NEAR Protocol has announced that Terra will be integrating its UST stablecoin on NEAR and Aurora. The news of the integration saw the value of NEAR tokens jump by over 30% to $12.73.
The integration sees Terra’s UST Stablecoins supported by the high-speed NEAR network and was made possible through a partnership announced between leading DeFi protocols Rose and NearPad.
Details Of The Partnership
The partnership between NearPad, Rose, and Terra will see the availability of the UST token to new ecosystems on NEAR and Aurora. Users can also use Allbridge to bridge assets directly from Terra to Aurora. Alternatively, they can also utilize a number of other supported chains.
NearPad and Rose will also offer incentivized opportunities, allowing users to deposit UST liquidity into the protocols. This liquidity can then be accessed by the NEAR and Aurora communities.
Speaking about the integration, NearPad and Rose founder Aiden Knox stated,
“Partnering with Terra to bring UST to our community will be a big step towards growing the Near and Aurora ecosystem. “I’m excited to be working closely with the Terra team to not only bring UST to NearPad and Rose, but also for the deeper integrations and collaborative projects this partnership enables.”
A Multi-Chain Composable Future
UST’s expansion to NEAR will allow users to access a host of benefits that protocols built using NEAR’s technology. Users will also have unrestricted access to some of the most popular assets on NEAR. In essence, UST on NEAR highlights the importance of a multi-chain and composable future. Co-Founder of NEAR, Illia Polosukhin, commented,
“NEAR has been built for simplicity, security, and scalability. Stablecoins like UST provide a simple interface to store value and interact with apps which need to use a stable unit of account. Connecting NEAR and Terra ecosystems via Allbridge allows apps like Rose and NearPad to offer new ways to use stablecoins to both communities.”
Head of Business Development of Terra, Jeff Kuan, also spoke about the excitement of working with NEAR, stating,
“We’re excited about the NEAR ecosystem and are looking forward to continuing UST’s cross-chain expansion via NearPad and Rose. Working with strong teams like theirs, we’ll see UST embedded more deeply in the global DeFi ecosystem.”
NEAR Token Sees Significant Jump
Meanwhile, the news of the integration has brought a significant jump in the value of NEAR tokens, which have seen a jump of over 33% since the integration, with NEAR trading at $12.73 at the time of writing. Prior to the announcement, NEAR tokens were trading at around $8.6 before breaking past the resistance levels on Wednesday morning. NEAR has seen a flurry of activity lately and had recently announced an $800 million funding initiative aimed at driving the growth of its ecosystem.
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.