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Terra Proposes $139 Million for Great New Use Cases to DeFi -Breaking

by Mike Robinson

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Terra proposes $139 million for great new use cases to deFi: UST goes interchain

Terra, one the fastest growing DeFi ecosystems is seeking to capitalise on 2021 Q4 success by expanding its DeFi uses cases. The game plan of UST Goes Interchain, Part Three was released on January 6.

In the new governance proposal, Terra is looking to provide $139.7 million in UST and LUNA to five leading DeFi projects to build “awesome UST use-cases.” The fund will be distributed between three to six months.

Interchain Decentralized Stablecoin

According to the proposal the fund will be used to increase interchain deployment of its UST stabilizecoin over five projects that are built on.

The decentralized cross chain stablecoin (UST), would be able take down the USDT (or USDC) which have dominated the crypto market for a long period.

It was warmly welcomed by the community, who generally had positive comments about it. The proposal will be approved.

  • Tokemak, a market maker and liquidity provider for DeFi, would be eligible to deposit $50 million in UST over six months.
  • Rari Fuse (permissionless lending and borrowing platform) would get $20 million in six-months
  • Convex Finance will receive $18million (six month) from Yield aggregator Convex Finance
  • OlympusDAO, a decentralized reserve currency protocol Olympus (OHM), would be paid $1.45 Million for three months
  • Terra will contribute $250,000 in UST in order to expand its Solana reach and create IN/UST bonds for InvictusDAO. This is a decentralized reserve currency.

To The Flipside

  • Terra lost the title of second-largest ecosystem for defi to Binance Smart Chain.

Why you should care

Already becoming the first decentralized stablecoin to top $10 billion market cap, Terra’s proposal could increase the market share of the TerraUSD.

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