Today we’ve officially released support for DeFi on Terra, the second largest DeFi protocol by TVL (total value locked). As the first and only platform to provide institutional-grade access to dApps on Terra, we’re thrilled to usher in a new era for financial institutions looking to capitalize on the many opportunities Terra presents for DeFi. To date, Fireblocks customers have already transferred over $500 million of volume across the platform since mid-April, when it was made available to them through Fireblocks’ Early Access Program.
Adding access to Terra’s DeFi ecosystem is important for us as we can now benefit from an additional revenue stream while enjoying the security and ease of access that Fireblocks provides us.
With over $26B TVL as of April 12, 2022, Terra is the second most popular blockchain in the DeFi space. Initially designed to launch international stablecoins and improve cross-border financial transactions, Terra now boasts a growing number of native dApps (DeFi apps) built on its blockchain. Now, financial institutions can securely and efficiently access all of the exciting dApps built for Terra using Fireblocks – such as Anchor, Lido, and Astroport.
Terra is a pioneer in the programmable stablecoin category and is underpinning one of the largest DeFi ecosystems in the world. Adding support for Terra on Fireblocks will give thousands of businesses and financial institutions the ability to securely interact with the dApps, money markets, liquidity protocols and more that are powered by the public blockchain protocol.
Institutional Terra DeFi access is now available with Fireblocks
Fireblocks users can now:
- Access all dApps built on Terra through Fireblocks’ WalletConnect integration
- Connect to top Terra-based staking and swapping apps like Anchor, Lido and Astroport
- Set custom limits by contract, amount, user and more with robust DeFi policy controls
- Build DeFi products that deliver the highest yields to customers
We’re excited to be partnering with Fireblocks to enable DeFi on Terra for institutions. We’ve chosen to work with Fireblocks first as thousands of businesses already trust Fireblocks’ digital asset and crypto custody technology, and use it daily to tap into the world of DeFi. Adding support for Terra on Fireblocks’ platform will greatly expand the transaction volume and activity in the Terra ecosystem. We look forward to welcoming this new community.
About Terra
The Terra protocol is the leading decentralized and open-source public blockchain protocol for algorithmic stablecoins – AKA cryptocurrencies that track the price of an asset, such as a fiat currency. Users can spend, save, trade, or exchange various stablecoins instantly on the Terra blockchain; its native staking token, LUNA, absorbs the price volatility of Terra stablecoins while providing its holders with staking rewards and governance power.
Additionally, the Terra ecosystem offers a quickly expanding network of decentralized applications, creating a stable demand for Terra and increasing the price of Luna.
