Terra’s Anchor Collaborates with Polkadot’s Acala Network to Increase DeFi Adoption
Anchor is a savings and lending protocol ranking third by total value locked (TVL) with $14.7 billion crypto assets making it the most famous DeFi protocol on the Terra network. Acala is a DeFi network built on the Polkadot ecosystem. It is a layer 1 smart contract platform that is Defi-centered, Ethereum compatible, and scalable.
Terra‘s Anchor and Polkadot’s Acala are teaming up to promote increased DeFi adoption and expand innovatively on other blockchains. Acala Network and Karura will be responsible for the proliferation of Anchor’s collateral for the UST stablecoin Liquid DOT (LDOT) and Acala’s very own Liquid KSM (LKSM). With the help of the cross-chain bridge Wormhole, the team will utilize liquidity pools for stablecoins aUSD and UST. Moreover, Polkadot and Kusama users will now have access to Anchor yield opportunities through their LDOT and LKSM. This partnership will continue to work on more integrations and development in both Terra and Polkadot ecosystems.
This tie-up strategy by Anchor and Alcala will not only bring more utility for both end-users but will also increase the integration of their tokens to other networks making room for growth and innovations.
In line with the plan to promote decentralized finance, both firms will be working on building a healthy ecosystem around the growth of stablecoins. This cooperation is essential for traders, investors, and tokens’ overall value. The collaboration is expected to deliver more incredible benefits for the future of DeFi in general.
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