One of the latest projects to hop on the blockchain train is Terra, an open source platform that lets you build your own decentralized apps. The company announced today it has partnered with NEAR – a content distribution project aiming to decentralize games and media consumption by offering free access or subscription services while companies like Netflix take profits from users in exchange for high-quality content.
The “Near (NEAR) Token Surges by 23% After Terra Integration” is a cryptocurrency that was integrated into the Terra platform. The token has surged in value after the integration, by 23%. Read more in detail here: near protocol.
The crypto market began to recover at the beginning of this week, but although several currencies saw gains, none of them grew as much as Near (NEAR), which soared by 23 percent to $10.80 on Wednesday.
Following the announcement of the project’s integration with Terra, a well-known decentralized payment network, the price skyrocketed. The statement was released late Tuesday night, and by Wednesday, demand for NEAR had pushed the currency up by 23%, as previously stated.
The Near network now supports UST.
Terra’s popular stablecoin, the UST token, is now supported on the high-speed Near network as a result of the integration. NEAR was trading at $8.6 before to the news. However, immediately after the integration was made public, the project’s token began to climb, reaching a $9.5 resistance level, which it held for a short time before succumbing to the bullish wave that engulfed the project and drove it up to $10.80.
Terra’s UST was able to connect to Near’s network as a result of Terra’s collaboration with DeFi tools Rose and NearPad. According to the creators, releasing UST on Near will enable the UST to expand in new ecosystems, including as Near and Aurora, a bridge that allows assets to flow between the Ethereum and Near networks.
Terra has a growing user base, and by branching out and integrating into new networks, the project hopes to extend the range of applications for both its currency and blockchain. Terra is now the world’s second-largest DeFi ecosystem as of Tuesday, December 21st, proving that the plan is working. At the time, the company’s TVL was more than $18 billion from a range of goods and services.
Meanwhile, users will be able to deposit UST liquidity into the protocols in return for incentives via Rose, an Aurora-based stablecoin and wrapped assets swap product, and NearPad, Near’s DEX and market maker. They will also make liquidity accessible to the rest of the NEAR community by providing liquidity.
Stablecoins like UST, according to the project’s co-founder Illia Polusukhin, provide a straightforward interface for holding money and communicating with services that need a stable unit of account, which is now UST’s primary use case. Polosukhin stated, however, that connecting the NEAR and Terra ecosystems with Allbridge would expand the stablecoin’s use cases and enable applications like NearPad and Rose to make the stablecoin beneficial to both projects’ communities.
UST becomes the biggest decentralized stablecoin in the world.
It’s also worth mentioning that UST is a decentralized stablecoin and is now the world’s biggest decentralized stablecoin. This milestone was also attained on Tuesday, December 21st, when the circulation quantity of the cryptocurrency surpassed $9 billion tokens. Terra, Ethereum, BSC, Secret network, and now Near all support the stablecoin at the present.
Meanwhile, Terra has its own native LUNA coins, which have been among the best-performing in recent months. LUNA increased by 12% yesterday, reaching a high of $95 as of yesterday, December 22nd. It had been rising for about a month until it reached this level, with a beginning price of $41.
Visit our Investing in Near Protocol or Investing in Terra guides to learn more about these projects.
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The “near protocol governance” is a token that has been integrated into the Terra platform. The token, which was created in 2017, has seen its price increase by 23% after the integration.
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