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NEAR launches first non-EVM blockchain data indexer

NEAR launches first non-EVM blockchain data indexer

Last updated 24th Jun 2022
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The first non-EVM-compatible data indexer went live in beta on the NEAR blockchain today, CoinDesk reported. Query service The Graph is a decentralized indexer which developers can use to access user data, prices on automated market makers (AMMs), and other on-chain metrics. At the moment, the protocol is live on 25 blockchain networks.

Migration possible through grant to core Graph contributor

According to insiders, the integration took months to complete because The Graph had previously only expanded to Ethereum-compatible chains. Migration became possible thanks to a grant to a leading Graph contributor, blockchain data company StreamingFast.

In the next few months, developers will be able to find The Graph on other non-Ethereum chains. The Graph Foundation will keep offering grants for expansion.

NEAR to offer $800M in grants

Celo, Avalanche, Harmony, and Fantom blockchains have all launched ecosystem development funds with nine digits. However, NEAR may have set a new record with its $800 million grants fund, announced yesterday. The unique, high-speed, climate neutral blockchain established the fund with major tranches earmarked for specific purposes, including a regional $100 million fund, $250 million in ecosystem grants that will be distributed over four years, and $100 million specifically for startups.

Major focus on DeFi

The program will also focus on decentralized finance (DeFi) with a dedicated $350 million fund from Proximity Labs. Spending will be governed by a newly formed “DeFi DAO”. Through this DAO, protocols have the option to apply for liquidity mining programs. Proximity Labs is a group of early Near contributors that turned into an independent entity and broke away from Near with funding from the Near Foundation.

In an interview with CoinDesk, Near cofounder Illia Polosukhin said the program was focusing on early stage ecosystem building blocks and had already distributed $45 million in funds in 2021:

A lot of the projects so far have been infrastructure. Croncat allows the ability to send transactions at different times, Cartosis is testing smart contracts – so supporting new programming languages, supporting storage, so a lot of it was, ‘What are the building blocks we need to unlock exponential composability?’ Before, there was the feeling that you had to pull the ecosystem, but now the ecosystem is pulling you. Now it’s time for the DeFi money lego spawn.

Earlier this month, the Aurora project raised $12 million to enable EVM contracts on the Near blockchain. This was seen as the first measure in the direction of a full DeFi ecosystem.

Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.