Share this article
Kadena Partners With Stablecoin-Maker Terra in Bid to Expand Its DeFi Offering
The hybrid blockchain maker Kadena, said Tuesday it has partnered with Terra and will be adding Terra’s stablecoin luna to its decentralized exchange Kadenswap.
Updated Sep 14, 2021, 10:29 a.m. Published Nov 10, 2020, 4:00 p.m.
Make us preferred on Google
Hybrid blockchain platform Kadena is teaming up with stablecoin maker Terra with the aim of expanding its decentralized finance (DeFi) platform.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Announced on Tuesday, Kadena said it will add Terra’s luna stablecoin to its decentralized exchange (DEX) Kadenaswap, which was announced earlier in September and is expected to roll out at the end of the year. Using its hybrid blockchain as the selling point for its DeFi offering, Kadena hopes to draw businesses and users looking to get away from the congestion on Ethereum-based platforms.
- Noting how congestion on the Ethereum blockchain can prevent DeFi applications from successfully scaling, Kadena's co-founder and President Stuart Popejoy said combining Kadena's "low-gas and high-speed transactions" can not only aid adoption but will also add interoperability between coins like Terra's and blockchains like Ethereum and Polkadot.
- According to Terra’s co-founder and CEO Do Kwon, the collaboration will mean that “Terra could process wrapped Luna transactions on Kadena’s DEX and then bridge to Ethereum,” he said in an emailed statement, adding this also expands use cases for Terra-based payments.
- Terra currently offers stablecoins backed by fiat currencies such as the U.S. dollar, South Korean won and the Phillippine peso.
- Kadena’s emailed announcement also said the first stage of moving Terra and other coins in and out from one network to another via Kadenaswap will be carried out in 2021.
More For You
Robinhood misses Q4 revenue estimates as fourth-quarter results dinged by crypto slump
Crypto revenue fell 38% year over year to $221M, even as the company expanded token listings and crypto features across its platform.
What to know:
- Robinhood’s fourth quarter earnings per share of $0.66 topped estimates for $0.63, but revenue of $1.28 billion fell shy of forecasts for $1.33 billion.
- The crypto slump paid a large part in the miss, with crypto revenue falling 38% from a year earlier to $221 million.
- Robinhood’s results mirror broader crypto-market weakness, which is also expected to weigh on rival Coinbase (COIN), and HOOD shares fell about 7% in post-market trading after the earnings release.
Top Stories
