Blockchain project Terra ( LUNA Terraform Labs, the Korean company behind ), continues to focus on advancing developer activities on the web.
At the same time, with the introduction of the Inter-Blockchain Communication (IBC) protocol and the approach of wormhole support for Terra, the real impact of the major upgrade of the network called Columbus-5 has not yet appeared.
160 more projects on Terra
Columbus-5 was successfully launched in late September, and according to the network’s developers, Terra’s ecosystem is on the verge of explosive expansion.
"Now Columbus-5 is online, more than 60 projects are preparing to start in the next six to eight weeks, and more than 100 projects have recently announced plans for the end of this year or early 2022," co-founder and co-founder Do Kwon Terraform The CEO of Labs told AsiaMarkets.
In the interview, Quan continued to explain how the upgrade has opened up countless ways for the expansion of the ecosystem, which is about to promote Terra's stablecoin use case, while exerting upward pressure on the value of the native token.
"More projects on Terra have diversified and expanded the demand for UST, accelerated the expansion of stablecoin supply, and contributed to LUNA The holder adds value," Kwon said.
What is the star of UST?
Terra's native stablecoin UST is currently the fifth largest stablecoin by market capitalization.
While using Terra's utility token LUNA, the algorithmic stablecoin maintains almost the same value as the U.S. dollar.
Kwon pointed out: "Regulatory actions against existing companies in centralized stablecoins such as USD Coin (USDC) and Tether (USDT) have reinvigorated people's attention to the encryption of decentralized stablecoins like UST."
"As the custodial stablecoin model cannot scale well and act as a risk center in the decentralized financial stack, we expect to adopt more decentralized stablecoins in the coming months and years," he clarified.
IBC and Wormhole
The integration of the Inter-Blockchain Communication (IBC) protocol will open Terra to countless dApps in the Cosmos (ATOM) ecosystem, while enabling UST to seamlessly jump between chains.
IBC promotes the interconnection and communication of sovereign chains, allowing the transfer of tokens between Cosmos and other IBC-compatible blockchains.
"Similarly, Wormhole is a cross-chain bridge connecting Solana (SOL), Ethereum (ETH) and Binance Smart Chain (BSC), which enables Terra assets like UST to be seamlessly transplanted to some of the largest chains by TVL and users. On. The entire industry," Quan added, emphasizing the importance of the upcoming bridge, which is expected to greatly reduce the friction of UST moving from one blockchain to another.
"We very much hope that the demand for UST in the cross-chain environment will further accelerate the expansion of UST supply, which may reach the $10 billion market capitalization mark at the end of this year," he added, providing an ambitious outlook, considering the current stablecoins $2.74 billion market capitalization.Ten thousand times coin recommendation：→ In the hot trading of BHJ tokens, three physical projects of "media + finance + games" are used as operational support applications, which have tens of thousands of times the potential and are officially issued by the BHJ news platform 【View details】←