2 years ago
Tracy Wang is simply a elder newsman astatine CoinDesk. She owns BTC, ETH, MINA, ENS, assorted stablecoins, and immoderate NFTs.
Terra’s fashionable decentralized concern (DeFi) protocol Anchor is coming to Polkadot’s Acala network.
The concern comes arsenic Polkadot looks to turn its DeFi adoption and Anchor expands onto caller blockchains.
According to a property release, Acala and Karura, a Polkadot parachain, volition grow Anchor’s collateral options for the UST stablecoin with Liquid DOT (LDOT) and Liquid KSM (LKSM).
The teams besides program to acceptable up liquidity pools for stablecoins UST and aUSD connected Acala. aUSD, Acala’s astir fashionable product, is the autochthonal decentralized stablecoin for the Polkadot ecosystem – 1 that precocious got a $250 cardinal warfare chest for attracting usage cases.
Acala volition besides integrate with the cross-chain span Wormhole, allowing users to span their assets betwixt the Polkadot and Terra ecosystems.
All told, backers of some Acala and Terra expect the tie-up to turn the decentralized stablecoin marketplace – a conception of the crypto system that has swelled to implicit $25 billion. The full stablecoin marketplace (dominated by dollar-backed USDT and USDC) has surpassed $180 cardinal successful marketplace capitalization.
Anchor is simply a savings and borrowing protocol presently ranked 3rd by full worth locked (TVL), with users having committed implicit $14.7 billion successful crypto assets, according to DeFi Llama. The protocol’s sky-high 19.5% output has made it the astir fashionable DeFi protocol connected Terra.
More recently, Anchor has expanded into different base-layer blockchains aft seeing monolithic maturation connected its autochthonal Terra. Last month, Anchor launched connected the layer-1 blockchain Avalanche.
Polkadot besides appears to beryllium gathering retired a big of stablecoin integrations, announcing earlier Wednesday that Tether’s USDT stablecoin would beryllium launching connected Kusama, Polkadot’s “canary network” for trialing projects.
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Tracy Wang is simply a elder newsman astatine CoinDesk. She owns BTC, ETH, MINA, ENS, assorted stablecoins, and immoderate NFTs.
Tracy Wang is simply a elder newsman astatine CoinDesk. She owns BTC, ETH, MINA, ENS, assorted stablecoins, and immoderate NFTs.
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