PRESS RELEASE

Aurora (AURORA) launches 90M development fund, Gnox (GNOX) positioned to benefit

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May 22, 2022

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Aurora, an Ethereum Virtual Machine, has launched a development fund of $90M to finance the development of dApps on the Near Protocol. This move is also intended to attract developers contemplating Aurora for its scaling solution.

The fund was initiated in association with the Proximity Labs- and the DeFi wing of the Near Protocol. A total of 25 million AURORA tokens worth $90 million were funded from the DAO treasury in a proposal to encourage the development of DeFi applications.

As a result, the Proximity Labs is now accountable for fund management and distribution to developers. Such an initiative is also aimed at increasing network activity and the overall development of the ecosystem.

The founder of the Aurora Labs, Alex Shevchenko, reiterates the fact that a funding model like this is a step toward extending the economy outside the Ethereum blockchain. DeFi solutions like the Gnox protocol, which is built on the Binance Smart Chain, will also benefit from this allocation.

While the project is still in its infancy, strong fundamentals combined with a new standard in tokenomics have placed Gnox under investors’ radar. The first Presale is open and has witnessed a strong response ever since its inception on the 12th of May. The above announcement by Aurora may add further to the cause.

What Problem is Gnox Trying to Solve?

Many people have a general idea about DeFi, but very few of them use it to their advantage. This is mostly due to the complex nature of decentralized applications and a lack of awareness. Terms like liquidity pools, yield farming, and lending protocols can be too overwhelming for entry-level investors. They struggle to understand the functionality, and this is where Gnox steps in with a highly scalable solution to make DeFi earning easy for everyday users.

The multi-chain platform leverages treasury assets such as LP tokens and stable coins to generate consistent returns. Similar to the buyback-and-burn concept, Gnox utilizes the rewards to purchase GNOX from the secondary market while distributing stables to the token holders. This ensures constant buying pressure on the token, which helps in mitigating the downside risks.

The 10% fee on each transaction creates further value for $GNOX holders as they receive a proportional share in their wallets. A significant portion is reserved for strengthening the treasury to benefit users and implementing marketing strategies to create a consistent flow of investors.

The team also has future plans to invest in NFTs and partner with platforms that are launching asset-backed NFTs. With plenty of innovative developments in the making and funding support from industry leaders, Gnox is all set to transform the DeFi space. 

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PR Manager

Press release about recent ICOs, announcement from startups, new cryptocurrency launch by firms and unlike.

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