Terra Will Deploy $139 Million In DeFi Projects To Boost UST Use Cases

Terra will deploy $139 million in Defi projects in order to boost the UST use cases according to the plans that Terra’s founder Do Kwon has. In today’s latest cryptocurrency news, we can learn more about Terra’s new plans.

Terra announced a new proposal lately. It seems that Terra will deploy $139 million to five different defi projects across Solana, Ethereum and Polygon in order to enhance the UST use cases. The proposal has to be accepted by the Terra community via a vote of governance participants. The details of how UST and LUNA worth $139 will be used on various Defi platforms are contained in the document named “UST Goes Interchain: Degen Starts Part three.”

According to the proposal, Terra identified a few partner projects where it aims to deposit $50 million to support the stability of these protocols. With this move, Terra said it will bring UST use cases to Ethereum Defi. The plans align with Do Kwon’s previous comments where he said that he wants to see UST as a dominant project in the crypto space. With a $10.44 billion market cap, TerraUSD is ranked 4^th in line with stablecoins.

Among the new DeFi projects where Terra plans to deposit $139 in UST include Tokamak which is a Defi liquidity provider and a market maker. It intends to deploy $50 million in UST for a minimum of six months and to support the UST pair Reactor. Apart from TOKE rewards, the asset can be used by the Terra community and vote in the LUNA token reactor. The next project in terms of UST deployment is Rari Fuse which is an unlicensed lending and borrowing platform that will receive UST funds to the tune of $20 million for half a year. UST aims to become the cheapest stable to borrow On fuse.

The next project that will see funding is Olympus which is an OHM-based decentralized reserve currency protocol with the total proposed deployment of funds being $1.425 million in UST. OlympusDAO is working with Terra already and it will release a new version of OHM on its blockchain. A huge aspect of the partnership is the fact that Olympus will bring OlympusPRO to terra and will entail the community to partner with OlympusDAO. A decentralized reserve currency on Solana Invictus, is also an Olympus fork but became a promising player while putting its treasury to work. Terra plans to increase its influence on Solana by creating In/UST bonds.