Terra and Harmony Announce Tight Full-Stack Partnership Focused on Users, Developers, and Mass Adoption

Terra Integrates Harmony on Shuttle Bridge, Deploys ONEAnchor Savings Product on Harmony and Collaborates on Hackathon Fintech Track

Peter Abilla
Harmony

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True to our cross-chain and interoperability vision, today we’re announcing a deep integration and partnership with Terra, a large and growing ecosystem focused on programmable money and other financial primitives.

We are excited to work with Terra to continue our journey of building in a multi-chain future. Terra and Harmony are bridging to build a vibrant cross-chain finance ecosystem with UST stablecoin, ONEAnchor fixed rate lending, and our upcoming $1M Hackathon. We look forward to the promising potentials of this partnership.

- Stephen Tse, Founder of Harmony

Terra is excited to expand our growing portfolio of DeFi products to multiple chains and working with Harmony to bring UST and Anchor to another growing ecosystem. We look forward to seeing new developer innovations for multi-chain DeFi.

- Do Kwon, Co-founder and CEO of Terra

The Partnership Details

  1. Wrapped UST on Harmony (1UST) by integrating Harmony on the Terra Shuttle Bridge
  2. ONEAnchor, savings account (i.e., fixed yield) product available on Harmony, benefiting the Harmony community
  3. Terraform Labs will support vetted projects building UST on Harmony in security audits and grants through Terraform Capital (possibly matched by Harmony)
  4. Terra and Harmony collaborate on the Harmony “Bridging Wall Street to Web3” Hackathon

UST Stablecoin on Harmony

Harmony will be integrated to the Terra Shuttle Bridge. This paves the way for UST to migrate to Harmony and to be used on applications in the Harmony Ecosystem. As a stablecoin with wide adoption (currently #5 by market cap), the opportunities for use are limitless and the benefit to the Harmony community can’t be underestimated. One use of a stablecoin is that it opens up opportunities for safer yield, which brings us to ONEAnchor. Many Harmony applications such as davinci.gallery (NFT marketplace), Harmony Crypto Punks, and other dApps will add support for payments using UST.

Another feature is that the Shuttle bridge will unlock cross-chain liquidity for Harmony users via UST. Using Terra Bridge, Harmony users can seamlessly port UST between Harmony, Terra, Ethereum, Binance Smart Chain, and the Cosmos ecosystem of application-specific blockchains, introducing them to a thriving inter-chain DeFi environment.

ONEAnchor, Stable Yield Product on Harmony

Anchor is a savings product that aims to have broad appeal outside the world of crypto natives. ONEAnchor is aligned to Harmony’s vision of bringing millions of people to decentralized finance and we are very excited to be collaborating on this innovative Defi product.

Terra believes that the path to mass adoption of Defi is the savings account and gives 3 major reasons. In their words:

The first reason is the sheer size of the market. In the US alone, savings accounts hold roughly 13 trillion USD (we use the difference between the USD’s M2 and M1 as a proxy). A 0.1% market share of the US savings market alone dwarfs the combined market value of all stablecoins. Second, we believe that there is no more reliable way to pave the way for retail investors than with a product they are already familiar with and protects their principal. Third, we believe that adoption of other investment products is most straightforward as an extension of the savings account.

More details will be provided on when ONEAnchor will be available for users, interest rates, and a clear tutorial for how Harmony community members can take advantage of this revolutionary product on Harmony.

Terraform Labs Support

For developers building applications on Harmony that utilize UST, Terraform Labs will provide support via security audits and grants. More details will follow and a process for developers who wish to take advantage of this benefit.

Bridging Wall Street to Web3 Hackathon

Harmony will soon be announcing a hackathon with up to $1M in prizes and seed funding, focused on web2 developers in the financial services industry. In partnership with Terra, we will be specifying a series of challenges for developers to build applications utilizing UST on Harmony.

Summary

The Harmony Defi Ecosystem continues to grow. Partnering with the innovative team at Terra and growing our ecosystem through this collaboration will benefit the Harmony community immensely. This partnership will also introduce the Terra community to Harmony, further growing our community via cross-pollination of communities.

The specifics of this partnership include:

  1. UST on Harmony and Integrating Harmony on the Terra Shuttle Bridge
  2. ONEAnchor, savings account (i.e., fixed yield) product available on Harmony, benefiting the Harmony community
  3. Terraform Labs will support vetted projects building UST on Harmony in security audits and grants through Terraform Capital (possibly matched by Harmony)
  4. Terra and Harmony collaborate on the Harmony “Bridging Wall Street to Web3” Hackathon

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 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.

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About Harmony

Build on Harmony, run on all chains.

Harmony is your open platform for assets, collectibles, identity, governance. Be the ONE to bridge to all blockchains.

Harmony is an open and fast blockchain. Our mainnet runs Ethereum applications with 2-second transaction finality and 100 times lower fees. Harmony’s secure bridges offer cross-chain asset transfers with Ethereum, Binance and other chains. https://www.harmony.one/

We ❤️ Developers.

Got an idea? Build it on Harmony and Apply for a Grant.

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Peter Abilla
Harmony

Hardest worker in the room and a constant work in progress. Blockchain. University of Chicago, BYU.