NEAR Foundation Allocates $4 Million to Boost Blockchain Infrastructure

The nonprofit foundation responsible for overseeing the development of the Proof-of-Stake (PoS) blockchain NEAR Protocol, NEAR Foundation, unveiled the establishment of an Infrastructure Committee and earmarked a budget of $4 million to support infrastructure projects.

The recently launched initiative–an Infrastructure Committee–seeks to enhance the core infrastructure of the NEAR Protocol, covering various components such as bridges, relayers, wallets, indexers, oracles, RPC nodes, and balancers. Moreover, it aims to ensure that the NEAR Protocol is accurately listed on the majority of decentralized exchanges (DEXs).

At present, it has provided funding for five proposals, including the enhancement of FASTNEAR infrastructure services, such as new RPC nodes and custom endpoints, the establishment of a governance committee Treasury application, implementation of Jutsu IDE infrastructure for AI development environment, audit of Ledger integration, and support services for Aurora Web 3.0 wallet.

However, the NEAR Foundation also highlighted that more than half of the allocated budget remains available, encouraging the community to submit ideas and proposals for infrastructure projects. The Infrastructure Committee anticipates initiatives related to new bridges, targeted relayers, improved RPC nodes, specialized common endpoints, ICANN-compliant DNS, and the expansion of top-level domains.

NEAR Protocol: A Sharded PoS Blockchain Leading Innovation

NEAR Protocol is a Layer 1 sharded PoS blockchain known for its integrated functionalities like-named accounts and account abstraction. It provides developers with comprehensive infrastructure support for their applications, ranging from smart contracts to indexers. Moreover, NEAR Protocol boasts interoperability with various other blockchain networks.

Throughout its four years of operation, the protocol has successfully processed over 800,000,000 transactions, even sustaining peaks exceeding 13,000,000 transactions in a single day. Additionally, at the end of March, the top three decentralized applications based on unique active wallets, including Hot Wallet, Sweat, and Kai-ching, were developed on NEAR Protocol.

The protocol provides a straightforward onboarding process for developers, enabling them to create smart contracts using either JavaScript or Rust. Furthermore, developers are also earmarked to receive 30% of the gas fees generated by the NEAR Protocol.

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