The Near protocol (Near) team announced top DeFi project Terra (Luna) will deploy its stable coin UST on the NEAR and Aurora ecosystems.
Near price rose by more than 50% after the announcement. The integration was made possible by Terra’s partnerships with DeFi projects NearPad and Rose on Aurora’s second-tier network.
? @terra_money is partnering with @NEARProtocol and @auroraisnear!
This integration is made possible through a partnership with leading protocols @NearPad and @RoseOnAurora.
? Users can bridge from Terra to Aurora via @Allbridge_io.
Learn more ?https://t.co/jwHK1jqECy
— NEAR Protocol (@NEARProtocol) December 21, 2021
The NearPad platform offers services of a decentralized exchange, a platform for launching tokens, and an incubator. Rose is a crypto lending 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.
Near Protocol Writes:
“The partnership between Terra, NearPad, and Rose will facilitate the growth of UST to new ecosystems on both NEAR and Aurora. Users will be able to bridge assets directly from Terra to Aurora via Allbridge or from any of the other supported chains. Both NearPad and Rose will offer incentivized opportunities for users to deposit UST liquidity into the protocols, which then can be accessed by the wider NEAR and Aurora communities.”
Aiden Knox, Founder of NearPad and Rose said:
“Partnering with Terra to bring UST to the ecosystem to our community will be a big step towards growing the Near and Aurora ecosystem,”
Following the announcement, the Near price rose from $8.8 to around $14.2 in two days.
image source: coinmarketcap
In December, the total value locked (TVL) in the Terra exceeded $18 billion. According to stats, Terra has become the second position only after Ethereum in terms of TVL. Backed by the native LUNA token, the algorithmic stable coin UST is a key element of Terra. Over the past seven days, LUNA has also grown by almost 41%.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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