Multi-sector blockchain protocol Terra (LUNA) has announced a proposal to deploy $139 million to five different DeFi projects on Ethereum, Solana, and Polygon to advance UST’s use cases.
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However, this proposal needs to be accepted by the Terra community through a vote that is likely to occur at a later date.
Details on how the $139 USD UST and LUNA will be used across different DeFi platforms are inName: UST Goes Interchain: Degen Strats Part Three.
As per the proposal, Terra has identified several partner projects where they plan to stake up to $50 million to support the stability of these protocols. Through this move, Terra said it wants to bring the use cases of UST to Ethereum DeFi.
These intentions are in line with previous comments by Terra Founder, Do Kwon, where he noted that he wants to see UST as the dominant stabilizing tool in the crypto space.
Currently, with $10.44 billion in market cap, TerraUSD (UST) is ranked 4th on the list of top stablecoins. Tether USDT ($78.44 billion), USD Coin USDC ($43.2 billion), Binance USD ($14.4 billion) are the three stablecoins ranked above Terra USD.