AuroraPrice

(AURORA)

Aurora is an Ethereum Virtual Machine (EVM) compatible scaling solution built on the NEAR Protocol. It enables developers to deploy and run their Ethereum-based decentralized applications (dApps) in an environment characterized by high transaction throughput and significantly lower costs. Technically, Aurora operates as a smart contract directly on the NEAR blockchain, inheriting NEAR's robust performance, including its rapid 1-second transaction finality, and its certified carbon neutrality, all while providing a familiar and friendly interface for Ethereum developers and users.

No, the AURORA token is not used for gas fees. This is a common misunderstanding. On the Aurora network, transaction fees are natively paid in Ether (ETH). This design choice was made to provide a seamless and familiar experience for users coming from the Ethereum ecosystem, allowing them to interact with dApps on Aurora without needing to acquire a new token solely for gas payments.

The AURORA token holds several key utilities. Its primary roles include enabling governance, allowing token holders to vote on proposals within the Aurora DAO and influence the project's future direction. Additionally, AURORA can be used for staking, which offers participants the opportunity to earn rewards and potentially partner tokens. The token also plays a crucial role in various ecosystem incentive programs, fostering growth and participation across the Aurora network.

Virtual Chains represent a significant innovation planned for 2024–2025, central to the Aurora Cloud offering. They empower businesses and developers to launch their own highly customizable, private, or public EVM-compatible blockchains on the NEAR Protocol in just minutes. This capability allows for tailored blockchain environments, offering flexibility in design, permissions, and operational parameters, catering to specific business needs and enhancing the scalability and versatility of decentralized applications.

The Rainbow Bridge is a fundamental piece of infrastructure, acting as a trustless and permissionless bridge that enables seamless token transfers between Ethereum, the NEAR Protocol, and Aurora. Users frequently inquire about transfer times; specifically, moving tokens from Ethereum to Aurora is typically fast. However, for enhanced security protocols, transfers originating from Aurora back to Ethereum usually require an approximate 16-hour waiting period to ensure transaction finality and integrity across the networks.

Tokenomics 2.0 refers to a significant proposal introduced to address community and investor concerns, particularly regarding sell pressure on the AURORA token. This updated economic model introduced a buyback-and-burn mechanism. This deflationary feature involves the Aurora DAO using a portion of protocol revenue to repurchase AURORA tokens from the open market and then permanently remove them from circulation, aiming to create upward pressure and benefit long-term holders by reducing the total supply over time.