- The partnership will facilitate the use of Terra’s UST stablecoin across a range of DApps on the Harmony blockchain.
- It also facilitates safer yielding options for the Harmony community through the ONEAnchor saving account.
In a major development, Harmony blockchain has joined hands with Terra protocol to push further the growth of its DApps ecosystem. The announcement came on Wednesday, July 7, as Harmony noted that this partnership will help it to take further its “cross-chain and interoperability vision”.
The goal is to bring Terra’s Wrapped UST stablecoin to Harmony through a Terra Bridge Integration. Thus, this will bring safer yielding options for the Harmony community through the ONEAnchor saving account. ONEAnchor is a native product of Harmony with broader appeal in the crypto space. It also aligns with Harmony’s vision of getting millions of people to this evolving space of decentralized finance (DeFi).
Furthermore, Terraform Labs will also support vetted projects while offering security audits and grants through Terraform Capital. Speaking of this development, Stephen Tse, Founder of Harmony said:
We are excited to work with Terra to continue our journey of building in 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.
A Win-Win for Harmony and Terra
As said, the partnership between the two players aims to integrate Harmony into the Terra Shuttle Bridge. This allows Terra to push the use of UST-stablecoins across a range of DApps in the Harmony Ecosystem. It will also provide a major liquidity boost to the UST stablecoin and will unlock limitless opportunities for Tera.
At the same time, the use of stablecoin brings good opportunities for safer yield on Harmony’s ONEAnchor savings account. UST will also facilitate a seamless payment option across a range of Harmony-based applications like Harmony Crypto Punks, davinci.gallery (NFT marketplace), and other DApps.
At the same time, the Shuttle Terra Bridge also unlocks cross-chain liquidity for Harmony users using UST. By leveraging Terra Shuttle Bridge, Harmony users will be able to seamlessly port UST between multiple platforms – Harmony, Terra, Ethereum, Binance Smart Chain, and the Cosmos ecosystem. Thus, it helps in creating a thriving inter-chain DeFi environment. Terra’s co-founder and CEO Do Kwon said:
Terra is excited to expand our growing portfolio of DeFi products to multiple chains and working with Harmony to bring UST and Anchor to another growing ecosystem. We look forward to seeing new developer innovations for multi-chain DeFi.
Getting WallStreet players to Web3 Hackathon
The coming together of these two players unlocks new opportunities in the market. Harmony is soon planning for a hackathon with a massive $1 million in total prizes along with seed funding. This hackathon is majorly focused on Web2 developers working in the financial industry.
The hackathon will encourage developers to build multiple applications on Harmony while using the UST stablecoin.