UST is going to interchain: Terra is proposing $ 139 million for great new use cases for DeFi
Terra, one of the fastest growing DeFi ecosystems, seeks to capitalize on its success in the fourth quarter of 2021 by expanding its DeFi use cases. On January 6, he unveiled his game plan, UST Goes Interchain: Degen Strats Part Three.
In a new management proposal, Terra wants to provide $ 139.7 million in UST and LUNA for five leading DeFi projects to build “amazing UST use cases”. The fund will be distributed between three and six months.
Decentralized stable coin becomes interchain
According to the proposal, the fund would be used to expand the interchain implementation of its UST stable coin in five projects built at, Polygon and.
The introduction of decentralized cross-chain stablecoin (UST) should take over the centralized stable coins (USDT and USDC) that have long dominated the crypto industry.
The community warmly received the proposal, with generally positive comments on the proposal. If the proposal passes;
- DeFi liquidity provider and market maker Tokemak to receive $ 50 million deposit in UST (six months)
- Rari Fuse, a platform for lending and borrowing without a license, would receive $ 20 million (six months)
- Yield aggregator Convex Finance to receive $ 18 million (six months)
- The OlympusDAO (OHM) decentralized reserve currency protocol will receive $ 1.45 million in 3 months
- Terra would expand its reach in Solana by contributing $ 250,000 in UST to create IN / UST bonds in InvictusDAO, the decentralized reserve currency.
On The Flipside
- Terra has lost its position as the second largest defi ecosystem compared to Binance Smart Chain.
Why you should care
As it has already become the first decentralized stabilcoin to reach a market capitalization of $ 10 billion, Terra’s proposal could increase TerraUSD’s market share.
Join to get the other side of cryptocurrencies
Upgrade your inbox and receive selections from our DailyCoin editors 1x a week directly to your inbox.[contact-form-7 404 "Not Found"]
You can always unsubscribe with just 1 click.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage resulting from reliance on information including data, quotations, charts and buy / sell signals contained on this website. Please be fully informed about the risks and costs associated with trading in financial markets, this is one of the riskiest possible forms of investment.