Finoa integrates NEP-141, doubles down on the NEAR ecosystem
Furthering our commitment to support the NEAR ecosystem, we are integrating NEP-141, the NEAR token standard, into our curated crypto-asset platform. NEP-141 is an interface standard that unifies the fungible tokens created using the NEAR blockchain, promoting interoperability.
Following this integration, investors holding NEP-141 tokens like stNEAR, REF, or Aurora, can leverage Finoa’s secure platform to store their assets. Our custodial accounts are always set up in segregated wallets which correspond to unique sets of private keys, thus minimizing the counterparty risk. Finoa’s compliance practices and yearly external audits further ensure that client funds are kept secure.
The integration of the NEP-141 token standard complements Finoa’s existing NEAR staking and liquid staking tools, giving an edge to investors engaged with the NEAR ecosystem.
What is NEP-141?
In recent years, the NEAR network has gained traction thanks to its fast transaction speeds and low gas fees. The NEP-141 token standard is an update to NEP-21 that fixes previous vulnerabilities, making it simpler to use and more cost-efficient.
Designed to attract capital flows in the NEAR ecosystem, NEP-141 has a transfer mechanism that simplifies the UX and optimizes the contract storage, making it easier for developers to implement.
With the NEP-141 standard, NEAR is moving to bootstrap the ecosystem with a fungible token and encourage developers to build projects on this Layer 1 blockchain. Some of the noteworthy projects building on the NEAR blockchain include:
- Meta Pool: The leading liquid staking solution built on NEAR, Meta Pool is one of the key projects driving liquidity and decentralization in the network. Finoa recently partnered with the liquid staking protocol to allow investors to acquire returns on their staked $NEAR tokens.
- Aurora: Launched in May 2021, Aurora acts as a bridge that allows developers to write smart contracts in Solidity, the programming language of Ethereum, and deploy them on NEAR. They can also easily migrate dApps running on Ethereum.
- REF Finance: A decentralized exchange, REF Finance is the main DeFi hub in the NEAR ecosystem. One of the leading protocols on NEAR, it is backed by renowned industry participants like Kucoin Ventures and Dragonfly Capital.
You can find more information about the projects making use of NEP-141 from our dedicated article.
Our extended support for the NEAR ecosystem brings us one step closer to our mission to promote institutional involvement with web3 space by partnering with innovative projects and giving investors early access to crypto-native opportunities.
Founded in 2020 by Alexander Skidanov and Illia Polosukhin, NEAR is a carbon-neutral blockchain with a Proof-of-Stake consensus mechanism. The NEAR foundation, a non-profit organization based in Switzerland, is responsible for the governance and development of the ecosystem.
NEAR serves as a base layer-1 protocol to facilitate the creation of Decentralized Applications (dApps) and support the web3 landscape. Based on a unique sharing technology called Nightshade, the network offers high scalability and maximum security.