Terraform Labs, the South Korean company behind the Terra (LUNA) project, continues to focus on developing its developer activity on the network.
Meanwhile, the true impact of the network’s core upgrade, dubbed Columbus-5, is yet to be revealed, with the launch of the Inter-Blockchain Communication (IBC) protocol and wormhole support for Terra imminent.
160 additional projects on Terra
Columbus-5 was successfully launched in late September, and according to the network developers, the Terra ecosystem is on the verge of a massive expansion.
The Terra Ecosystem sprint at the end of the year will be a sight to behold.
Bonus – IBC and Wormhole will be running next week 😉 pic.twitter.com/YWBXja46p4
– Terra (UST) 🌍 powered by LUNA 🌕 (terra_money) October 14, 2021
“Now that Columbus-5 is live, more than 60 projects are gearing up to launch in the next six to eight weeks, and more than 100 have recently announced plans for the end of the year or early 2022,” Do Kwon, co-founder and CEO, said. Terraform Labs Asia Markets.
In the interview, Kwon went on to explain how the upgrade, which opened up endless avenues to expand the ecosystem, is about to boost the Terra stablecoin use case with upward pressure on the value of the original token.
“More projects on Terra are diversifying and increasing demand for terrestrial reservoirs, accelerating the expansion of stablecoin supply and enhancing value for LUNA owners,” Kwon said.
What’s in the stars for UST?
Terra’s original stablecoin, UST, is currently the fifth largest stablecoin by market capitalization.
While taking advantage of Terra’s utility token, LUNA, the algorithmic stablecoin maintains a value roughly equal to the US dollar.
“Regulatory actions against centralized stablecoins such as USD Coin (USDC) and Tether (USDT) have revitalized the focus on decentralized stablecoins in cryptocurrencies such as UST,” Kwon noted.
“As custodian stablecoin models do not scale well and act as risk centers in a decentralized financial group, we anticipate increased adoption of decentralized stablecoins in the coming months and years,” he explained.
IBC and Wormhole
Inter-Blockchain Communication (IBC) protocol integration is set to unlock Terra on countless dApps in the Cosmos (ATOM) ecosystem with UST enabled to seamlessly move between chains.
The IBC makes it easy for sovereign chains to communicate and communicate with each other, allowing tokens to be transferred between Cosmos and other IBC-compliant blockchains.
Likewise, Wormhole is a cross-chain bridge to Solana (SOL), Ethereum (ETH) and Binance Smart Chain (BSC), enabling the seamless transfer of Terra assets like UST to some of the largest chains by TVL and users in the entire industry.” Stressing the importance of the upcoming bridge, which is expected to significantly reduce friction in the transition of land-based reservoirs from one blockchain to another.
“We fully expect the demand for terrestrial reservoirs in multi-chain environments to further accelerate the expansion of the supply of ground reservoirs, potentially reaching the $10 billion market value mark by the end of the year,” he added, presenting an ambitious outlook, taking into account the Consider that stablecoins currently have a $2.74 billion market cap.
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