Terra Partners with Axelar To Bring Interoperability To The Terra Ecosystem
Axelar, the decentralized protocol breaking down barriers between cross-chain communication through its protocol suite, is integrating with Terra to enable users to frictionlessly bridge native Terra assets (e.g. TerraUSD and LUNA) to other major blockchains directly from their wallets!
Axelar’s integration with Terra is rooted in the shared vision of making liquidity accessible to any user across the globe, enabling Terra to be seamlessly interoperable with the blockchain ecosystems supported by the Alexar network via a universal gateway and protocol.
“In our mission to create scalable stablecoins for all blockchains, working with secure interchain protocols is a critical focus point. We’re thrilled to be working with the world-class Axelar team to use their upcoming interchain communication network to bring Terra stablecoins to any blockchain that needs them.”
Do Kwon, Co-Founder & CEO of Terraform Labs.
Axelar will also bring external assets from other blockchains to Terra suite of decentralized applications — stock synthetics platform, Mirror, savings protocol, Anchor, and beyond. Furthermore, Axelar will facilitate general cross-chain message passing for staking derivatives and other future applications on the Terra ecosystem. As each aspect of Terra is built with this kind of cross-chain interoperability in mind, we look forward to working together to bring Terra’s applications and stablecoins to each major blockchain.
“Terra’s suite of stablecoins and applications, such as Mirror and Anchor, offer incredibly exciting opportunities for the space. This integration will allow users from all ecosystems to use Terra’s assets and applications, and is an important step forward to break down the current barriers to interoperability.”
Sergey Gorbunov, Co-Founder & CEO of Axelar
About Axelar
Axelar provides a decentralized network and tools that help connect dApp builders with multiple blockchain ecosystems, applications, and users for frictionless cross-chain communication. Axelar consists of a protocol suite, tools, and APIs, designed to break down the barriers to cross-chain communication. Powered by a decentralized open network of validators; anyone can join the network, use it, and build on it. The Axelar network makes cross-chain communication as simple as using HTTP/HTTPS protocols on the web. Platform developers can plug-in their blockchains to other ecosystems, and application builders can leverage a simple protocol and API to access global liquidity and communicate with the entire ecosystem. The Axelar team has deep roots in distributed systems, consensus, and cryptography. The venture is backed by Binance X, DCVC, Lemniscap, Collab+Currency, North Island Ventures, Divergence Ventures, Cygni Labs, and others.
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About Terra
Terra’s stablecoin ecosystem aims to make money more useful and attractive to users. Terra confronts issues of currency debasement, high user costs, and volatility plaguing the fiat and crypto economies by creating stablecoins pegged to the world’s major fiat currencies (USD, EUR, CNY, JPY, GBP, KRW, and the IMF SDR) that deploy decentralized monetary supply controls to retain value, generate stable interest, and keep transaction costs low. Terra now has the third-highest number of transactions of all blockchains (after BTC and Ethereum) and is generating 13M USD in fees annually. TerraKRW today powers Chai, one of the largest e-commerce wallets in Korea, which hosts over 2 million users and generates $1.2 billion in annualized transaction volume. Investors in Terraform Labs (TFL), the group behind Terra, include Arrington XRP Capital, PolyChain Capital, Binance Labs, Huobi Capital, FBG Capital, and TransLink Capital.
