NEAR Protocol, one of the Layer 1 projects created to scale transaction efficiency, received a total investment of 150 million dollars in the funding round attended by large crypto investment companies.

After saying "I quit Ethereum", Su Zhu's company named Three Arrows Capital, which received $ 400 million in ETH, became the leader of the funding round and made the largest investment.

Some unnamed companies from investors will also provide liquidity to DeFi projects on NEAR.

Three Arrows Capital Leads Funding Round

The NEAR Foundation announced today that it has received an investment of 150 million dollars. The funding round led by Three Arrows Capital also included key players in the cryptocurrency and decentralized finance universe such as Mechanism Capital, Dragonfly Capital, Andreessen Horowitz (a16z), Jump, Alameda, Zee Prime and Amber Group. When distributing NEAR tokens to investing companies, the weighted average price of a month's time frame was taken. However, the price of the distributed tokens was not disclosed.

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Dragonfly partner: NEAR did a great job

Ashwin Ramachandran, one of the partners of crypto asset investment firm Dragonfly, stated that the funding round was completed in as little as two weeks, and said that NEAR has reached an important level in terms of technology support.

   “From a tech point of view, NEAR has done a great job. We want to help developers, users and ecosystem adapt to a good level. These investments have also been an opportunity to attract more investment firms to the ecosystem. For many, NEAR has always been an interesting Layer 1 solution protocol, but lagged behind a bit due to the lack of implementation in the ecosystem. However, when investors realized it, they realized its value.”

In October, NEAR's Aurora network also received a $12 million investment, which will allow developers to fork Ethereum-based contracts and put Solidity code on the chain. As it is known, the Ethereum compatible Aurora Network focuses on interoperability for Layer 1 protocols.

NEAR announced an $800 million incentive program at the end of October. $350 million of the fund was allocated to ecosystem funds with decentralized finance grants.

Illia Polosukhin, co-founder of NEAR, said:

   “There was a feeling before that you had to pull the ecosystem, but now the ecosystem is pulling you. It's time for DeFi currencies to emerge.”

According to the news that Coindesk cite, based on sources stating that they have knowledge on the subject, at least two of the investing companies have promised to provide liquidity to decentralized finance projects developed on NEAR.