Cross-Chain Spotlight: NEAR Protocol
What is NEAR Protocol, and why are we building a Near-native version of our DEX?
NEAR Protocol is a climate-neutral, high-speed, and low transaction fee layer-1 blockchain platform. The NEAR team is creating a simple, scalable, and secure blockchain platform designed to provide the best possible experience for developers and users. To bridge the gap to mainstream adoption of decentralized applications.
NEAR is a sharded, proof-of-stake blockchain written in Rust and supporting smart contracts written in Rust.
Rust is a multi-paradigm, general-purpose programming language designed for performance and safety, especially safe concurrency.
Sharding alleviates inefficiency and bottlenecks by partitioning a database into smaller pieces, aka shards. Nodes are divided into small groups responsible for one part of the chain’s data and can process transactions simultaneously. Through sharding, the NEAR network is super-fast, very secure, and capable of onboarding millions of users into Web3.
The $NEAR token
$NEAR is the native token of the NEAR blockchain with a variety of use cases:
All transactions occurring on NEAR Protocol must be paid for using NEAR.
These fees are often very low due to proof-of-stake (PoS) and the scalable nature of the chain.
Fundamental to PoS ecosystems, $NEAR can be delegated to validators through staking, allowing users to earn rewards in $NEAR
Becoming a validator
To become a validator on the NEAR blockchain, a minimum amount of NEAR is required. Learn more.
Those building on the NEAR ecosystem can, and have, choose to leverage the NEAR token in many ways expanding on its utility.
$USN — a new algo stablecoin
With the announcement of USN by the end of April, NEAR can become a deflationary asset, which could have a significant impact on price
The NEAR Foundation Grants Program
The NEAR Foundation launched the Grants Program at the start of 2021. Its mission is to bootstrap the NEAR ecosystem with high-quality projects.
Their main objectives:
- Provide funding to accelerate the growth of the NEAR ecosystem and the broader community
- Support the development of necessary and value add infrastructure/tooling to support continued innovation
- Attract and reward a diverse set of open source driven projects and developers that build on NEAR
The primary difference between a grant and venture capital funding is whether or not NEAR Foundation has any equity in the project. Namely, in a grant, there is no equity included in the capital allocation.
Pangolin has been lucky enough to receive a grant from the NEAR Foundation Grants Program, allocating enough resources to build a NEAR-native version of our DEX.
Why should Pangolin build on NEAR?
NEAR has done a spectacular job at building a great community that aligns with our ethos. They strive for community-driven development, DAOs, and encouraging collaboration. This aligns with our value systems and makes us incredibly excited to build on NEAR.
In a multichain future, funding is an essential factor in success for newer L1s. Also, behind Polkadot, NEAR is the most invested L1 protocol by venture capital funds. We believe that we should be playing where the money is.
NEAR Projects We Enjoy
Meta Pool is the leading liquid staking solution for $NEAR token holders. Users can stake their NEAR tokens using automatic staking strategies and receive “staked NEAR” tokens. These staked tokens earn yield and can be swapped back to original NEAR tokens to unstake at any time.
Astro is a platform for launching Decentralized Autonomous Organizations. Membership, decision-making, and funding are coordinated in public on a tamper-proof blockchain. They are a one-stop solution for DAO decision-making, shared treasuries, and flexible governance operations. It is like if gnosis safe and snapshot had a little baby.
Becoming a Player in the Multichain Future
We believe that the future is multichain, and there will not be one Layer1 that dominates everything.
Our mission is to help our users freely move their capital between chains.
In our multichain thesis, if you can diversify, you should. So we plan to keep our home here on Avalanche, where hyper growth and innovative lives while allowing our business model, community, and partner projects to explore other emerging chains.
If something exciting happens on another blockchain, Pangolin will be there. We hope you will join us.
About Pangolin Exchange
Pangolin Exchange is a top decentralized exchange (DEX) on the Avalanche Network that provides the best DEX experience through deep liquidity, easy swaps, advanced tooling, and smooth onboarding. Pangolin brings you the best trading opportunities to find and maximize your yield.