Terra and Harmony Announce Tight Full-Stack Partnership Focused on Users, Developers, and Mass Adoption

by blockchainnews

MOUNTAIN VIEW, California, seventh July, 2021,

True to our cross-chain and interoperability imaginative and prescient, today we’re asserting a deep integration and partnership with Terra, a big and rising ecosystem centered on programmable cash and different monetary primitives.

Stephen Tse, Founder of Harmony stated the next: “We are excited to work with Terra to continue our journey of building in a multi-chain future. Terra and Harmony are bridging to build a vibrant cross-chain finance ecosystem with UST stablecoin, ONEAnchor fixed rate lending, and our upcoming $1M Hackathon. We look forward to the promising potential of this partnership.”

Terra’s Co-founder and CEO Do Kwon added: “Terra is excited to expand our growing portfolio of DeFi products to multiple chains and working with Harmony to bring UST and Anchor to another growing ecosystem. We look forward to seeing new developer innovations for multi-chain DeFi.”

The Partnership Details

  1. Wrapped UST on Harmony (1UST) by integrating Harmony on the Terra Shuttle Bridge
  2. ONEAnchor, financial savings account (i.e., mounted yield) product accessible on Harmony, benefiting the Harmony neighborhood
  3. Terraform Labs will help vetted tasks constructing UST on Harmony in safety audits and grants via Terraform Capital (probably matched by Harmony)
  4. Terra and Harmony collaborate on the Harmony “Bridging Wall Street to Web3” Hackathon

UST Stablecoin on Harmony

Harmony will probably be built-in to the Terra Shuttle Bridge. This paves the best way for UST emigrate to Harmony and for use on functions within the Harmony Ecosystem. As a stablecoin with extensive adoption (at present #5 by market cap), the alternatives to be used are limitless and the profit to the Harmony neighborhood can’t be underestimated. One use of a stablecoin is that it opens up alternatives for safer yield, which brings us to ONEAnchor. Many Harmony functions corresponding to davinci.gallery (NFT market), Harmony Crypto Punks, and different dApps will add help for funds utilizing UST.

Another function is that the Shuttle bridge will unlock cross-chain liquidity for Harmony customers by way of UST. Using Terra Bridge, Harmony customers can seamlessly port UST between Harmony, Terra, Ethereum, Binance Smart Chain, and the Cosmos ecosystem of application-specific blockchains, introducing them to a thriving inter-chain DeFi atmosphere.

ONEAnchor, Stable Yield Product on Harmony

Anchor is a financial savings product that goals to have broad attraction outdoors the world of crypto natives. ONEAnchor is aligned to Harmony’s imaginative and prescient of bringing tens of millions of individuals to decentralized finance and we’re very excited to be collaborating on this revolutionary Defi product.

More particulars will probably be offered on when ONEAnchor will probably be accessible for customers, rates of interest, and a transparent tutorial for the way Harmony neighborhood members can make the most of this revolutionary product on Harmony.

More particulars will probably be offered on when ONEAnchor will probably be accessible for customers, rates of interest, and a transparent tutorial for the way Harmony neighborhood members can make the most of this revolutionary product on Harmony.

Terraform Labs Support

For builders constructing functions on Harmony that make the most of UST, Terraform Labs will present help by way of safety audits and grants. More particulars will observe and a course of for builders who want to make the most of this profit.

Bridging Wall Street to Web3 Hackathon

Harmony will quickly be asserting a hackathon with as much as $1M in prizes and seed funding, centered on web2 builders within the monetary providers business. In partnership with Terra, we will probably be specifying a sequence of challenges for builders to construct functions using UST on Harmony.

About Terra

Terra is an application-specific blockchain constructed on the Cosmos SDK and Tendermint consensus. The Terra protocol deploys a set of algorithmic, fiat-pegged stablecoins underpinning a thriving DeFi ecosystem like Anchor and Mirror Protocol. LUNA, the native staking and governance asset of Terra, absorbs the short-term volatility of Terra’s stablecoins, with Terra’s stablecoin (e.g., UST) demand a operate of demand for Terra’s DeFi ecosystem.

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About Harmony

Build on Harmony, run on all chains.

Harmony is your open platform for belongings, collectibles, identification, governance. Be the ONE to bridge to all blockchains.

Harmony is an open and quick blockchain. Our mainnet runs Ethereum functions with 2-second transaction finality and 100 instances decrease charges. Harmony’s safe bridges supply cross-chain asset transfers with Ethereum, Binance and different chains. https://www.harmony.one/

Got an concept? Build it on Harmony and Apply for a Grant.

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  • Dan Edelstein
  • PR@marketacross.com

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