Solana Blockchain Adds Terra Stablecoin for Better Payment

Solana Adds Terra Stablecoin for Better Payment

Solana, a web-scale blockchain based in the U.S., has collaborated with Terra, a stablecoin founded by TMON which is one of leading e-commerce companies in Korea, to bring stablecoins into its dApp ecosystem.

Launched in 2019, Solana seems to have superior crypto technology in terms of encryption and decentralization, recording 65,000 transactions per second.

The partnership helps dApp developers to support low-cost payments through using a topnotch token bridge network.

Solana COO Raj Gokal:

“By bringing stablecoins onto our network, we aim to dramatically expand the design space for developers, opening the door to novel applications that require price-stable payments.”

“It’s our hope by prioritizing support for stablecoins with Terra that we can accelerate the DeFi ecosystem within Solana,” he added.

CHAI, Terra’s payment platform, has an active monthly user base of over 1 million. In addition, the network records daily average volume of almost $3 million. Its fees also reach 0.5 percent, compared with the card fees of 3.5 percent.

A low-latency bridge would bring the network into the Solana blockchain, enabling the potential to burn tokens on one chain and mint them on the other.

Binance set to list Solana

Binance Exchange earlier announced that it will list its Solana (SOL) crypto project soon.

The company added that it would launch a bounty promotion for SOL worth $50,000.

Binance stated on its website that the rewards will be distributed in the form of SOL tokens, and the listing fees would be zero.

Terra Users can gain interest through Anchor

Users can gain interest from deposits on Terra through the Anchor app. Although the proof of stakes offers interesting methods for earning rewards, the appeal for this is minimal due to the price fluctuations of the underlying staking token.

Terra earlier said on its Twitter account:

“Our #DeFi service partner @trinito_finance (run by Dunamu’s subsidiary DXM) is now supporting borrowing and lending with $LUNA! Now you can – Borrow LUNA to stake and earn rewards – Borrow KRT with LUNA as collateral.”

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.