The Near Protocol announced via a blog post on Tuesday that the NEAR Foundation has partnered with NEAT, a roll-up protocol designed for scaling AI applications on NEAR.
Thanks to this partnership, NEAT has received a 1 million $NEAR token staking delegation from the NEAR Foundation. All NEAR token rewards from the delegation will be redistributed to $NEAT stakers, producing approximately 120-200% APY.
The funding is part of the NEAR Foundation’s efforts to support AI and blockchain projects on NEAR and to promote use cases of AI integration with blockchain technology more broadly. NEAT Protocol will use the funds to attract a wider user base to its ecosystem.
NEAR Protocol is a decentralized application platform designed to make apps similarly usable to those on today’s web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to provide dynamic scalability and stabilize fees.NEAR is trading at $7.841, up by 1% in the last 24 hours.