NEAR Aurora Ecosystem Token TVL Research

NEAR Aurora Ecosystem Token TVL Research

Token Inventory & TVL Tracking - Aurora & NEAR

TVL Tracking - DeFi Llama - Aurora

The Aurora DeFi Ecosystem

The Aurora ecosystem will look familiar to other EVM chains but in its infancy. Back in November, Trisolaris (a Sushiswap fork) was pretty much the only used protocol on Aurora and nearly the entirety of Aurora’s $150M TVL. This was mostly the case throughout 2022 until the launch of two more primitives – the money markets Bastion and Aurigami. From the end of February until now these two have driven Aurora’s TVL by $1B to sit at ~$1.4B total. The Aurora EVM has close to 3x the native Near TVL today (in fact, if you go to DefiLlama, Aurora shows up in the main section whereas you need to dig through the filter to find NEAR).

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Bastion has been, by far, the largest driver of capital to Aurora. Their lockdrop hit $300M in March and they announced a $9M raise from notable funds a few weeks later. Due to the lockdrop and heavy incentives on the platform there is a negative borrow on stablecoins at -1.5%. This makes Bastion one of the cheapest places to borrow in crypto and will continue to drive more capital to Aurora. Other money markets can’t compete with a negative borrow and being the same EVM experience people are familiar with, the switch is simple (just bridge and change Metamask to the pre-populated Aurora RPC). This bootstrapping/paying for liquidity phase by Bastion has kicked Aurora activity into the next gear. While not organic usage, it will spur activity nonetheless and continue to drive users.

The other money market, Aurigami, is in a similar boat to Bastion as having just done their own raise in February and their public IDO upcoming on May 5. Money markets are arguably the most important primitive before an ecosystem can start to grow and Aurora now has two that combine for ~$1B at extremely attractive rates. The ecosystem is going through an explosive phase but has been driven by three protocols so far: Trisolaris, Bastion & Aurigami. With Near’s $800M+ ecosystem fund, AURORA incentives from the DAO (i.e. cheap fees), and continued venture capital interest, it’s unlikely the momentum will stop.

TVL Tracking - Defi Llama - NEAR