The NEAR team announced a puncture integration of the algorithmic stablecoin UST from the DeFi project Terra. The platform token price has increased by more than 50%.
🌉 Users can bridge from Terra to Aurora via @Allbridge_io.
Learn more 🔽https://t.co/jwHK1jqECy
— NEAR Protocol (@NEARProtocol) December 21, 2021
The integration was made possible by Terra’s partnerships with DeFi projects NearPad and Rose on Aurora’s second-tier network, according to the statement.
The NearPad platform offers services of a decentralized exchange, a platform for launching tokens and an incubator. Rose is a kiptolending service.
The partnership is expected to provide users with new opportunities and promote the development of UST in the NEAR and Aurora ecosystems.
NearPad and Rose will launch incentive initiatives to raise liquidity in UST.
“Stablecoins like UST provide a simple interface for storing value and interacting with applications that need to use a stable unit of account,” said Ilya Polosukhin, co-founder of NEAR.
Following the announcement, the platform’s token price has risen from levels around $ 8.8 to around $ 13.7 at the time of writing.
Binance NEAR / USD Hourly Chart. Data: TradingView.
In December, the volume of funds blocked in the Terra ecosystem exceeded $ 18 billion. According to this indicator, the project is second only to Ethereum.
Backed by the native LUNA token, the algorithmic stablecoin UST is a key element of Terra. Over the past seven days, LUNA has risen in price by almost 41% (CoinGecko).
In November, the NEAR team activated the sharding of the network. Simple Nightshade is intended to be the first step towards a fully sharded and scalable blockchain.
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I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.