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Proximity Labs Rolls Out $10 Million Developer Fund for DEX

Proximity Labs is a DeFi research and development firm on the NEAR blockchain. The other three DEX networks from NEAR, namely Spin, Tonic, and Orderly network have all been banned together for a singular task.

The new announcement reveals that all these projects have collected $10 million in funds for incentivizing developers.

The fund is going to go towards issuing grants and to be used as investment capital for new development projects. These three developer team projects are namely Orderly, Spin, and Tonic.

The unique feature of this fund is that it is directed towards supporting projects that are based on virtual order books.

NEAR Projects and Centralized Exchanges

The DeFi projects that are based on virtual order books could offer a trading experience for the centralized exchanges for the settlement layer of the NEAR blockchain. The new projects will have the ability to integrate with these protocols and share liquidity.

With liquidity, these projects can also provide tools for the development of new projects such as DEXs.

The NEAR protocol has raised funds in question to support these projects. The Orderly Network from NEAR blockchain raised around $20 million in June this year. Meanwhile, Spin is a perpetual trading protocol that raised around $3.5 million in February.

On the other hand, the Tonic project contributed around $5 million towards the same cause. On the other hand, Proximity Labs has gathered around $10 million.

Director of Proximity Labs, Kendall Cole, has recently told media that the fund from all four NEAR protocols would assist in the development of the DeFi sector. The fund has been released at a time when the cryptocurrency market is dealing with the negative impact of the insolvency of a centralized exchange called FTX.

She further added that Proximity Labs aims to create a functional and order book-based DEX economy to ensure the future of true decentralization in DeFi.

She also said that any developers who have a promising project would be able to finance this project and work on adding new innovative DeFi extensions on the NEAR blockchain.

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