Aurora launches on NEAR Protocol

Aurora launches on NEAR Protocol

Aurora Provides an Ethereum Layer-2 Experience

The explosive growth of DeFi and NFTs frequently causes surges in Ethereum gas prices––a problem that economically limits the participation of many users, and prevents dApp developers from scaling their businesses to their full potential. To address these challenges, we’re proud to announce the mainnet release of Aurora, a turnkey solution for developers seeking to extend their dApps to reach additional markets.

Aurora

Aurora runs on NEAR Protocol and takes advantage of its many unique features, including sharding and developer gas fee remuneration. Aurora consists of two core components: the Aurora Engine runtime, which allows for the seamless deployment of Solidity and Vyper smart contracts, and the Aurora Bridge (based on the Rainbow Bridge technology), providing for the permissionless transfer of tokens and data between Ethereum and Aurora.

Aurora provides a number of enhancements for developers:

  1. Aurora fees are up to 1,000x lower than Ethereum’s. For example, the cost of transferring a ERC-20 token is below $0.01, while for Ethereum (at 50 Gwei and an ETH price of $3,000), it’s around $5.40.
  2. Aurora is able to host thousands of transactions per second, representing an increase of 50x compared to Ethereum 1.0.
  3. Aurora transaction finality inherits from the underlying NEAR Protocol, i.e. two NEAR blocks, or approximately two seconds—substantially lower even than a single block confirmation time of 13 seconds in Ethereum (which is not enough for transaction finality). Also, fast finality of NEAR blockchain reduces significantly the risk of frontrunning attacks. Ecosystem growth on Aurora is future-proof: the sharding approach of the underlying NEAR Protocol provides for horizontal EVM scaling, with asynchronous communication between multiple Aurora shards.
  4. Aurora offers a greener option for Ethereum users: full, uncompromising Ethereum compatibility on top of the decentralised and climate-neutral Proof-of-Stake L1 NEAR Protocol.
  5. Aurora solves the current and future computational challenges of the Ethereum ecosystem, while preserving the existing engineering investment in both smart contracts and front-end code.