Near Protocol has announced that it will integrate Terra’s UST stablecoin into NEAR and Aurora. The news of its integration was a development that triggered the NEAR token value to increase by 30% to $13.99.
Details of Giant Integration
The partnership between NearPad, Rose and Terra will showcase the usability of the UST asset for new ecosystems in NEAR and Aurora. Users can also use Allbridge to spark their assets directly from Terra to Aurora. Alternatively, a supported set of chains can also do this.
NearPad and Rose will offer incentive deals that allow users to deposit UST liquidity into protocols. This liquidity will then be available to the NEAR and Aurora communities. Talking about the integration, NearPad and Rose founder Aiden Knox said: “Partnering with Terra to bring UST to our community is a big step towards growing the Near and Aurora ecosystem. I am excited to work closely with the Terra team to not only bring UST to NearPad and Rose, but also the deeper integrations and collaborative projects this partnership enables.”
The expansion of UST to NEAR will allow users to access a number of benefits of protocols built using NEAR’s technology. In addition, users will have unlimited access to some of the most popular assets in the NEAR protocol.
NEAR co-founder Illia Polosukhin commented on the announcement: “NEAR is built for simplicity, security and scalability. Stables like UST provide a simple interface to store value and interact with applications that need to use a fixed unit of account. Connecting the NEAR and Terra ecosystems through Allbridge allows apps like Rose and NearPad to offer both communities new ways to use stablecoins.”
NEAR Price Has Flyed
The NEAR token jumped over 33% following the news of the integration. NEAR is trading at $13.99 as of the writing of this article. NEAR broke the $8.6 level the other day, paving the way for this performance. However, NEAR has recently announced an $800 million funding round aimed at contributing to the growth of the ecosystem.