, 2021 on various DEX platforms.

Most of the token allocation is kept in the DAO with reasons for future projects, the second most allocation is kept as a community treasury.

The vesting for locked tokens follows a two-year unlocking schedule with linear-vesting every 3 months.

$AURORA’s main use case is a governance token. Portions allocated to the community treasury are used to kickstart platforms submitted through the DAO.

Aurora doesn’t take the usual approach of a DAO, consisting of a council responsible for high-level protocol matters from Aurora Labs, Principal Investors, and Ecosystem Partners. Other small impact matters are at the token holder’s discretion.

Roadmap:

Token staking
Incentives for token holders for voting
Rainbow Bridge transfer finalization fees
Rainbow Bridge fast transfer fees
Aurora contract execution fees
Aurora validator private transaction pool service
Farming of locked funds in Rainbow Bridge connectors