Terra and Harmony have announced a full-blown partnership. Two major projects are joining forces to mass adoption of DeFi.
Stephen Tse, Founder of Harmony, said of the partnership:
We are excited to work with Terra to continue our journey of building a multi-chain future. Terra and Harmony are bridging to create a vibrant cross-chain finance ecosystem with the UST stablecoin, ONEAnchor fixed rate loan and the recently held $1M Hackathon. We look forward to the promising potential of this partnership.
Do Kwon, Co-Founder and CEO of Terra, added:
Terra is excited to expand our growing portfolio of DeFi products to multiple chains and to work with Harmony to bring UST and Anchor to another growing ecosystem. We look forward to seeing new developer innovations for multi-chain DeFi.
Details of Terra and Harmony partnership
- UST compressed into Harmony (1UST) by integrating Harmony into Terra Shuttle Bridge.
- ONEAnchor is the savings account (i.e. fixed income) product available on Harmony that benefits the Harmony community.
- Terraform Labs will support vetted projects building UST on Harmony in security audits and grants through Terraform Capital (possibly to be paired with Harmony).
- Terra and Harmony collaborate on the Harmony “Bridging Wall Street to Web3” Hackathon.
UST Stablecoin located in Harmony
Harmony will be integrated into the Terra Shuttle Bridge. This will pave the way for UST to migrate to Harmony and be used in applications within the Harmony Ecosystem. As a widely adopted stablecoin (currently #5 by market cap), the usage opportunities are endless and the benefit to the Harmony community cannot be underestimated. The use of stablecoin can create safer returns opportunities on ONEAnchor. Many Harmony apps such as Davinci.gallery (NFT marketplace), Harmony Crypto Punks, and other dApps will support payments with UST.
Another feature is that the Shuttle bridge unlocks cross-chain liquidity for Harmony users via UST. Using Terra Bridge, Harmony users can seamlessly move UST between Harmony, Terra, Ethereum, Binance Smart Chain and the Cosmos ecosystem of application-specific blockchains, introducing them to an evolving cross-chain DeFi environment.
ONEAnchor, fixed income product in Harmony
Anchor is a savings product that aims to have broad appeal outside of the crypto investment world. ONEAnchor is launched as this innovative Defi product, aligned with Harmony’s vision to bring millions of people to decentralized finance.
More details will be provided in the coming days about when ONEAnchor will be available for users, interest rates and a clear education on how Harmony community members can benefit from this revolutionary product in Harmony.
Terraform Labs Support
For developers developing applications using UST on Harmony, Terraform Labs will provide support through security audits and grants. More details and a roadmap for developers who want to take advantage of this benefit will be determined.
Connecting Wall Street to the Web3 Hackathon
Harmony will soon be announcing a hackathon focused on web2 developers in the financial services industry, with up to $1M in prizes and seed funding. In partnership with Terra, a set of challenges will be set for developers to build apps using UST in Harmony.
Terra is an application-specific blockchain built on the consensus of the Cosmos SDK and Tendermint. The Terra protocol uses a set of algorithmic, fiat-pegged stablecoins that support a thriving DeFi ecosystem such as the Anchor and Mirror Protocol. Terra’s native staking and governance asset, LUNA, addresses the short-term volatility of Terra’s stablecoins as Terra’s stablecoin (e.g. UST) creates a demand function for Terra’s DeFi ecosystem.
Harmony is the open platform for assets, collections, identity and governance. It has the vision to bridge all blockchains
Harmony is an open and fast blockchain. The mainnet has the ability to run Ethereum applications with 2-second transaction certainty and 100x lower fees. Harmony’s secure bridges offer cross-chain asset transfers with Ethereum, Binance, and other chains.