Cosmos Inter-Blockchain Communication is now live on Terra, which opens the protocol for several dapps and UST and LUNA can easily switch between the chains. So read more on our latest death on the crypto news.
The inter-blockchain communication protocol already works on the Terra-Mainnet and its Tendermint protocol enables sovereign chains to communicate with each other and at the same time enable the transfer of tokens between ATOM and compatible blockchains.
By increasing the network capacity, IBC will continue to leverage the Terra use case and unlock LUNA and UST in the Cosmos ecosystem. Note read:
“The proposal 128 to start IBC on Terra has been approved, which means that IBC is now live on the Terra mainnet.”
Asset transfers, evidence of data availability and more can be seamlessly transferred between Terra and the IBC-enabled chains in the Cosmos ecosystem. Developer added:
“For Terra, IBC is paving the way for DeFi’s inter-chain highways with $ UST as the leading stablecoin, asset price currency and medium of exchange.”
The developers keep reminding us that the universe is a decentralized network of independent parallel blockchains as it represents a fruitful new frontier for stablecoins UST. According to Cosmos Cap, it monitors Cosmos’ market cap, with LUNA being the second cryptocurrency in the ecosystem with a current market cap of $ 16.8 billion, one step behind Binance Coin. This milestone follows the recent successful launch of Wormhole v2 support for Terra, which LUNA and UST enable by migrating to Ethereum, Solana and Binance Smart Chain via a single unified interface.
Both launches are expected to reduce friction for Terra’s native cryptocurrency by switching from one blockchain to the other. According to Do Kwon, co-founder and CEO of TerraForm Labs, the Korean company behind the Terra blockchain project, the demand for the UST coin is expected to increase with the stability of the protocol and even reach a market capitalization of $ 10 billion becomes year. End. Kwon argued that the current regulatory oversight of centralized stablecoins continues to drive demand for blockchain-based, collateral-based decentralized stablecoins for stability.
1 / Proposal 128 to start IBC on Terra has been approved, which means that IBC is now live in the Terra mainnet 🙂https: //t.co/4aIjkdDBBH
Stay tuned once the relay channels are set up and users from the station can transfer tokens between Terra and the Kosmos ecosystem.
– Terra (UST) Powered by LUNA (@terra_money) October 21, 2021
Terras UST is currently the second largest decentralized stablecoin by market capitalization after DAI. While Kwon’s forecast of a market cap of $ 10 billion
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