The NEAR protocol token saw a sharp price increase on Christmas week. What is the Terra Stablecoin UST integration all about?
Christmas week caused a real mess for some coins. For example, the NEAR protocol token shines once again with a bright green growth rate in the double digit range on a weekly basis. How can development be explained?
Near is a protocol that is related to the weaknesses of the Ethereum network. It was created to address barriers to Web3 adoption while respecting climate neutrality. The Layer 1 solution implemented the first step of the internal fragmentation mechanism last month. Nightshadeto improve the scalability and thus the performance of network transactions by dividing blockchains into multiple chains.
At press time, Near (NEAR) is down 7.9 percent on the day, trading at $ 14.20. Although the euphoria has now leveled off a bit, the token showed a bullish development on a weekly basis and was able to register a 68.2 percent increase in the last seven days. As a result, the NEAR price rose from $ 8.55 on December 21 to a new all-time high of $ 16.15 on December 27, 2021.
The news about the integration of Terra was probably responsible for the price increase. Because according to a medium post, the UST stablecoin from the Terra network will be integrated into the NEAR ecosystem.
Integration must be done through cooperation with protocols. NearPad, the DeFi Center in Near and pink, a decentralized exchange (DEX) with a focus on stablecoins. Both DeFi protocols are supposed to create “incentives for users to pay VAT liquidity on the protocols,” the outlet says.
“We are passionate about the NEAR ecosystem and look forward to continuing UST cross-chain expansion through NearPad and Rose,” said Jeff Kuan, Terra’s director of business development, in the blog post. “By working with strong teams like these, UST will be even more deeply integrated into the global DeFi ecosystem.”
Recently, Terra (LUNA) rose to second place among the largest DeFi networks in history, surpassing Binance Smart Chain (BSC).