InterchainTerraWorld News

UST Goes Interchain: Terra Proposes $139 Million for Great New Use Cases to DeFi


Investing.com - Financial Markets Worldwide

Please try another search

bb01da8976e117e1320d62e0a2924827Cryptocurrency16 minutes ago (Jan 07, 2022 08:31AM ET)


UST Goes Interchain: Terra Proposes $139 Million for Great New Use Cases to DeFi

Terra, one of the fastest-growing DeFi ecosystems, is looking to capitalize on its 2021 Q4 successes by expanding its DeFi use cases. On January 6, revealed its game plan, UST Goes Interchain: Degen Strats Part Three.

In the new governance proposal, Terra is looking to provide $139.7 million in UST and LUNA to five leading DeFi projects to build “awesome UST use-cases.” The fund will be distributed between three to six months.

Decentralized Stablecoin Goes Interchain

According to the proposal, the fund would be used to expand the interchain deployment of its UST stablecoin across five projects which are built on , Polygon, and .

The introduction of decentralized cross-chain stablecoin (UST) would look to take on the centralized stablecoins (USDT and USDC) that have dominated the crypto industry for a long time.

The community has warmly received the proposal, with generally positive remarks about the proposal. If the proposal passes;

  • DeFi liquidity provider and market maker Tokemak would receive a $50 million deposit in UST (six months)
  • Rari Fuse, permissionless lending and borrowing platform, would receive $20 million (six months)
  • Yield aggregator Convex Finance would receive $18 million (six months)
  • Decentralized reserve currency protocol OlympusDAO (OHM) would receive $1.45 million for 3 months
  • Terra would expand its Solana reach by contributing $250,000 in UST to create IN/UST bonds in InvictusDAO, a decentralized reserve currency.

On The Flipside

  • Terra has lost its position as the second-largest defi ecosystem to Binance Smart Chain.

Why You Should Care

Already becoming the first decentralized stablecoin to top $10 billion market cap, Terra’s proposal could increase the market share of the TerraUSD.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7]
You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Related Articles

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

tp

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close