Terra and Harmony announce close, full-stack partnership focused on users, developers and mass adoption through DailyCoin

Terra and Harmony announce a close, full-stack partnership focused on users, developers and mass adoption

True to our vision of cross-chain and interoperability, today we are announcing 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 partner with Terra to continue our journey of building into a multi-chain future. Terra and Harmony are teaming up to build a dynamic cross-chain financial ecosystem with UST Stablecoin, ONEAnchor Fixed Rate Loans, 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 to partner with Harmony to bring UST and Anchor into yet another growing ecosystem. We look forward to new developer innovations for multi-chain DeFi. “
The partnership details

  • Wrapped UST on Harmony (1UST) by integrating Harmony on the Terra Shuttle Bridge
  • ONEAnchor, a savings account available on Harmony (ie, Fixed Income Product) that benefits the Harmony community
  • Terraform Labs will support audited projects to build UST on Harmony through safety audits and grants from Terraform Capital (possibly supported by Harmony).
  • Terra and Harmony are working together on the Harmony “Bridging Wall Street to Web3” hackathon

UST stablecoin on Harmony
Harmony is integrated into the Terra Shuttle Bridge. This paves the way for UST to migrate to Harmony and be used for applications in the Harmony ecosystem. As a stablecoin with wide acceptance (currently # 5 in terms of market capitalization), the possible uses are limitless and the benefits for the Harmony community should not be underestimated. One use of a stablecoin is that it opens up opportunities for safer returns, which brings us to ONEAnchor. Many Harmony applications such as davinci.gallery (NFT marketplace), Harmony Crypto Punks and other dApps will support payments with UST.

Another function is that the shuttle bridge via UST releases cross-chain liquidity for Harmony users. Terra Bridge enables Harmony users to seamlessly port UST between Harmony, Terra, Binance Smart Chain and the Cosmos ecosystem of application-specific blockchains, introducing them to a thriving inter-chain DeFi environment.

ONEAnchor, product with stable yield on Harmony
Anchor is a savings product that is said to have widespread appeal outside of the native crypto world. ONEAnchor is aligned with Harmony’s vision of bringing millions of people to decentralized funding and we are very excited to be working together on this innovative Defi product.

More details on when ONEAnchor will be available to users, interest rates and clear instructions on how members of the Harmony community can use this revolutionary product on Harmony.

More details on when ONEAnchor will be available to users, interest rates and clear instructions on how members of the Harmony community can use this revolutionary product on Harmony.

Terraform Labs support
For developers building applications on Harmony that use UST, Terraform Labs offers security reviews and grants assistance. More details will follow and a process for developers who wish to take advantage of this.

Bridging Wall Street to the Web3 Hackathon
Harmony is soon to announce a hackathon with prizes of up to $ 1 million and seed funding focused on Web2 developers in the financial services industry. Working with Terra, we will set out a number of challenges for developers to create applications that use UST on Harmony.

About Terra
Terra is an application specific blockchain based on the Cosmos SDK and the Tendermint consensus. The Terra Protocol employs a number of algorithmic, fiat-tied stablecoins that underpin a thriving DeFi ecosystem such as the Anchor and Mirror Protocol. LUNA, Terra’s native staking and governance asset, absorbs the short-term volatility of Terras stablecoins, with Terras stablecoin (e.g. UST) requiring a function of demand for Terra’s DeFi ecosystem.

About harmony
Build on harmony, walk on all chains.

Harmony is your open platform for assets, collectibles, identity, governance. Be the ONE who bridges all blockchains.

Harmony is an open and fast blockchain. Our mainnet runs Ethereum applications with 2 second transaction finality and 100 times lower fees. Harmony’s secure bridges provide cross-chain asset transfers with Ethereum, Binance, and other chains. https://www.harmony.one/

Have an idea? Build it on Harmony and apply for a grant.

Read on on DailyCoin

Comments are closed.