Harmony And Terra Enter Long-Term Partnership To Evolve Multi-Chain Finance

With the full-stack agreement in place, Harmony and Terra will collaborate on several projects, including the integration of Harmony on Terra Shuttle Bridge, deployment of the ONEAnchor savings account on Harmony, a hackathon, security audits, and grants.

Tie-Up To Help Accelerate Cross-Chain Architecture Adoption

Harmony, a fast, affordable, and secure blockchain, has established itself as a prominent name in the global fintech revolution. Harmony enables Ethereum developers to easily scale their applications with 2-second transaction finality and 100x lower fees with its cross-chain architecture. Moreover, the platform’s secure bridges allow cross-chain asset transfer with Ethereum, Binance, Bitcoin, and other chains.

In 2021, Harmony started focusing on adoption through developers and partners. The platform continued to strengthen its network features to engage a broad ecosystem of developers. Harmony has signed a full-stack partnership agreement with Terra, an application-specific SDK built on the Cosmos SDK to further its vision. 

Terra offers a price-stable cryptocurrency (stablecoin) designed for mass adoption. Both platforms will collaborate to support each other in a series of projects, benefiting users from both communities and the multi-chain finance ecosystem at large. 

Stephen Tse, the Founder of Harmony, remarks, “We are excited to work with Terra to continue our journey of building a multi-chain future. Terra and Harmony are bridging to build a vibrant cross-chain finance ecosystem with UST stablecoin, ONEAnchor fixed rate lending, and our upcoming $1M Hackathon. We look forward to the promising potential of this partnership.”

Just The Tip Of The Projects In The Pipeline

Per the official announcement, the partnership will cover several projects, including the integration of Harmony on the Terra Shuttle Bridge, the release of the ONEAnchor savings account on Harmony, ongoing support from Terraform Labs for any project building UST on Harmony, and collaborating on the upcoming Harmony Web3 hackathon.

Harmony enables developers to use UST on applications built in the Harmony ecosystem by integrating with the Terra Shuttle Bridge. As a stablecoin, UST features widespread adoption and supports several use cases while ensuring a safer yield. The integration will also enable Harmony users to leverage cross-chain liquidity via UST while allowing seamless portability between multiple blockchains.

Harmony aims to make it easy for the larger population to be a part of the DeFi ecosystem. To realize this vision, the platform is developing the ONEAnchor savings account. In addition, Terraform Labs will offer full support via security audits and grants to developers building dApps on the Harmony blockchain using UST. In partnership with Terra, Harmony will also organize a Web3 hackathon with up to $1 million rewards and seed funding.

Most of the details about the innovative DeFi product, the grants, and the hackathon are under wraps for now. However, Harmony has announced that it will share more information in the coming days. Amid increased demand for cross-chain functionality, speed, and efficiency, the partnership between Harmony and Terra is well equipped to lead the DeFi evolution.