A16Z-Backed Blockchain Gets $350 Million Grants Vehicle for DeFi
- Vehicle will support DeFi projects on NEAR blockchain
- Plan is to distribute grants in tokens over four years
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Proximity Labs, a research and development firm, announced the creation of a $350 million grants vehicle to help build decentralized-finance applications on the NEAR blockchain, where it is focusing its efforts.
The vehicle, a decentralized autonomous organization, or DAO, aims to distribute the money in NEAR tokens over about four years in amounts ranging from about $5,000 to several million dollars, Proximity’s announcement said. The grants DAO is open to all DeFi projects, it said.