Main navigation

Terra's UST Stablecoin Now Interacts with Bitcoin "Natively": Here's How

News
Sat, 03/26/2022 - 15:46
article image
Vladislav Sopov
In Thorchain (RUNE), Terra USD can be exchanged for Bitcoin (BTC) natively, Erik Voorhees of ShapeShift reports
Terra's UST Stablecoin Now Interacts with Bitcoin "Natively": Here's How
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

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.

Related
Terra's Assets LUNA, UST Go Live on Venus Protocol: Details

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.

article image
About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)