While everyone is waiting for Ethereum’s move to proof-of-stake, Aurora Network on Near already has it figured out. Covered: What Is Aurora Network Aurora Ecosystem Blossoming RECOMMENDED: HOW TO GET NEAR’S USN STABLECOIN FOR 10% STAKING REWARDs What Is Aurora Network Aurora Network is an Ethereum Virtual Machine (EVM) compatible Layer-2 (L2) blockchain built on […] The post This Ethereum Competitor Is Already Working Like Ethereum 2.0 appeared first on CryptosRus.

This Ethereum Competitor Is Already Working Like Ethereum 2.0

While everyone is waiting for Ethereum’s move to proof-of-stake, Aurora Network on Near already has it figured out.

Covered:

  • What Is Aurora Network
  • Aurora Ecosystem Blossoming

RECOMMENDED: HOW TO GET NEAR’S USN STABLECOIN FOR 10% STAKING REWARDs

What Is Aurora Network

Aurora Network is an Ethereum Virtual Machine (EVM) compatible Layer-2 (L2) blockchain built on top of Near Protocol. It’s been heating up over the past few months alongside the major growth from Near Protocol. So why do investors and traders like Aurora so much?

Simply put, Aurora has mastered speed, compatibility, and cost. It features a 1-second block time, ~2-second transaction finality, and brings that seamless decentralized finance (DeFi) experience into a low-cost package, with just $0.01 fees, paid out in ETH. Developers can enjoy the familiarity of Ethereum tools while working with Ethereum’s core programming language, Solidity. Aurora Network basically feels like using a proof-of-stake Ethereum, but it’s working today.

RECOMMENDED: NEAR PROTOCOL RECEIVES $150 MILLION IN INVESTMENT FUNDS

Aurora Ecosystem Blossoming

So why is the conversation around Aurora getting louder over the past few weeks? Probably because its total value locked (TVL) has boomed in the past month, climbing 150% to over $2.5 billion in TVL, breaching into the top 10 largest blockchains by TVL.

What’s most interesting about Aurora is that its TVL has exceeded that of Near’s, the parent blockchain that Aurora is built on top of. It appears that most Near DeFi users head straight to Aurora to get exposure to the Near ecosystem while enjoying a more smooth, Ethereum-like experience.

While it doesn’t have an ecosystem as large as some of the top blockchains like Solana, Avalanche, Fantom, etc., it’s arguably more impressive that Aurora has breached into the top 10 with only 32 DeFi protocols underneath it. It’s not overly saturated, and users are finding value in Aurora with a limited set of options.

Let’s not forget either that Near has a multitude of incentive programs lined up to grow its ecosystem, which could send flocks of new users to its platform in the coming months.

However, while its ecosystem has plenty of potential, keep in mind that since network fees are settled in ETH, the AURORA token itself doesn’t have as much value accrual potential. It’s more so used for governance and for project funding, so buying up AURORA in hopes of a moonshot may prove to be a long shot. Rather, if you’re a bull on NEAR, the Aurora ecosystem provides plenty of opportunities to get involved in a blossoming network of DeFi protocols.

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