Dfyn partnered with Terra for Polygon expansion

Dfyn Network announced last Friday, May 14, through its Twitter account, its new strategic partnership with Terra Money, for the expansion of Polygon Network.

“We are pleased to announce that we have partnered with Terra, the PoS blockchain network built on the Cosmos SDK that implements a set of fiat-linked algorithmic stablecoins that underpin its DeFi ecosystem. Terra will leverage Dfyn’s fast growing multi-chain DEX to expand the Terra platform on the Polygon Network”, he said in an article posted on the Medium platform.

As the company commented, Terra is one of the fastest growing blockchain payment networks in DeFi with significant traction in the real world. Since its inception, the platform has become a “successful demonstration” of how traditional payments infrastructure can be improved with a single layer of efficient blockchain.

In addition, he noted that Terra’s pool of fiat-pegged stablecoins is guaranteed by the network’s native equity and governance asset, LUNA, which has an elastic supply to help maintain price traces of stablecoins in circulation. “TerraUSD (UST), a leading interchain stablecoin pegged to the US dollar, is the key component of the Terra ecosystem and an asset that is sure to bring further growth and adoption of the protocol, with its market capitalization topping $2 billion by 2021.” he commented.

While highlighting that Terra’s proprietary savings protocol, Anchor, allows its users to obtain a stable APY return of 20% on UST, as the return is derived from the cash flows of bond participation positions through of equity derivatives, not leverage. As a result, Anchor offers stable returns even in the most volatile market conditions. This makes Dfyn and its agricultural cross-chain performance solutions a perfect match for Terra.

Collaboration

The company explained that, as part of its collaboration with Terra, Dfyn will host cash farms for TerraUSD (UST). “Following the great success of our previous Galaxy Farm cohorts and our current DFYN grow program which has raised over $80 million in TVL within 24 hours of launch, we look forward to the upcoming agricultural events for trading pairs comprised of UST and DFYN generate more interest in DFYN. and L2 Polygon in general, especially given the current congestion on the Ethereum network. Users will be able to earn DFYN tokens for providing liquidity to the various groups related to UST. More information on farm details, dates and APRs will be announced soon”, he said.

Also read: Yield Protocol announced its integration into Binance Smart Chain

Similarly, Dfyn commented that in the coming weeks it will also establish a node in Terra, so that they can expand liquidity for Terra users. “By utilizing Router’s super cross-chain liquidity mesh, Dfyn will be able to link liquidity to Terra from other blockchains and vice versa and increase UST’s utility”, he said.