Axelar is pleased to announce plans to plug-in Terra into its decentralized network and protocol. The integration will enable users to frictionlessly bridge Terra’s native assets, like TerraUSD and LUNA, to other major blockchains (e.g., Ethereum) directly from their wallets.
“Terra’s suite of stablecoins and applications, such as Mirror and Anchor, offer incredibly exciting opportunities for the space,” says Sergey Gorbunov, Co-Founder & CEO of Axelar. “This integration will allow users from all ecosystems to use Terra’s assets and applications, and is an important step forward to break down the current barriers to interoperability.”
The partnership will also bring external assets from other blockchains to applications like Anchor and Mirror. Additionally, Axelar will facilitate general cross-chain message passing for staking derivatives and other future applications on the Terra ecosystem. This partnership not only strengthens Axelar’s ecosystem of interconnected blockchains, but also acts as a precedent for providing simple, decentralized, and scalable cross-chain communication.
“In our mission to create scalable stablecoins for all blockchains, working with secure inter-chain protocols is a critical focus point,” says Do Kwon, Co-Founder & CEO of Terraform Labs. “We’re thrilled to be working with the world-class Axelar team to use their upcoming interchain communication network to bring Terra stablecoins to any blockchain that needs them.”
Both projects share a common vision of bringing global liquidity to any user and application in the larger blockchain ecosystem. Once the integration is complete, Terra will be able to seamlessly interoperate with multiple blockchain ecosystems supported by the decentralized Axelar network via a universal gateway and protocol.
Terra’s stablecoin ecosystem aims to make money more useful and attractive to users. Terra confronts issues of currency debasement, high user costs, and volatility plaguing the fiat and crypto economies by creating stablecoins pegged to the world’s major fiat currencies (USD, EUR, CNY, JPY, GBP, KRW, and the IMF SDR) that deploy decentralized monetary supply controls to retain value, generate stable interest, and keep transaction costs low. Terra now has the third-highest number of transactions of all blockchains (after BTC and Ethereum) and is generating 13M USD in fees annually. TerraKRW today powers Chai, one of the largest e-commerce wallets in Korea, which hosts over 2 million users and generates $1.2 billion in annualized transaction volume. Investors in Terraform Labs (TFL), the group behind Terra, include Arrington XRP Capital, PolyChain Capital, Binance Labs, Huobi Capital, FBG Capital, and TransLink Capital.
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Axelar provides a decentralized network and tools that help connect dApp builders with multiple blockchain ecosystems, applications, and users for frictionless cross-chain communication. Axelar consists of a protocol suite, tools, and APIs, designed to break down the barriers to cross-chain communication. Powered by a decentralized open network of validators; anyone can join the network, use it, and build on it. The Axelar network makes cross-chain communication as simple as using HTTP/HTTPS protocols on the web. Platform developers can plug-in their blockchains to other ecosystems, and application builders can leverage a simple protocol and API to access global liquidity and communicate with the entire ecosystem. The Axelar team has deep roots in distributed systems, consensus, and cryptography. The venture is backed by Binance X, DCVC, Lemniscap, Collab+Currency, North Island Ventures, Divergence Ventures, Cygni Labs, and others.
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Axelar to Integrate Terra with Major Blockchain Ecosystems was originally published in Axelar on Medium, where people are continuing the conversation by highlighting and responding to this story.