NEAR is pleased to announce that Terra, a leading blockchain protocol deploying a suite of algorithmic decentralized stablecoins, is integrating its UST stablecoin on the NEAR and Aurora ecosystems. This integration is made possible through a partnership with leading DeFi protocols NearPad and Rose.
NearPad, which aims to be the DeFi hub on Aurora, includes a DEX AMM product where users will be able to trade assets and provide liquidity with UST pairs. Rose is a stableswap and borrowing protocol on Aurora that allows users and other DeFi platforms to tap into deep, capital efficient, stablecoin liquidity.
The partnership between Terra, NearPad, and Rose will facilitate the growth of UST to new ecosystems on both NEAR and Aurora. Users will be able to bridge assets directly from Terra to Aurora via Allbridge or from any of the other supported chains. Both NearPad and Rose will offer incentivized opportunities for users to deposit UST liquidity into the protocols, which then can be accessed by the wider NEAR and Aurora communities.
“Partnering with Terra to bring UST to ecosystem to our community will be a big step towards growing the Near and Aurora ecosystem,” says Aiden Knox, Founder of NearPad and Rose. “I’m excited to be working closely with the Terra team to not only bring UST to NearPad and Rose, but also for the deeper integrations and collaborative projects this partnership enables.”
UST’s expansion to the NEAR ecosystem demonstrates the importance of a move toward a multi-chain,composable future. Users will have access to the benefits of protocols built on NEAR technology without any compromise in terms of having access to some of the most popular assets such as the leading decentralized stablecoin.
“NEAR has been built for simplicity, security and scalability,” says Illia Polosukhin, co-founder of NEAR. “Stablecoins like UST provide a simple interface to store value and interact with apps which need to use a stable unit of account. Connecting NEAR and Terra ecosystems via Allbridge allows apps like Rose and NearPad to offer new ways to use stablecoins to both communities.”
“We’re excited about the NEAR ecosystem and are looking forward to continuing UST’s cross-chain expansion via NearPad and Rose,” adds Jeff Kuan, Head of Business Development of Terra. “Working with strong teams like theirs, we’ll see UST embedded more deeply in the global DeFi ecosystem.”