Harmony has entered into a long-term partnership with Terra that aims to support both platforms across several projects and initiatives, such as the Terra Shuttle Bridge integration, ONEAnchor savings account, grants, and hackathons.
Full-Stack Partnership To Deliver A Robust Cross-Chain Finance Ecosystem
Harmony, an open and fast blockchain, is on a mission to scale trust and create a radically fair economy. The platform continues to evolve, adding new features for overcoming problems related to blockchain stability.
To further their mission of cross-chain finance and interoperability, Harmony has announced a full-stack partnership with Terra, a decentralized system focused on enhancing the DeFi space. Terra’s network is powered by stablecoins pegged to major fiat currencies, offering developers and users several benefits.
The platform is focused on increasing the adoption of its architecture through developers and partners. Harmony’s bridges can connect any PoW and PoS chains, ensuring low transaction fees and fast transaction finality. Owing to its interoperability and EVM compatibility, Ethereum developers can readily scale dApps within the Harmony ecosystem. Terra, by comparison, aims to enhance the DeFi ecosystem via programmable payments to enable more widespread adoption.
Stephen Tse, Founder of Harmony, adds, “We are excited to work with Terra to continue our journey of building 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.”
The partnership focuses on developers, users, and ultimately mass adoption, whereby both platforms will work in cohesion across several projects. First, Harmony will be integrated into the Terra Shuttle Bridge, supporting the use of UST, a scalable and algorithmic stablecoin, across dApps built on the Harmony network. As a stablecoin, UST has witnessed massive adoption, ranking 5th in terms of market capitalization. Accordingly, the integration will offer significant benefits, such as cross-chain liquidity, to developers and the Harmony community.
Next, Harmony, in collaboration with Terra, will unveil its one-of-a-kind DeFi savings account. ONEAnchor, Harmony’s saving and stable yield product, aims to spark greater DeFi adoption by offering stable returns and improved accessibility. Additionally, Terraform Labs will offer security audits and grants to developers who utilize UST while building on Harmony.
Besides these endeavors, Terra will also be a part of Harmony’s upcoming hackathon, the Wall Street to Web3 Hackathon, offering $1 million in prizes and seed funding. Terra will play an active role in specifying a series of tests for developers to build applications on Harmony by utilizing UST.
Given that both platforms share a similar vision for the DeFi space, the recent partnership between Harmony and Terra will enable both communities to collaborate in building a cross-chain finance ecosystem for the masses.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.