NEAR Records 70% Rally On Terra Integration, Will It Be Sustainable?

The highly-scalable blockchain Near has seen a significant rally in December. NEAR is trading at $16,37 today, a close distance to its historic high of $15,37.

NEAR trend to the upside on the 4-hour chart. Source: NEARUSDT tradingview

According to Coingecko data, NEAR saw a rally of 71.5% and an increase of 87.4% in the last thirty days. The team behind the protocol has been announcing improvements and partnerships that have contributed with this token’s trend to the upside.

LUNA Hits ATH After Astroport’s Deployment, Why Terra Could Continue Growing In 2022| LUNA Hits ATH After Astroport’s Deployment, Why Terra Could Continue Growing In 2022

Terra’s UST stablecoin integration with NEAR and the Aurora ecosystem has been a highly expected event by users. Officially, NearPad (an Aurora DeFi gateway) and Rose (a liquidity and stableswap lending protocol, were responsible for the integration.

NEAR team is confident that partners will strengthen Terra’s stablecoin and stablecoin ecosystem as more people adopt Aurora. Users will find new uses for their tokens, such as moving assets from Aurora into Terra or to any compatible blockchain.

Participants will feel compelled to contribute and offer UST liquidity to the aforementioned eco-systems. Aiden Knox (founder of NearPad, Rose) claimed that the integration was as follows:

It will be a major step in the development of the Near and Aurora ecosystems that Terra partners with to bring UST into our community. I’m excited to be working closely with the Terra team to not only bring UST to NearPad and Rose, but also for the deeper integrations and collaborative projects this partnership enables.

NEAR To Support The Fastest Growing Stablecoins

The Near protocol has been working on its interoperable capabilities as the project aims to support a “multi-chain future”. Users will reap the greatest benefits when there are more uses cases and apps become available. They can also reach all assets and projects across different networks. NEAR Illia Polosukhin, co-founder

NEAR was designed for ease of use, security, and scaling. Stablecoins such as UST make it easy to interact with other apps that require a fixed unit of account.

Terra’s ecosystem recently implemented major updates to its mainnet. This provides interoperability and a burn mechanism for its underlying asset, LUNA. NewsBTC has reported that this network has taken crypto-industry by storm.

Related reading: Terra begins LUNA burning, why it could target $140| Terra Begins LUNA Burning, Why It Could Target $140

In addition, Do Kwon, one of Terra’s founders, recently celebrated the expansion in UST as the stablecoin reached a $10 billion market cap. Thus, it has become the largest decentralized stablecoin which demonstrates, according to Kwon, that “there is no more doubt in the product market fit”.

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