Ethereum is one of the foremost and most versatile blockchain networks available today. However, the network also faces a lot of scalability issues and requires external assistance to scale.
Hence, the need for reliable scaling solutions like the Aurora network. This article is a general overview of the Aurora Network, its tokenomics, staking, and much more. But before we move into this, let’s find out more about their new major update.
Aurora Network Opens a World of Possibilities with Aurora+
How about getting free transactions? No more of those nasty gas fees. Sounds impossible? Not with Aurora+. This mission critical update bring you FREE transactions and awesome staking rewards.
Do you want to get your hands on some of those? The only thing you have to do is this:
- Connect to your metamask wallet.
- Add the Aurora+ Network and connect.
This brings you inside mission control dashboard, where you can benefit from:
- Aurora+ Staking: Get 64.9% on your $AURORA and buy more here as well.
- Aurora+ Free Transactions: You will get 50 free transactions every month.
- Aurora+ Airdrop: You can participate in this airdrop.
- Aurora+ Aurobots: A special NFT collection just got released with a build in utility – holding one in your account will boost your free transactions even more!
"It's Aurora elevated" ✅
📍 Supercharge your Aurora experience with the new Aurora+ launch.
Available at https://t.co/I84fwpFnW9 👈 pic.twitter.com/kNndyLFlje— Aurora (@auroraisnear) May 17, 2022
What is Aurora Network?
Aurora Network is an Ethereum Virtual Machine (EVM) built on NEAR protocol. The network focuses on making the Ethereum chain more scalable for developers. Therefore, ensuring an enabling environment for developers to create decentralized applications (dapps). Aurora combines the security and user experience of the Ethereum 1.0 version with top-notch layer 2 speed and scalability. Simply put, dapp developers will have access to ETH-compatible, secure, scalable, and cost-efficient platforms for their dapps. The EVM network also boasts of an easy-to-use user interface and general interoperability for developers and their dapps.
Source – Aurora
Apart from being an EVM network, Aurora also has a completely trustless Rainbow Bridge. The bridge facilitates interoperability between Ethereum, NEAR, and Aurora networks. This means that with the bridge users will be able to seamlessly transfer assets between the listed networks. Aurora has also received support from top VC firms like Dragonfly, Pantera Capital, Electric Capital, Three Arrows Capital (3AC), and Alameda Research.
It is also important to note that there is no difference between assets on Aurora and assets on the Ethereum network. Dapp developers will also be able to use all ETH-compatible platforms and tools like Metamask, Remix, Truffle, etc. This simply means that users can enjoy the benefits of being on a top chain like Ethereum without the scalability hassles that come with it. Impressive right?
NEAR blockchain, on the other hand, is a unique layer-1 chain known for its carbon-neutral stance and its near-instant transactions.
Top Features of Aurora
Aurora network consists of several important features like the Aurora Rainbow Bridge, AuroraDAO, and its EVM engine dubbed Aurora Engine.
1. Aurora Bridge – The Aurora Rainbow bridge is completely trustless and also facilitates the seamless transfer of assets across Ethereum, NEAR, and Aurora networks. With the bridge, interested persons can easily transfer ERC-20 and ETH tokens across the three networks.
Notably, transfers between Aurora and NEAR require only one transaction and are completed in under 10 minutes. However, transfers to Ethereum take much longer and require two transactions.
On the bridge, users will be able to view their transfer history, restore transfers, and deploy tokens. They will also be able to choose the dark mode outlook.
Also, to be able to use the bridge, users must have a functioning Metamask wallet.
2. Aurora Engine (EVM) – This is the main crux of the entire Aurora ecosystem. It is the engine behind Aurora’s scalability and its smooth interaction with the Ethereum chain.
3. Aurora DAO – is the autonomous governance protocol that governs the Aurora ecosystem. Its functions are quite similar to that of a conventional board of directors. AuroraDAO council is in charge of voting on high-level decisions like incentives, network operations, etc.
They include;
- Aurora Labs – in charge of developing and maintaining the protocol.
- Principal Investors – This faction is reserved for early Aurora network investors.
- Lastly, Ecosystem Partners – This includes important Aurora partners like top players, platforms, protocols, etc.
Together, AuroraDAO council members will help direct the path of the free-to-use network.
Staking on Aurora
Staking on Aurora is a good way to earn passive income while also helping to secure the network. Stakers will also have the opportunity to take part in AuroraDAO activities.
To stake on Aurora, users will need to deposit their AURORA tokens into vaults while automatically receiving rewards in their wallet through auto compounding. The staked assets can also be unstaked at any time with the assets being made available for withdrawal after the prescribed “cooldown” period. In light of this, it is advisable to view staking on Aurora as a long-term activity.
Interestingly, stakers on Aurora will receive both AURORA tokens as rewards along with tokens from other projects in the Aurora ecosystem.
Tokenomics
ETH is the base currency on Aurora, however, AURORA is the native token of the Aurora ecosystem.
According to Coingecko, AURORA is currently trading at $1.20 with a market cap of $79,141,748 and a 24-hour trading volume of $634,715. The token also has a circulating supply of about 66 Million tokens and a total supply of 1 Billion AURORA tokens.
The token also majorly functions as a governance token. It is also used as incentives for users, transfer fees on the Aurora bridge, additional execution fees, etc.
The diagram below shows the current AURORA token allocation.
Source – Aurora
Conclusion
Aurora network will facilitate the growth and development of NEAR protocol while making the Ethereum chain attractive to dapp developers. This in turn will help to facilitate the creation of more innovative dapps and more use cases for the entire blockchain ecosystem.
With Aurora, Dapp developers will have access to the top-notch innovative environment of the Ethereum chain while enjoying the low-cost, fast, and carbon-neutral environment of NEAR protocol.
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