SynFutures Collaborates with Terra to Enable More UST Trading Opportunties
The team at SynFutures is excited to announce our collaboration with Terra, a public blockchain protocol that’s bringing DeFi to the masses through a suite of algorithmic decentralized stablecoins. Terra will bring liquidity to its TerraUSD (UST) stablecoin trading pairs on SynFutures, giving our users more opportunities to trade with one of the most sought-after stablecoins on the market and offering Terra users a new way to engage with and trade UST.
The Terra protocol is the leading decentralized and open-source public blockchain protocol for algorithmic stablecoins, including UST, the decentralized and algorithmic stablecoin of the Terra blockchain. Recently, Terra was named the second biggest DeFi ecosystem behind Ethereum, having reached nearly $24 billion in total valued locked (TVL).
UST was launched in September 2020 and has since gained the reputation as the most scalable stablecoin. Unlike centralized stablecoins, UST and its reserves are not controlled by a central entity, making it an ideal medium of exchange on both DeFi and TradFi platforms. Its value is pegged 1:1 to the US dollar. The stablecoin can be used in conjunction with LUNA, Terra’s non-stablecoin crypto, or as a standalone token.
In addition to Terra bringing liquidity to its UST trading pairs, our teams will explore future opportunities as we prepare for our V2 launch.
“UST is not only one of the most popular stablecoins on the market but also one of the most unique, given its decentralized and scalable nature,” said Rachel Lin, co-founder and CEO at SynFutures. “Working with Terra to bring more trading opportunities to our users is a milestone for our team as we work to expand our decentralized derivatives trading platform and products.”
Stay tuned for more information on our collaboration with Terra.
SynFutures is a next-generation derivatives exchange focused on creating an open and trustless derivatives market by enabling trading on any device with proper price feeds. By cultivating a free market and maximizing the variety of tradable assets, SynFutures is lowering the barrier for entry in the derivatives market, creating a more equitable exchange market for digital assets.
The Terra protocol is the leading decentralized and open-source public blockchain protocol for algorithmic stablecoins like UST built off of the Cosmos SDK and secured by a system of verification called Tendermint Consensus. Using a combination of open market arbitrage incentives and decentralized Oracle voting, the Terra protocol creates stablecoins that consistently track the price of any fiat currency. Users can spend, save, trade, or exchange Terra stablecoins instantly, all on the Terra blockchain. LUNA, the native Terra cryptocurrency that absorbs the demand fluctuations of UST, provides its holders with staking rewards and governance power.
The Terra ecosystem is a quickly expanding network of decentralized applications, creating a stable demand for Terra’s stablecoins and increasing the price of LUNA.