Token Description & Project Background

Aurora is an Ethereum Virtual Machine created by the NEAR Protocol team, delivering a turn-key solution for developers to operate their apps on an Ethereum-compatible and scalable platform with low transaction costs for their users. 

The AURORA token was voted on by the Aurora DAO to create an official project governance token. AuroraDAO moots and/or executes key decisions related to the AURORA token and network such as future staking, incentives or protocol fees. 

"Aurora provides the Ethereum 1.0 development experience, with layer-2-like speed and scalability," the project's white paper said. "If you are an Ethereum developer, getting started on Aurora is easy."

Aurora’s team spun off from NEAR, Inc. as a separate entity in July 2021, per a Medium post.

The founder of Aurora Labs, Alex Shevchenko, led Ethereum-related initiatives at NEAR. Aurora Labs’ Michael Birch is the team’s lead developer. He worked for RChain and Casper before joining Near in its early stages.

Risks of AURORA

Like an investment in other crypto assets, there are some general risks to investing in AURORA. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in AURORA is subject to the following specific risks:

• Aurora is not unique in offering a scaling solution to Ethereum. Any potential success associated with AURORA depends on Aurora’s rate of adoption by users and developers. 

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with AURORA. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The AURORA community and Aurora DAO are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of AURORA have no recourse to the AURORA community, Aurora DAO, or Uphold if AURORA declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing AURORA on the Uphold Platform, Uphold performed due diligence on AURORA and determined that AURORA is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of AURORA, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of AURORA.
• Any marketing materials put forward by the AURORA social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with AURORA, including any code defects, security breaches and other threats concerning AURORA and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with AURORA, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of AURORA. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 15, 2023.