SEOUL, South Korea, Oct. 21, 2021 /PRNewswire-PRWeb/ -- Terra Money, an application-specific blockchain built on the Cosmos SDK that deploys a suite of fiat-pegged algorithmic stablecoins, has become the latest blockchain ecosystem to enable Inter-Blockchain Communication (IBC) -- the Cosmos standard for blockchain interoperability. Terra (LUNA) has more than $8 billion in TVL, alongside a $14 billion market cap for its native LUNA token and 5th largest stablecoin TerraUSD (UST) by market cap at an outstanding supply of nearly $2.8 billion.
Users can now connect cross-chain with a growing number of IBC-enabled chains, including Cosmos Hub (ATOM), IRISnet (IRIS), Osmosis (OSMO), and Crypto.com (CRO).
Built using Cosmos SDK, Terra's digital financial system of stable payments and open infrastructures is maintained by a range of stablecoins, pegged to different global fiat currencies, such as TerraUSD (UST) and TerraKRW (KRT). Terra's stablecoins provide users with instant transaction settlements and low fees and can be exchanged across multiple different blockchains for optimal interchangeability and fluidity. The fast-growing Terra ecosystem also includes its native LUNA token, Anchor Protocol, Mirror Protocol, and Pylons.
"For the past several years, we've been building Terra's infrastructure foundations with Tendermint and Cosmos technology. Now, we're thrilled to have activated IBC to make our range of stablecoins, protocols, and native LUNA token available for trading cross-chain," said Do Kwon, CEO of Terra Money. "We share in the Cosmos vision of an interconnected multichain future and it has always been our plan to make our stablecoins available to every developer on every blockchain," he added.
Terra's inclusion in the Cosmos "Internet of Blockchains" advances the Cosmos vision of seamless interoperability between different blockchain ecosystems. It also enables vast amounts of liquidity to flow freely between major chains and drives user adoption of Cosmos DeFi protocols, including popular decentralized exchanges (DEXs), such as Gravity DEX, Sifchain, and Osmosis.
"Terra's community voting to activate IBC is testament to the utility of interoperability in unleashing cross-chain DeFi opportunities," said Peng Zhong, CEO of Tendermint. "Terra's IBC integration makes it easy for Terra-based assets, assets bridged onto Terra, and wallets like Terra Station, to interoperate with Cosmos's vast rapidly growing network of blockchain applications."
About Tendermint
Tendermint Inc builds critical infrastructure for open networks, like the Cosmos SDK, Tendermint Core, Starport, Emeris, and Gaia, and leads developer experience by providing best-in-class tools to peer into an ever-expanding Cosmos. Tendermint empowers people to create a transparent and accountable world through open, distributed, and interoperable networks by investing in teams building the economy of the future.
For more information, please visit http://www.tendermint.com
About Terra
Terra is an application-specific blockchain built on the Cosmos SDK and Tendermint consensus. The Terra protocol deploys a suite of algorithmic, fiat-pegged stablecoins underpinning a thriving DeFi ecosystem like Anchor, CHAI, and Mirror Protocol. LUNA, the native staking and governance asset of Terra, absorbs the short-term volatility of Terra's stablecoins, with Terra's stablecoin (e.g., UST) demand a function of demand for Terra's DeFi ecosystem -- accruing value to LUNA via seigniorage.
For more information, please visit terra.money
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SOURCE Terra Money
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