Integrate Stargate with NEAR via Aurora

Ref Finance team is bringing Orderly Network’s past proposal back alive and updating the incentives here below after careful communication with the Orderly team.

Executive Summary This governance proposal, presented by Orderly Network, outlines the integration of NEAR Protocol, a Layer 1 blockchain, with Stargate, a cross-chain and interconnectivity protocol powered by Layer Zero. The integration will be facilitated via Aurora, the EVM execution environment of the NEAR blockchain. This integration is significant for both NEAR Protocol and Stargate in that it marks the first instance of Stargate integrating with a non-EVM chain, which represents a groundbreaking step in the journey towards greater blockchain interoperability. It also includes an incentive program to bootstrap liquidity for USDC, and a decentralized Stargate frontend running on NEAR’s Blockchain Operating System (BOS).

Proposal The central component of this proposal is the creation of a USDC pool on Aurora (NEAR), which will serve as a vital bridge connecting NEAR Protocol to Ethereum, Arbitrum, Optimism, Polygon, and BNB Chain.

Objectives

• Enhanced Interoperability: The integration aims to connect NEAR Protocol, a non-EVM chain, to the Stargate ecosystem via Aurora. This allows NEAR to interact with other blockchain networks, amplifying its reach and utility.
• First Non-EVM Integration: This integration is of particular significance as it marks the first instance of Stargate integrating with a non-EVM blockchain. It highlights Stargate's commitment to expanding its cross-chain capabilities and supporting a wider range of blockchain networks, as well as bringing more use cases, revenue, and fees to the Stargate community.
• Liquidity Boost: By offering an incentive program to bootstrap USDC liquidity on NEAR Protocol through Stargate, we intend to increase trading activity, liquidity depth, and adoption of USDC within the NEAR ecosystem.

Motivation This integration initiative has been strongly motivated by recent developments in the NEAR ecosystem:

• Native USDC on NEAR: The recent launch of native USDC on NEAR Protocol has created a foundation for enhanced DeFi activities within the NEAR ecosystem. It offers a battle-tested and efficient stablecoin option for users and developers.
• First Perpetuals (Perps) Market on NEAR: Orderly Network, as the author of this proposal, recently launched the first perps market on NEAR Protocol. This significant milestone has highlighted the growth potential of the NEAR ecosystem and the demand for liquidity and interoperability solutions. Orderly Network uses USDC as collateral for perps.

Reasons for Integration For NEAR Protocol:

• Access to a Cross-Chain Ecosystem: NEAR Protocol will gain access to Stargate's interconnected ecosystem, allowing it to collaborate with other blockchain networks, projects, and DeFi applications.
• Seamless Cross-Chain Transactions: NEAR users will be able to execute cross-chain transactions with ease, fostering a more user-friendly and interconnected blockchain experience.
• Enhanced Liquidity: The integration opens up opportunities for NEAR's DeFi ecosystem by attracting liquidity providers and traders from the broader Stargate network. For Stargate:
• Breaking Boundaries: The integration demonstrates Stargate's ability to connect with non-EVM chains, expanding its value proposition as a cross-chain and interconnectivity protocol, as well as showcasing its adaptability and inclusivity.
• Diverse User Base: It brings NEAR's user base, developers, and projects into the Stargate ecosystem, enhancing network diversity and vibrancy. Network Effects: As Stargate integrates with more diverse chains, its network effects grow stronger, attracting developers and projects seeking interoperability.
• Native Integrations: Orderly, Ref, and several other NEAR DeFi applications will integrate Stargate directly into their frontends as the main bridge for their users.
• Native Assets: NEAR is one of just six chains with both native USDC and native USDT. This represents an opportunity for Stargate to establish itself as the premier bridge for these native assets.
• Decentralized Frontend: As part of this proposal, the Ref Finance team will build a decentralized frontend for Stargate using BOS.

Incentive Program to Bootstrap USDC Liquidity To incentivize liquidity providers to participate in the integration, Orderly Network will offer a $200,000 grant that will be distributed as follows:

• $175,000 worth of $AURORA tokens for the first 5 months
• $25,000 worth of $NEAR tokens for the months 6 and 7

When these incentives run out, we suggest Stargate should emit $STG tokens commensurate with #SIP 23.

Stargate Can Position Itself To Be The Primary Bridge For Native Assets While the Rainbow Bridge currently offers wrapped assets, NEAR is transitioning towards native assets. This presents a unique opportunity for Stargate, as it provides a more versatile solution for bridging native assets between chains.

Orderly Network (and potentially other ecosystem projects) plan to actively educate users about the bridging of USDC between NEAR and other chains via Stargate. This campaign aims to raise awareness, attract liquidity providers, and drive adoption of this landmark integration.

Conclusion The integration of NEAR Protocol via Aurora with Stargate is a historic milestone in the journey toward cross-chain interoperability. This integration showcases Stargate's commitment to inclusivity and its capacity to connect with non-EVM chains, expanding its reach and utility.

Orderly Network invites the NEAR Protocol and Stargate communities to unite in this transformative endeavor, fostering collaboration, innovation, and growth within the decentralized finance space. Together, we will create a more interconnected and vibrant blockchain ecosystem, setting the stage for further integrations and advancements.