As the EVM compatible layer of NEAR protocol, Aurora Labs specializes in providing services in virtual chains. With a mission to give projects the ability to launch their own chains, to have their own ecosystems and environments, Aurora Labs stands out from other blockchain companies. In this interview at Dubai’s TOKEN2049, our host Eric Spivak spoke with Declan Hannon, VP of Growth at Aurora Labs, to learn more about his role and experiences within the company.
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No Code, No Cost, No Complexity
Prior to Aurora Labs, to launch a dedicated blockchain network, a project would need to spend countless hours and resources on coding, testing, and deployment. This process not only requires technical knowledge but also comes at a significant cost. However, with Aurora Labs’ virtual chain technology, projects can now launch their own customized chains without writing any code. This eliminates the complexity of building a blockchain network from scratch and significantly reduces costs.
“Projects can focus on what matters which is building an awesome product.”
Declan Hannon, VP of Growth at Aurora Labs
Declan emphasizes the efficiency of Aurora Labs by explaining anyone could go to their website and launch their own chain quicker than it would take to complete the introduction of the interview at hand. Anyone, (not just engineers) can use Aurora Labs to create a blockchain-based project. This opens up the potential for various industries and businesses to explore the benefits of blockchain technology, without the barrier of technical expertise.
Virtual Chains vs Launching Traditional Chains
As the conversation continued, Declan was encouraged to explain how this all works for someone who isn’t familiar with blockchain technology. Currently there are open-source opportunities or larger roll-up providers out there but that costs money. In addition, management of that chain adds even more complexity to the system. From validators to oracles, it can all seem overwhelming and that’s where virtual chains come in.
“What Aurora has done is take that complexity and stripped it away.”
Declan Hannon, VP of Growth at Aurora Labs
When a user enters their website, and signs-up with their email address, they’re taken to a chain deployment page. From there, they select what type of chain they’d like such public or permissioned. Other specifications such as white list options are also presented to give builders the opportunity to customize their virtual chain to best fit their needs. Base token optionality is also available for those who want to have specific token units attached to their virtual chain.
Deployed On NEAR Protocol
With NEAR Protocol being the L1 that these virtual chains are deployed on, the process is made even more seamless. NEAR’s focus on developer friendliness and efficiency makes it a top choice for builders looking to deploy their virtual chains. NEAR has fantastic horizontal scaling opportunities which grant developers the ability to expand their virtual chains as needed, without any limitations. This allows for a seamless and efficient experience, making NEAR a top choice for deploying virtual chains.
“Aurora Labs is the network of virtual blockchains.”
Declan Hannon, VP of Growth at Aurora Labs
Congestion is also reduced in this way, allowing for faster transaction speeds and a more stable platform for developers to build on. A white-label blockchain is used as an analogy, with each virtual chain being a unique label on the same underlying blockchain infrastructure. This enables a high level of customization and flexibility for developers to create their own unique solutions on top of the NEAR platform.
Interoperability Is Unlocked with Aurora Labs
Even if someone builds their own chain, another challenge is getting liquidity into the system. With what the Aurora Labs team calls ‘The Forwarder’ protocol, they can bring their assets from places like Binance, Coinbase, KuCoin, etc. This creates an open ecosystem for assets with their underlying value and rules. The Forwarder allows users to bring in any asset from anywhere and then use it on other chains, enabling interoperability across different systems.
With a step further than that, they’ve also launched Near Intense, which is the first multi-chain DEX that allows users to bring and swap any assets from any network without even needing a wallet. This intuitive design for the average non-tech savvy user will increase accessibility to decentralized finance and help drive mainstream adoption.
Invitation To Web2 Companies
By making the process of integrating with the blockchain easier, Declan believes that this will open the doors for Web2 companies that are interested in utilizing blockchain technology to enhance their services. With the potential to tap into a wider audience and offer additional features, it’s a win-win situation for both parties involved. The difficulty is that these traditional power houses may not know the intricacies of blockchain that Web3 natives already have a handle on.
This is where the invitation to Web2 companies comes in. Declan believes that by extending an open invitation and providing their solution as a seamless integration, it will simplify the process for these companies to adopt blockchain technology. This also opens up opportunities for collaboration and innovation between Web2 and Web3 entities.
Final Thoughts
On May 1st, a new service known as ‘The Virtual Chain Marketplace’ is expected to be released by the team at Aurora Labs. With this new feature being launched on their cloud console, it’s going to ensure that any project that enters their ecosystem, will receive all the support they’d need.
Beyond the infrastructure, Declan shares examples such as tokenomics simulators to ensure that every aspect of a blockchain project is well thought out and planned for. Legal help is also provided through partnerships with law firms to ensure that projects are compliant with regulations in different jurisdictions.
This marketplace is going to be a hub for all things related to the launch of a chain and we are excited to see how it will continue to evolve and support the growth of blockchain projects. It’s clear that Declan and the team at Aurora Labs are dedicated to providing a comprehensive solution for blockchain projects, from its development to its launch.
