Distributed Global, Coinbase Ventures and others are betting the data protocol can help lending applications attract users to NEAR.

By: Danny Nelson

Some of crypto’s leading venture capitalists are placing a $10.3 million bet on decentralized finance (DeFi) burgeoning on the NEAR blockchain, according to an announcement Thursday.

The seed funding round in DeFi infrastructure firm Flux Protocol, which is built on the NEAR blockchain, was led by Distributed Global and included Coinbase Ventures, CoinFund, Uncorrelated Ventures, Figment Capital and others.

The relatively weighty early round highlights how VCs are looking for fresh pastures after DeFi on Ethereum has swelled to a $67 billion concern and as high transaction fees have priced out small investors, pushing them to Binance Smart Chain and other networks. Backers of the speedy NEAR blockchain hope the network can bring DeFi to the mainstream.

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