Terra’s UST Stablecoin Now Works “Natively” With Bitcoin: Here’s How
In Thorchain (RUNE), Terra USD can be exchanged natively for Bitcoin (BTC), Erik Voorhees of ShapeShift reports
Terra (LUNA), the largest smart contracts platform outside of Ethereum (ETH), is now seamlessly integrated by the 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 the cryptocurrency platform ShapeShift, has taken to Twitter to share a screenshot of the Terra USD (UST) to Bitcoin (BTC) conversion on Thorchain (RUNE).
Decentralized Stablecoin (UST) Now Trading With #Bitcoin native.
— Erik Voorhees (@ErikVoorhees) March 25, 2022
As shown, UST can be exchanged natively on Bitcoin (BTC), without intermediaries or third-party conversion tools. This opportunity completely changes the story in UST interoperability.
Mr. Voorhees emphasizes 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 most decentralized exchange. Giant step forward for crypto.
As such, Terra (LUNA) is now part of Thorchain’s cross-network ecosystem 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 from 10,000 UST (equivalent to $10,000) to Bitcoin (BTC) is subject to a negligible fee of $2.58: the commission rates are therefore only 0.0258%.
Terra (LUNA) is the fastest growing DeFi ecosystem of the Web3 scene. Currently, the total value locked into its DeFi protocols exceeds $26.2 billion.
Amid a series of partnerships and integrations, Terra’s TVL grew 50% in one month. Polkadot, Near and Theta ecosystems are also witnessing impressive capital inflows.