Terra and Harmony announce DeFi partnership focused on UST stablecoin integration

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Terra, an algorithmic stablecoin platform for financial savings, investments and funds, is becoming a member of forces with the Concord blockchain to pursue new DeFi initiatives targeted on programmable cash and different so-called monetary primitives. 

Underneath the brand new partnership, which is described as a “deep integration” initiative, Terra will combine Concord on its Shuttle Bridge platform, an online front-end that enables customers to ship Terra’s UST stablecoin throughout supported blockchains. “This paves the best way for UST emigrate to Concord and for use on purposes within the Concord Ecosystem,” Peter Abilla, Concord’s VP of promoting, mentioned in a Tuesday announcement.

TerraUSD is at present the fifth-largest stablecoin available on the market, with a complete capitalization of simply over $1.9 billion, in line with CoinMarketCap information.

Terra enjoys the backing of a number of main blockchain corporations, together with main enterprise capitalist Galaxy Digital. As Cointelegraph reported, information of Galaxy Digital’s funding in Terra despatched the worth of its LUNA token skyrocketing in February.

Concord’s founder, Stephen Tse, mentioned his firm’s partnership with Terra helps its imaginative and prescient of constructing new merchandise “in a multi-chain future.” He additionally touted Terra’s OneAnchor fixed-yield financial savings account, which may even be deployed on Concord.

As a sharding protocol with a trustless Ethereum bridge, Concord is tackling the scaling difficulty that’s at present plaguing blockchain adoption. Whereas Concord pales in dimension in contrast with main opponents like Cosmos or Solana, the market capitalization of its community coin has greater than doubled since February.

Associated: DeFi proved resilient through the March 2020 and Might 2021 market crises

Underneath the main points of the partnership, Terraform Labs will present direct help to tasks which might be constructing UST straight on Concord. Each Concord and Terra will collaborate on Concord’s upcoming “Bridging Wall Road to Web3” Hackathon.