AURORA+: The Platform For Next Generation DeFi

The adoption of NEAR further exploded with the launch of Aurora, an Ethereum Virtual Machine (EVM) deployed as a Layer 2 chain on NEAR, alongside the Rainbow Bridge. As an EVM that uses ETH as the base currency for gas fees, in an environment that guarantees super fast transactions that are just as secure as they are cheap, Aurora is a groundbreaking novelty. With Aurora+, Aurora improves its already unbeatable features and brings the Web2 experience to Web3 like never before, in a more effective and user-friendly manner. This article will guide you through Aurora+, introducing the main features that make it a truly one-of-a-kind platform.

Aurora Overview

Layer 2 blockchains are secondary frameworks built on the base architecture (Layer 1 blockchain) to increase and improve system throughput (aka scalability) by increasing the number of nodes and transferring a chunk of the transaction burden from the main blockchain. For example, Bitcoin has the Lightning Network, Ethereum has Polygon, Binance has Binance Smart Chain, and NEAR has Aurora. However, Aurora is much more than a Layer 2.

Aurora is an EVM implemented as a smart contract on the NEAR Protocol that allows for the execution of Ethereum contracts and trustless, generic, permissionless bridging on a high-throughput, infinitely scalable, carbon-neutral platform (NEAR) that is multiple times faster and more economical than Ethereum.

An EVM is a chain or framework replicating Ethereum in an environment that allows it to scale beyond the main Ethereum blockchain.

Aurora inherits NEAR’s infinite scalability, robust security, usability, transaction speed under a second, block time below 2 seconds, and a consensus mechanism that allows it to process over a hundred thousand transactions per second, thanks to the genius idea of deploying it as a smart contract on NEAR. This and much more separates Aurora from other Layer 2 chains and EVMs, and makes it an ideal exemplification of what an EVM is designed to do.

Taking the future-proof and innovative edge of Aurora even further, the Aurora team recently released Aurora+.

Aurora+ is a new platform and membership program for both already and potential Aurora users to seamlessly bridge the existing convenience and familiarity of Web2 user experience to Web3.

What is Aurora+?

DeFi exploded on Aurora, which is a win-win for Ethereum-based projects, ERC20-based projects, and NEAR. Many projects were able to deploy and scale on a platform that is Ethereum-compatible but doesn’t scare away users with expensive transaction costs or latency. By providing this highly efficient EVM, NEAR and Aurora saw their users grow exponentially, with more projects and investors readily adopting the platform. Notwithstanding, a few opportunities to further enrich the usability of the platform were put forward:

• Using Ethereum as the base token for Aurora transactions meant the Aurora native token, $AURORA, lost a major use case component and needed something to boost its value.
• NEAR’s user experience is incredible, and bringing that to Aurora’s Ethereum-familiar users would be a massive enhancement.
• A complete and enhanced Web2 user experience on a Web3 platform would be a game-changer by bringing an attractive familiarity and convenience for users and incentivizing their adoption of Web3.

Aurora+ setting the Blockchain free

With Aurora+, the goal is to get a win-win-win with a focus on users. Aurora+ pushes the uniqueness of Aurora and presents a fresh, innovative experience on two levels:

• For already-existing Aurora users, apps, and platforms, Aurora+ is an exciting membership program that builds on the experience they’ve had so far, with a buffet of new benefits to optimize their user experience.
• For potential Aurora users, apps, and platforms, it is a new platform that bridges the convenience and familiarity of Web2 to Web3.

In addition, Aurora+ gives builders of Ethereum-based apps and Solidity developers the ability to bring an even more relatable Web2 experience to their product users.

Aurora+ Features

Free transactions

Transaction fees are negligible on Aurora, but nothing beats not having to spend money. Figuring out fluctuations and differences in gas fees is always a hassle for non-technical or new users. Aurora+ gives 50 free transactions per month to all users. For users who want or need more than 50 free transactions, you will be able to activate a premium plan soon.

One-click wallet configuration

Setting up your Aurora+ account is as easy as logging into your MetaMask for users who have that or are familiar with crypto or using your email and clicking on a sign-up or sign-in link.

Staking and Rewards

The $AURORA token now has a great use case that makes it a key cog in unlocking the benefits of Aurora+. By owning and staking $AURORA, you can get staking rewards in the form of more $AURORA and tokens from other great projects on Aurora and around the NEAR ecosystem. Right now, your rewards can be NEAR stablecoin (USN), Bastion (BSTN), Aurigami (PLY), and Trisolaris (TRI).

Enhanced user experience

A user-friendly dashboard makes it convenient to view, manage and take action on everything within Aurora+. For example, accessing the Rainbow Bridge to transfer assets and buying and staking your $AURORA are just a click away with clearly visible calls to action. Your rewards and different projects on Aurora are all on the page, and you can even see succinct descriptions that introduce you to every project on the page.

Upcoming Features

Some features are still in the works, but the wait will be totally worth it.

Single-point KYC

From your Aurora+ dashboard, you will be able to opt into an optional quick KYC process, which records the information on the blockchain and ensures you don’t have to do any KYC for any project on Aurora or Aurora+ ever again.

Premium Plans

For business users or traders, you may need more than 50 free monthly transactions or need them prioritized. A premium plan that is similar to what we use in Web2 apps will be available to such users so they can get even more optimized and tailored services that suit their particular needs.

Governance Participation

In addition to rewards, staking $AURORA will allow you to be directly involved in the development and governance of Aurora and the Aurora+ platform through the AuroraDAO.

Private Transactions

This will be a solution to the common problems of front-running and transaction analysis that are rampant in Ethereum-based transactions.

Aurora+ further separates Aurora and the NEAR ecosystem from the competition in terms of innovation, usability, and bridging the experience between Web2 and Web3.

About Aurora

Aurora is a modern, Ethereum-compatible blockchain that is fast and economical. Through tremendous growth of applications running on Aurora, and assets moved to the network, Aurora is among the fastest-growing blockchains in all of crypto.

About NEAR

NEAR is a dynamically sharded proof-of-Stake, carbon-neutral blockchain built for usability and scalability. NEAR combines the power of both PoS and sharding in a technology called Nightshade, making the chain infinitely scalable without compromising security and decentralization.

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Writer: Beet