We are excited to announce that we have partnered with Terra, the PoS blockchain network built on the Cosmos SDK that deploys a suite of fiat-pegged algorithmic stablecoins underpinning its DeFi ecosystem. Terra will leverage Dfyn’s fast-growing multichain DEX to expand the Terra platform on the Polygon Network.
With over 2 million users on its CHAI payment app, Terra is one of the fastest-growing blockchain payment networks in DeFi with significant real-world traction. Since its inception, the platform has become a successful demonstration of how traditional payments infrastructure can be improved with a single, efficient blockchain layer.
Terra’s suite of fiat-pegged stablecoins are collateralized by the native staking and governance asset of the network, LUNA, which has an elastic supply to help maintain the price pegs of the circulating stablecoins. TerraUSD (UST), a leading interchain stablecoin pegged to the U.S. Dollar, is the key building block of the Terra ecosystem and an asset that’s bound to bring more growth and adoption to the protocol — with its market cap surpassing more than $2 billion in 2021 alone.
Terra’s proprietary savings protocol, Anchor, enables its users to earn a stable, 20% APY yield on UST, as the yield is derived from the cash flows of bonded staking positions via staking derivatives — not leverage. As a result Anchor offers stable returns even in the most volatile market conditions. This makes Dfyn and its cross-chain yield farming solutions a perfect match for Terra.
As part of our collaboration with Terra, Dfyn will be hosting liquidity farms for TerraUSD (UST). Following the huge success of our previous Galaxy Farm cohorts and our current DFYN farming program which has seen over $80 million in TVL within 24 hours of launch, we expect the upcoming farming events for trading pairs composed of UST and DFYN to generate increased interest in DFYN and L2 Polygon in general, especially given the current congestion in the Ethereum network. Users will be able to earn DFYN tokens for providing liquidity to the various UST related pools. Further information about the farm details, dates, and APRs will be announced soon.
In the following weeks, Dfyn will also set up a node on Terra, so we can expand liquidity for Terra’s users. By utilizing the Router cross-chain liquidity super mesh, Dfyn will be able to bridge liquidity to Terra from other blockchains and vice versa and increase the utility of UST.
As L1 congestion becomes a permanent feature with increasing ETH gas prices, Terra and DFYN share the vision of building out a strong, resilient multi-blockchain ecosystem DFYN plans to develop a network of AMM nodes across Terra as well as other leading blockchains, and link them all using Router Protocol’s Cross-chain liquidity super mesh, thus creating a strong, scalable, and efficient cross-chain liquidity network.
Dfyn is committed to helping onboard projects to Layer-2 and is excited to partner with terra on its cross-chain initiatives with Polygon.
About Terra Money
Terra is a PoS blockchain network built on the Cosmos SDK that deploys a suite of fiat-pegged price-stable cryptocurrencies collateralized by the network’s native asset, LUNA, that will power the next-generation payments, savings, and investing. With a goal of mass adoption of crypto, Terra’s network has already accumulated more than $7.5 billion in TVL.
Dfyn is a multi-chain AMM DEX currently functional on the Polygon network. Dfyn nodes on various chains act as liquidity entry and exit points into the cross-chain liquidity super mesh that is being enabled by Router Protocol.
Telegram Announcement: https://t.me/dfynofficial