In Thorchain (RUNE), Terra USD can be exchanged for Bitcoin (BTC) natively, Erik Voorhees of ShapeShift reports
Terra (LUNA), the largest smart contract platform outside of Ethereum (ETH), is now seamlessly integrated by the Thorchain (RUNE) protocol. Here’s what that means for holders of UST stablecoins.
UST/BTC exchange on Thorchain: native, decentralized, low-fee
Blockchain veteran Erik Voorhees, founder of ShapeShift cryptocurrency platform, has taken to Twitter to share a screenshot of Terra USD (UST) to Bitcoin (BTC) conversion on Thorchain (RUNE).
As mentioned, UST can be traded on Bitcoin (BTC) natively, without intermediaries or third-party conversion instruments. This opportunity totally changes the narrative of UST interoperability.
Mr. Voorhees stresses that this option is “revolutionary.” Do Kwon, co-founder of Terraform Labs, the development studio behind Terra (LUNA) blockchain and UST stablecoin, echoes his words:
The largest decentralized currency on the most decentralized exchange. A giant leap for crypto.
As such, Terra (LUNA) is now a part of cross-network ecosystem of Thorchain that has already integrated Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH) and BNB Chain (formerly Binance Smart Chain).
Terra (LUNA) DeFi ecosystem adds 50% to its TVL in 30 days
Converting 10,000 UST (equivalent to $10,000) to Bitcoin (BTC) is only charged with a negligible fee of $2.58, so commission rates are as low as 0.0258%.
Terra (LUNA) is the fastest-growing DeFi ecosystem of the Web3 scene. Currently, the total value locked in its DeFi protocols eclipses $26.2 billion.
Amid a series of partnerships and integrations, Terra’s TVL grew 50% in one month. The Polkadot, Near, and Theta ecosystems are also experiencing impressive capital inflows.
