What is Aurora? Everything you need to know about AURORA token

In this article, we would like to introduce Aurora - a bridge and an EVM built on the NEAR Protocol. We'll be covering the following topics:

• What is Aurora? What are Aurora’s features?
• Aurora Tokenomic: key metrics, token allocation, and token use-cases.
• How/Where to earn and store Aurora tokens?
• Roadmap & Updates.
• Founders/ Team members, Investors, and Strategic partners.

What is Aurora?

Aurora is a bridge and an EVM built on the NEAR Protocol. It delivers a solution for developers to operate their apps on an Ethereum-compatible and scalable platform. 

How does Aurora work? 

The Aurora ecosystem consists of the Aurora Engine - an Ethereum Virtual Machine (EVM), the Aurora Bridge, facilitating transfers of ETH and ERC20 tokens between Ethereum and Aurora; and last but not least, AuroraDAO - the autonomous governance of the Aurora protocol.

The base fee token of Aurora is ETH, which will make developers and users feel like home. Aurora will not charge any fees for bridge transfers. Users only pay the ETH miners fee which is paid once during a transaction on the Ethereum blockchain.

The wallet address on Aurora will be the same as the Ethereum address. Users will need to add Aurora as an additional network on Metamask and the Bridge will help users with that.

Recently, Trisolaris - the first AMM built on Aurora has been released. The AMM specifically and Aurora, in general, allows users to swap between any ERC20 tokens, provide liquidity for any ERC20 tokens and earn fees for providing liquidity. 

AuroraDAO is the autonomous governance of the Aurora protocol. The AuroraDAO consists of a “council” of seats. The holders will vote on high-level decisions and will direct subordinate organizations to implement those decisions. The list of council members has been included in the picture below. 

Why is Aurora unique? 

Aurora provides the Ethereum 1.0 development experience, with layer-2-like speed and scalability.

• Ethereum 1.0 development experience: Aurora aims for full compatibility with Ethereum development tools such as Truffle and Hardhat.
• Layer-2-like speed and scalability: Built on top of Near Protocol, Aurora transactions will typically cost pennies and have fast finality (2-3 second transaction finalization).
• Although created at NEAR, Aurora will be a separate entity, governed by AuroraDAO. When developers deploy their apps on Aurora, they are partnered with an organization that would be able to scale to meet future needs.

Detailed information about AURORA token

What is AURORA token?

AURORA is a governance token. Its specific use cases can be found below.

Key metrics AURORA

• Token name: Aurora
• Ticker: AURORA
• Token Standard: Updating...
• Contract: Updating...
• Token use cases: Governance
• Circulating Supply: 0
• Max Supply: Updating...
• Total Supply: 1,000,000,000 AURORA

AURORA Token Allocation

AURORA Token Release Schedule

A portion of the tokens will be locked and to be subject to an unlocking scheme which will be determined by the DAO. The rest of the tokens will be used in various initiatives to develop NEAR and Ethereum ecosystems with the help of Aurora solutions.

AURORA Token Sale

The official token launch date will be the IDO date. IDO parameters should be approved by the DAO.

AURORA Token use cases

Community Treasury: A portion of the token is allocated to the Community Treasury. The treasury is used to fund existing projects and project proposals. The details of the platform are to be decided by the DAO.

Some of the following initiatives that have not been approved yet and may or may not be implemented, as per AuroraDAO decisions:

• $AURORA token staking;
• Incentives for token holders to take part in voting with the allocation of $AURORA from the Community Treasury;
• Rainbow Bridge transfers fees;
• Rainbow bridge fast transfers fees;
• Aurora contract additional execution fees;
• Aurora validator private transaction pool service;
• Farming of locked funds in the Rainbow Bridge connectors;

How to store AURORA Tokens 

In the future, you can store, send, receive AURORA Tokens on Coin98 Wallet with a few single steps. The guides on how to make transactions with AURORA on Coin98 Wallet will be updated soon.

How to buy AURORA Tokens

As mentioned above,  IDO parameters will be decided by AuroraDAO. Stay tuned with Coin98 Insight for further updates if any Token Sale is introduced in the future.

Roadmap & Updates 

Accomplishments

• May 2021 — Transfer ETH and ERC-20 tokens between Ethereum and Aurora
• May 2021 — Transfer the NEAR token between Ethereum and NEAR
• June 2021 — Completion of Aurora fund-raising campaign
• June 2021 — Filling of all AuroraDAO initial seats
• Autumn 2021 — Fast token transfer
• Autumn 2021 — Gas fees denominated in ERC-20s
• Autumn 2021 — Simplified “Hide the Blockchain” UX for non-blockchain users.

Upcoming roadmap

The team is planning to deliver a sharded version of Aurora early next year:

• Aurora SDK for developers.
• Block explorer.
• API keys.
• WebSockets RPC.

Is AURORA a good investment?

Below are some highlights for your consideration:

First and foremost, Aurora is the cornerstone of the Near Ecosystem. The project contributes to expanding NEAR’s ecosystem as well as welcoming and accommodating EVM-based applications thanks to its high scalability, low fees, and fast finality. Ethereum developers therefore can migrate applications fairly quickly and easily to Aurora and the Near Protocol.

Near Foundation has introduced events, hackathons, grant programs to attract developers however they did not work very well or successfully refrain developers from leaving the network. With Aurora, developers do not have to rewrite their whole applications. When looking at other chains such as Binance Smart Chain, Polygon - chains that developed EVMs, it is reasonable for us to expect that Near Ecosystem will be booming with projects in the coming weeks.

Aurora will also have its own ecosystem since it is a separate entity from Near Protocol. With the upcoming plan to deliver a sharded version of Aurora early next year, investors can expect to experience higher throughput and faster finality on Aurora in the future.

The next question is going to be How the Near network will be affected after the introduction of Aurora? Will there be negative or positive influences? Will developers prefer to deploy their applications on Aurora than Near? We would like to see new strategies from both of them in the future to keep developers staying!!!

Team members, Investors, and Partners

Team members

Aurora Labs CEO is Alex Shevchenko. There has been little information about Alex. Coin98 Insight team will provide up-to-date information for readers in the future.

Aurora was built by the same team that created the NEAR Protocol, considered to be among the most highly regarded blockchain technologies in the crypto space.

Investors

Last week, Aurora announced its first funding round with $12 million raised in total. Over 100 investors took part in the round with the lead of  Pantera Capital, Electric Capital, Dragonfly Capital. The success of the raise reinforces Aurora’s appeal among the community and its objective to bring scaling solutions across the crypto ecosystem.

Strategic partners

Similar projects

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Summary

This article has included the most critical and detailed information on the AURORA Token. Please leave any questions you have below, and we will get back to you as soon as we can!

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