Blockchain research and development firm Proximity Labs and three decentralized exchanges on the Near Protocol blockchain — Orderly Network, Spin, and Tonic — have announced a $10 million developer fund.

Kendall Cole, Director at Proximity Labs, said the fund is aimed at further strengthening the decentralized trading ecosystem on Near in light of the fall of centralized exchange giant FTX. "At Proximity, we believe the recent events highlight the necessity of a robust and highly performant orderbook DEX economy for a truly decentralized future. This $10 million fund encourages talented teams from any ecosystem to build on Near," Cole said.