In the ever-evolving and competitive arena of blockchain technology, a company standing out is Aurora Labs. Their mission finds grounding in building the largest L2 protocol on NEAR Foundation while offering developers a seamless blockchain experience. However, what gives Aurora Labs an edge over competitors?
The most significant percentage of Near Foundation’s Total Value Locked (TVL) comes from Aurora– nearly half. Aurora Labs outshines NEAR in respect to TVL during a bull market, with a ten-fold increase. This stems from the fact that individuals familiar with Ethereum gravitate toward Aurora due to its compatibility with MetaMask.
Developers, in particular, find Aurora transaction execution an exact mirror image of Ethereum by simply changing the RPC endpoint and the Chain ID. However, the onboarding process for NEAR is complex, due to its new asynchronous runtime which business operations managers find difficult to work with. Because of these reasons, more apps have operated in Aurora ecosystem than in native NEAR runtime.
Another factor contributing to Aurora’s appeal is its inherent interoperability. Different ecosystems aren’t islands, instead able to interact and interoperate with one another. For instance, Ref Finance in the NEAR ecosystem efficiently splits a transaction across Aurora and NEAR to achieve low fees and pooled liquidity.
However, even a company as successful as Aurora Labs has areas of improvement to focus on. An expanding sector garnering considerable attention lately is gaming. Aurora’s user-friendly platform has attracted several gaming companies interested in embracing blockchain technology due to increased user engagement. Nevertheless, it does face hurdles. A major issue impacting the on-boarding of gamers is crypto on-boarding which can be cumbersome. Aurora has addressed this issue through their cryptocurrency wallet, simplifying transactions by resembling an Apple Wallet.
Despite these advancements, it remains crucial for blockchain companies to unite amidst growing competition from web 2.0 corporations. As web 2.0 corporations start to wave the flag of self-custody, privacy, and security it underscores the need for improvement in blockchains’ public image.
This raises the question, amidst all the competition, should blockchain companies wage war against each other or elevate one another for the betterment of the technology as a whole? Could another blockchain’s technology provide the tools necessary for progress, or could the competitive dynamic lead to stagnation? As we await the blockchain technologies evolution, the answers to these questions will unfold in time.
Source: Cryptonews
