NEAR token price jumped 50% amid partnership with Terra

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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%.

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.

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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.

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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).

Data: 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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