By Franklin Smith
Near (NEAR) surged 23% within the last day to stand at $10.80. That came after the developers’ Tuesday announcement to integrate Terra, a decentralized payments platform.
Developers revealed that the Near platform will now support Terra’s UST Coins- stablecoins with their value algorithmically tied to US Dollar on a 1-to-1 basis. NEAR exchanged hands around $8.6 before the Tuesday announcement. The coin has traded inside the $8.5 – $9.5 constricted range before breaking the upward limit on early Wednesday (CoinGecko data).
Introducing Terra’s Stablecoin to Near
Bringing UST to Near comes after the partnership between DeFi tools Rose and NearPad and Terra. Developers believe the deal will contribute to UST growth to new networks on near token and Aurora, the Near and Ethereum bridge.
Decentralized finance protocols depend on smart contracts, not middlemen, to render financial services like lending, trading, and borrowing to customers.
Terra has an expanding client base, and reaching out to other blockchains will help create more use cases for the issued assets and its blockchain. Meanwhile, Terra became the 2nd-largest DeFi network worldwide with a value of more than $18 billion in several services and products.
Rose and NearPad will provide incentives to individuals to deposit liquidity to the protocols, and the overall NEAR community can access the UST from there. Rose is a wrapped asset and stablecoin based in Aurora, whereas NearPad is a market maker, and DEX, based on Near.
Illia Polosukhin, the Near co-founder, explained that stablecoins such as UST offer a straightforward interface to interact with specific apps and store wealth. He added that connecting Terra and NEAR ecosystems through Allbridge allows applications such as NearPad and Rose to offer new stablecoins usage to communities from both parties.
In another development, Tuesday had UST becoming the globe’s leading decentralized stablecoin. It has coins worth more than $9 billion circulating in the capital markets.
Terra’s token LUNA has been among the top-performing digital coins over the past weeks. While publishing this content, LUNA trades at $85.70, and ranking 9th on the cryptocurrency list.
Stay tuned for developing news in the crypto world.
by Ira Lichi – shutterstock.com