NEAR Protocol announces the availability of the NEAR token on Ethereum

The NEAR Protocol is considered to be among the most advanced next-generation blockchains in the crypto space.

Its native token NEAR powers the network, and until today has only been available for productive use on the NEAR network itself, and centralized exchanges like Binance.

Today—May 28, 2021—we’re excited to announce that NEAR has been deployed as an ERC-20 token on the Ethereum network, making it immediately available for trading and productive use within the exploding Ethereum DeFi ecosystem.

We couldn’t be more excited to bridge our two ecosystems through a shared NEAR token! — Illia Polosukhin, Co-founder, NEAR Protocol

Trading on SushiSwap and DODO

Currently, there is over $1M USD of trading liquidity on the NEAR-ETH pair—available between SushiSwap and DODO, two great partner exchanges that have shown strong early support for NEAR and Aurora.

Here’s a few things to keep in mind:

  • A request has been submitted to MetaMask to add NEAR as a known token in the wallet’s asset list. In the meantime, you can add the token manually with its contract address: 0x85F17Cf997934a597031b2E18a9aB6ebD4B9f6a4
  • For those interested in providing additional liquidity to the pools, the SushiSwap pool can be found here and the DODO pool can be found here.

We are thrilled to be the biggest home of the NEAR token on Ethereum. We look forward to exploring further collaborations with this exciting token on the Sushi platform and with the NEAR and Aurora chains. — Team SushiSwap

We are pleased to be one of the first two decentralized trading venues for NEAR tokens on Ethereum. We regard NEAR as a great ally in our quest to bring highly capital-efficient liquidity to different blockchain ecosystems. — Diane Dai, CMO and Co-Founder at DODO

First DeFi partnership, with Ruler Protocol

We want to quickly make NEAR a productive participant in the DeFi space, and as a first step we’re pleased to announce an initial partnership with Ruler Protocol.

Ruler provides a platform that allows depositors of crypto collateral to receive loans in stablecoins. The value proposition of Ruler, compared to traditional lending platforms, is that Ruler loans can not be liquidated.

Beginning in the June lending cycle, NEAR will be added to Ruler as a supported collateral asset, and lenders on the platform who farm their LP tokens will receive dual rewards in both RULER and NEAR!

For an introduction to Ruler, be sure to visit their explainer site, and watch for NEAR to appear as a supported collateral beginning in June!

How to move NEAR between NEAR Protocol & Ethereum

Moving the NEAR token between Ethereum and the NEAR Protocol is facilitated by the Rainbow Bridge.

Bridging tokens is a multi-step process:

  1. Connect your Ethereum and NEAR wallets.
  2. Choose the direction, and amount of NEAR to transfer.
  3. Confirm with your wallet on the sending side.
  4. Confirm with your wallet on the receiving side.

In the case of sending NEAR to Ethereum, the delay between steps three and four is about 16 hours. In the second half of 2021, we’ll be enhancing the bridge to dramatically reduce that delay, without any compromise to security.

Stay in touch!

We hope you’re as excited about this milestone as we are!

And we’re not stopping there. The NEAR Protocol, and recently launched Aurora, have an ethos of relentless execution. Be sure to follow @NEARProtocol and @AuroraIsNEAR to be the first to know, as we continue to develop and innovate in the crypto and DeFi spaces!