Terra (LUNA), the largest smart contracts platform outside Ethereum (ETH), is now seamlessly integrated by Thorchain (RUNE) protocol. Here's what this means for UST stablecoin holders.
UST/BTC exchange on Thorchain: native, decentralized, low-fee
Blockchain veteran Erik Voorhees, founder of ShapeShift cryptocurrency platform, has taken to Twitter to share a screenshot of Terra USD (UST) to Bitcoin (BTC) conversion on Thorchain (RUNE).
As displayed, UST can be exchanged on Bitcoin (BTC) natively, with no intermediaries or third-party conversion instruments. This opportunity totally changes the narrative in UST interoperability.
Mr. Voorhees stresses that this option is "revolutionary." Do Kwon, co-founder of Terraform Labs, the development studio behind Terra (LUNA) blockchain and UST stablecoin, echoes his words:
The largest decentralized money on the the most decentralized exchange. Giant step forward for crypto.
As such, Terra (LUNA) is now a part of cross-network ecosystem of Thorchain that has already integrated Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH) and BNB Chain (formerly Binance Smart Chain).
Terra (LUNA) DeFi ecosystem adds 50% to its TVL in 30 days
The conversion of 10,000 UST (equivalent of $10,000) to Bitcoin (BTC) is only charged with negligible $2.58 fees: commission rates, therefore, are as low as 0.0258%.
Terra (LUNA) is the fastest-growing DeFi ecosystem of the Web3 scene. Currently, the total value locked in its DeFi protocols eclipses $26.2 billion.
Amid a series of partnership and integrations, Terra's TVL spiked by 50% in one month. Polkadot, Near and Theta ecosystems are also witnessing impressive inflows of capital.