Terra Offers $139M Plans for 5 DeFi Projects to Increase UST Use

Terra (LUNA) has announced a $139 million plan proposal to deploy five different DeFi projects across Ethereum, Solana and Polygon to improve UST use cases.

However, this proposal must be accepted by the Terra community through a vote of the participants of the governance that will take place at a later date.

Details on how to use $139 UST and LUNA on different DeFi platforms are available atdocumentTitle: UST Goes Interchain: Degen Strats Part Three

According to the proposal, Terra has identified two to three partner projects that intend to invest up to $50 million to support the stability of these protocols. and want to increase the usability of UST to Ethereum DeFi

These intentions are in line with Terra founder Do Kwon’s earlier comments that he wants to see UST as the dominant stablecoins in the crypto space.

TerraUSD (UST) currently has a market capitalization of approximately $10,044 billion. And it ranks 4th in the list of leading stablecoins, behind Tether USDT ($78.44 billion), USD Coin USDC ($43.2 billion), Binance USD ($14.4 billion).

Among the five DeFi projects that Terra is aiming for $139 million are:

Tokemak (Ethereum)

Among the new DeFi projects that Terra is planning to invest $139 million in UST is Tokemak, DeFi liquidity provider and market maker.

It intends to spend $50 million in UST over at least six months to support the UST Pair Reactor. In addition to the regular TOKE token rewards, the Terra community can also use it to vote on the LUNA Token Reactor.

Rari Fuse (Ethereum)

The next project is Rari Fuse, a lending platform that will receive $20 million in UST funding for six months. Aims for UST to become the cheapest stablecoins to borrow Fuse

Yield aggregator Convex Finance will receive $18 million in UST for six months, Terra will offer LUNA token incentives to liquidity providers using UST in various Convex pools.

OlympusDAO (Ethereum, Solana, Polygon)

The next project is Olympus, an OHM-based decentralized reserve currency protocol, with funding of $1.425 million in UST. OlympusDAO is already working with Terra and will launch gOHM on the blockchain.

An important aspect of this partnership is that Olympus will adopt OlympusPro with the Terra protocol, as well as make the Terra community partner with the Olympus DAO.

InvictusDAO (Solana)

Sol Invictus, a decentralized reserve currency on the Solana network with a market cap of $120 million and a treasury of $70 million, Terra is planning to add UST, UST-IN LP and FRAX bonds to replace and overtake USDC/. USDT is slowly stocked with $250,000, and Frax Finance (FRAX) will provide another $250,000 in Frax tokens to comply with Terra.

refer : LINK
picture LINK

source site