Galaxy, Coinbase Bet $25M on DeFi Using Terra Stablecoins

Terra’s native cryptocurrency, LUNA, has emerged as one of the best-performing digital assets of the past 11 months. Hong Kong venture capital firm Chiron Partners has launched a new ecosystem fund dedicated to Terra (LUNA), opening the door to new innovations for the layer-one decentralized finance, or DeFi, protocol.The Chiron Terra Fund I, also referred to as CTI, will deploy $50 million in capital to support innovative projects building on top of the Terra ecosystem. Projects at the intersection of decentralized finance and “metaverse-linked” nonfungible token platforms are eligible....

LUNA’s 50% increase in the last week has made it one of crypto’s most popular coins. With $34 billion worth, Terra (LUNA) currently occupies a seventh place on Coinmarketcap, and even more, headlines are making themselves known with this rise to fame. Not only did the token shoot up past Solana ($32B), but also Cardano ($31B), who sit eighth & ninth respectively now that their rankings have changed due to LUNA’s hipe. LUNA is the token that fuels the DeFi ecosystem. However, the real product is stablecoins, like UST, which pegs its value to dollars. Also protects against volatility....

Terra would provide over $139 million in UST and LUNA to several leading DeFi projects on Ethereum, Solana, and Polygon for at least the next six months. Decentralized stablecoin issuer Terra issued an ambitious proposal to expand the interchain deployment of its UST stablecoin across five projects on Ethereum, Polygon, and Solana.Terra’s Jan. 6 Research post UST Goes Interchain: Degen Strats Part Three provides details about how $139 million of UST and its native stablecoin LUNA would be utilized and on what platforms if the proposal is passed. Terra is a blockchain that supplies....

Terra becomes the second-biggest DeFi chain in terms of total value locked after Ethereum. Terra (LUNA), an open-source stablecoin network, hit an all-time high of $20.05 billion in total value locked, or TVL, across its 13 product offerings, according to industry data. On Dec. 1, Terra's TVL was at $11.9 billion, signifying a 68% increase in less than a month. This means that the platform's users are investing in large quantities into the protocol to receive staking rewards. The price of LUNA, Terra's native token, is also steadily trending upwards, trading above $94 with a 31% increase....

“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,” said Do Kwon, co-founder and CEO of Terra. Terra, an algorithmic stablecoin platform for savings, investments and payments, is joining forces with the Harmony blockchain to pursue new DeFi initiatives focused on programmable money and other so-called financial primitives. Under the new partnership, which is described as a “deep integration” initiative, Terra will integrate Harmony on its Shuttle Bridge platform, a web....