Interoperability is trending across the crypto sector and blockchains offer innovative suggestions and workarounds to meet the diverse needs of users.
A recent example of this was when the Wormhole Network added a fourth blockchain to its collection of supported chains.
A ‘Terra Fic’ update
On October 20th, the 12th largest blockchain by market capitalization announced that the Wormhole V2 user interface would support it. This meant that only one UI was needed to send assets over Ethereum, Solana, Binance Smart Chain and now Terra.
In a blog post by Terra Money it says:
“Wormhole unleashes Terra assets, especially UST, into Solana’s burgeoning DeFi ecosystem, providing users with a trusted channel to also send assets between Terra and Ethereum.”
TerraUSD [UST] is a decentralized stablecoin that is pegged to the US dollar. In addition, the LUNA Alt-Coin could also move between the four blockchains.
At press time, LUNA was priced at $ 38.86.
1 / We’re excited to announce the long awaited support from @terra_money for the wormhole token bridge! 🚀 Terra is known for its dynamic ecosystem, the # LUNAtic community and its decentralized stablecoin $ UST. https://t.co/T5eAVkY0As
– Wormhole (@wormholecrypto) October 19, 2021
Dramatic vs. insane growth
In a tweet, Wormhole stated that Terra’s growth rate was “dramatic” and took note of its ecosystem, community and UST stablecoin. Why is that important? Because the cross-chain support also meant more options for DEXs and DeFi.
*** REMINDER ***
Shortly after implementing IBC and Wormhole on @terra_money, the DEX loop will see a flood of new token listings: $ ETH $ SOL $ MATIC $ BNB $ CAKE $ LINK $ SUSHI $ UNI $ AKT $ ATOM $ RUNE $ OSMO $ SCRT $ USDT $ USDC
Read about it 👇👇👇https: //t.co/Jrw7tLlGtN
– loop | The Terra Community & DEX 🌔 (@loop_finance) October 19, 2021
Growth seems to be an important factor here. In a previous statement, Wormhole had described BSC’s growth as “insane”. The now third largest blockchain by market capitalization recently reached a milestone of 100 million unique addresses.
Meanwhile, Messari researcher Ryan Watkins suggested that a “cross-chain trade boom” might be possible after the IBC [inter-blockchain communication] Protocol start.
The infrastructure required for Terra’s next stage of UST growth is nearing completion.
– Columbus-5: Live
– Wormhole V2: Live
– IBC: ~ 24 hours to start
What happens next has the potential to spark a cross-chain trade boom. https://t.co/J6Rn02bfPB
– Ryan Watkins (@RyanWatkins_) October 20, 2021
Chains or barter?
When it comes to interoperability, both blockchains and crypto exchanges have skin in play. While Ethereum, Solana, Binance Smart Chain and now Terra offer cross-chain support for asset bridging, Coinbase has announced its plans to launch Coinbase NFT. The crypto exchange aims to create a single interface for NFTs across all blockchains, starting with Ethereum.
On the ETH <> SOL bridge, more than 100 NFTs moved over it in the early days alone. By now, more than 1 million people had signed up for Coinbase NFT at the time of going to press.
Which model will win? Investors and creators may not have to wait long to see it.