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AURORA Initial DEX Offering on Skyward Finance

AURORA Initial DEX Offering on Skyward Finance

Aurora will be launching its initial DEX offering (IDO) with 650,000 tokens out of their total supply on Skyward Finance. The deposit starts from Nov 14th and will run until Nov 17th and you can deposit your $NEAR here.

Aurora is an EVM built on the NEAR Protocol, delivering a turn-key solution for developers to operate their apps on an Ethereum-compatible, high-throughput, scalable and future-safe platform, with low transaction costs for users.

Recently Aurora has closed its funding round raising $12 million from over 100 investors from a broad range of backgrounds, with some representing Ethereum and NEAR ecosystems, while others come from VCs or DeFi projects.

Aurora helps Ethereum users and dApps to easily move to the NEAR blockchain. It allows users to do two distinct things: upload and interact with Solidity smart contracts on NEAR blockchain and move assets between Ethereum, Aurora and NEAR (including ERC-20 tokens).

Aurora and token utilities

$AURORA will have a total token supply of 1 billion tokens, with 1 million circulating tokens after the IDO. This current IDO will launch 650,000 $AURORA and will be a fantastic opportunity for investors to get hold of $AURORA.

Governance Use Cases

A portion of token supply is allocated to the community treasury (CT). The treasury is used to fund existing projects and project proposals through a Kickstarter–type platform: projects submit applications, while users vote for them. Details of the platform will be figured out later, along with the allocation scheme.

Below are some considerations that may or may be not implemented (subject to a separate DAO decision):

  • Allocation of funds to projects run in cycles. Each cycle includes preparation, application, finishing applications, voting and resulting phases.
  • $AURORA token holders can obtain a new token, $VOTE, (non-transferrable and to be used only within a specific cycle) through staking $AURORA (see value capture use case).
  • Token holders are incentivized to take part in voting with the allocation of $AURORA from the CT.
  • Token holders can invest additional funds in projects.
  • Platform has curators that help projects to form applications.

DAO Vote for Future Revenue Generating Cases

In the future, Aurora DAO may implement one or multiple revenue generating use cases for Aurora projects. Each revenue generation use case should be approved by the DAO with the treasury allocation scheme. Some current options for revenue generating use cases are as follows:

  • $AURORA token staking should be implemented.
  • Rainbow Bridge transfers fees
  • Rainbow bridge fast transfers fees
  • Aurora contract additional execution fees
  • Aurora validator private transaction pool service
  • Farming of locked funds in the Rainbow Bridge connectors

A portion of the revenue from these use cases will be sent to the treasury contract. The treasury contract can buy $AURORA from the market and distribute it to token holders that are staking $AURORA. Additional $AURORA may be allocated for bootstrapping $AURORA staking.

Token Distribution

The $AURORA token has a total supply of 1 billion, and the token distribution is as follows:

27% of the $AURORA tokens will be locked and will be distributed in three parts: Aurora long term incentives, private round investors and early Aurora contributors.

This year, Aurora raised $12m in a private round, with over 100 investors participating, ensuring a bigger ecosystem representation. The $AURORA token was approved and released by Aurora DAO after this private round, there was no token during the private round, and investments were made in Aurora equity rather than in Aurora token.

Currently Aurora is in the IDO phase and will sell 650,000 tokens on Skyward, after selling 50,000 on SmartPad and 300,000 on Boca Chica. All liquid tokens sold by the IDO will be held by the community and the tokens that are bought by VCs will have vesting periods.

About the team:

The Aurora team comes from a variety of backgrounds, with members coming from the West Coast of the US and South Asia, with a presence in Europe, Russia, and Ukraine.

CEO Dr. Alex Shevchenko:

Alex has a Ph.D. in physics and math. He is also an entrepreneur, and has been a blockchain enthusiast since 2015. He was a developer on Bitfury’s Exonum and is a strong believer in blockchain scalability solutions.

Core members:

Arto Bendiken (CTO):

Arto is an autodidact, a cypherpunk, an entrepreneur, and a prolific open-source author with more than 20 years of professional software engineering experience working with organizations such as the European Space Agency (ESA) and the U.S. Navy’s Space and Naval Warfare Systems Command (SPAWAR).

Frank Braun (Head of Quality, Security & Infrastructure):

Frank has a Ph.D. in computer science and more than 20 years experience in building complex software systems. He has worked on scientific software, encrypted messaging systems, and digital currencies.

Joshua J. Bouw (Engine Team Lead):

Joshua has more than 10 years of experience at the intersection of crypto-economic design, software development, and open-source ecosystem creation. He has also been heralded as 'The Godfather of Proof of Stake' for his early role in the development of Proof of Stake Consensus Mechanisms.

Roadmap:

Since the inception of Aurora Labs, Aurora have finished implementing the following projects:

  • Deploy Ethereum apps on Aurora
  • Transfer the NEAR token between Ethereum and NEAR
  • Transfer ETH and ERC-20 tokens between Ethereum and Aurora
  • Completion of Aurora fund-raising campaign
  • Filling of all AuroraDAO initial seats

For Q4 in 2021, Aurora will implement the following things:

  • Fast token transfer
  • Gas fees denominated in ERC-20
  • Simplified “Hide the Blockchain” UX.

And for 2022, Aurora will be focusing on bringing Horizontal Scaling to Aurora.

Additionally, the team is currently working on a number of projects, including:

  • Support for London Hard Fork
  • Aurora SDK for developers
  • Etherscan Block explorer
  • Chainlink partnership integration
  • API keys
  • WebSockets RPC

While Aurora also has these projects on the backlog:

  • Bridging of NFTs
  • Fast bridge transfers
  • NEAR Interoperability
  • Sharding

Aurora Information:

- Official Website: https://aurora.dev/

- Twitter: https://twitter.com/auroraisnear

- Official Telegram: https://t.me/auroraisnear

- Telegram for Developers: https://t.me/auroraisneardev

- Telegram Support Chat Bot: https://t.me/AuroraSupport_bot

- Telegram Announcements Channel: https://t.me/auroraisnear_news

- Telegram Russian Aurora (unofficial, community managed): https://t.me/auroraisnear_news

- YouTube: https://www.youtube.com/auroraisnear

- Github: https://github.com/aurora-is-near/

- Discord: https://discord.aurora.dev

- Medium: https://auroraisnear.medium.com