Tokens of Near (NEAR) jumped 23% to $10.80 on Wednesday after an integration with Terra was announced by developers on Tuesday night
Terra’s UST tokens – stablecoins whose value is algorithmically pegged on a one-to-one basis with the U.S. dollar – are now supported on the high-speed Near network, developers said in the announcement. Project traded at $8.6 on Tuesday night before the announcement. Tokens have traded in a tight range of $8.5 and $9.5 before breaking the latter resistance level on Wednesday morning, according to trading data from CoinGecko.
NEAR peaked at $12.80 early on Thursday, later retreating to $12.68. The asset market one of its peak trading days with volumes around $1.6B. This level of trading is relatively low, as project has not broken out far in comparison to other protocol coins. Because of the low-level activity, NEAR is considered among the undervalued protocols, with more upside to the market price.
Meanwhile, Terra’s LUNA token price continues to extend its value surge as it once again set a new ATH peak today at $98.20. The current rally is bringing Terra’s capitalization to $35 billion, surpassing Avalanche to enter the top 9 largest cryptocurrencies in the world.
NearPad and Rose will offer incentivized opportunities for users to deposit UST liquidity into the protocols, which can then be accessed by the wider project community. NearPad is a Near-based decentralized exchange and market maker, while Rose is an Aurora-based stablecoin and wrapped assets swap product.
“Stablecoins like UST provide a simple interface to store value and interact with apps that need to use a stable unit of account,” Near co-founder Illia Polosukhin explained in a statement. “Connecting NEAR and Terra ecosystems via Allbridge allows apps like Rose and NearPad to offer new ways to use stablecoins to both communities,” Polosukhin added.
Head of Business Development of Terra, Jeff Kuan, also spoke about the excitement of working with NEAR, stating, “We’re excited about the NEAR ecosystem and are looking forward to continuing UST’s cross-chain expansion via NearPad and Rose. Working with strong teams like theirs, we’ll see UST embedded more deeply in the global DeFi ecosystem.”
