Terra and Harmony Announce Full-Stack Partnership Focused on Users, Developers, and Mass Adoption
Terra announced partnership with Harmony Protocol, adding Harmony to the Shuttle Bridge and unlocking cross-chain liquidity for $UST in Harmony’s ecosystem of applications. Terra will integrate $ONE on its Shuttle Bridge platform, a web front-end that allows users to send Terra’s UST stablecoin across supported blockchain for migration.
True to Harmony’s Protocol cross-chain and interoperability vision, today they announced a deep integration and partnership with Terra, a large and growing ecosystem focused on programmable money and other financial primitives.
Stephen Tse, Founder of Harmony said the following: “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
Wrapped UST on Harmony (1UST) by integrating Harmony on the Terra Shuttle Bridge
ONEAnchor, savings account (i.e., fixed yield) product available on Harmony, benefiting the Harmony community
Terraform Labs will support vetted projects building UST on Harmony in security audits and grants through Terraform Capital (possibly matched by Harmony)
Terra and Harmony collaborate on the Harmony “Bridging Wall Street to Web3” Hackathon
UST Stablecoin on Harmony
Harmony will be integrated to the Terra Shuttle Bridge. This paves the way for UST to migrate to Harmony and to be used on applications in the Harmony Ecosystem.
Another feature is that the Shuttle bridge will unlock cross-chain liquidity for Harmony users via UST.
ONEAnchor, Stable Yield Product on Harmony
Anchor is a savings product that aims to have broad appeal outside the world of crypto natives. ONEAnchor is aligned to Harmony’s vision of bringing millions of people to decentralized finance and we are very excited to be collaborating on this innovative Defi product.
About Terra
Terra is an application-specific blockchain built on the Cosmos SDK and Tendermint consensus. The Terra protocol deploys a suite 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 function of demand for Terra’s DeFi ecosystem.
About Harmony
Build on Harmony, run on all chains. Harmony is your open platform for assets, collectibles, identity, governance. Be the ONE to bridge to all blockchains.
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