More than 160 projects will launch on Terra next year as the IBC and Wormhole will boost the use cases thanks to the new projects on the network so let’s read more in our latest altcoin news.
Terraform Labs, the South Korean company behind Terra (LUNA) continues focusing on advancing the developer activity on the network. The true impact of the network’s cardinal upgrade dubbed Columbus-5 will unravel soon as the launch of the Inter Blockchain Communication protocol and Wormhole support for Terra nears. More than 160 projects will launch on Terra and the Colombus-5 successfully launched in late September so according to the network’s developers, Terra’s ecosystem is on the verge of a huge expansion.
Terra's ecosystem sprint into the end of the year is gonna be a sight to behold.
Bonus — IBC and Wormhole go live 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 prepare to launch in the next six to eight weeks o have about 100 plans for the end of early 2022. Do Kwon, the co-founder, and CEO of Terraform explained how the upgrade that opened up countless avenues for the ecosystem expansion, is about to boost Terra’s stablecoin use case while putting upwards pressure on the token value. Kwon said:
“More projects on Terra diversify and amplify the demand for UST, accelerating the expansion of the stablecoin supply and accruing value to LUNA holders.”
Terra’s native stablecoin, UST is now the fifth-biggest stablecoin by market cap but while leveraging the Terra utility token, LUNA, the stablecoin remains at an equal value to the dollar:
“Regulatory action against centralized stablecoin incumbents like USD Coin (USDC) and Tether (USDT) has reinvigorated the emphasis for a decentralized stablecoin in crypto like UST. As custodial stablecoin models do not scale well and serve as hubs of risk in a decentralized financial stack, we expect increased adoption of decentralized stablecoins to increase in the coming months and years.
The integration of Inter Blockchain Communication protocol is set to open Terra to plenty of dapps in the Cosmos ecosystem while enabling UST to move between chains. IBC facilitates sovereign chains to connect and communicate with each other and allows the transfer of tokens between Cosmos and other IBC blockchains. Kwon added:
“Similarly, Wormhole is a cross-chain bridge to Solana (SOL), Ethereum (ETH), and Binance Smart Chain (BSC), that enables Terra assets like UST to be seamlessly ported to some of the largest chains by TVL and users in the entire industry.”
Kwon added that the importance of the coming bridge is expected to reduce the friction for UST moving from one blockchain to another:
“We fully expect the demand for UST in cross-chain environments to accelerate the expansion of the UST supply further, potentially reaching the $10 billion market cap mark by year’s end.”
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