Terra’s $139 Million Plan To ‘Bring Great UST Use-Cases’ To DeFi Projects
Terra’s research report ‘UST Goes Interchain: Degen Strats, was published on January 6, Part Three, explains how the $139 million in UST and its native stablecoin LUNA will be used and on what platforms if the concept is accepted.
Terra, a decentralized stablecoin issuer, has made an ambitious proposal to increase the interchain deployment of its UST stablecoin across five projects on Ethereum, Polygon, and Solana.
Terra would deposit UST in quantities ranging from $250,000 to $50 million in each proposed deployment to strengthen the viability of each of the new partner projects. The main goal is to “bring great UST use-cases to Ethereum DeFi.”
Later, governance participants will vote on whether or not to adopt the proposal.
In a Dec,21 tweet, Terra creator Do Kwon stated his desire for UST to be the dominant stablecoin in the cryptocurrency industry. The distribution is intending to aid Terra’s increase in market capitalization.
The Third-Largest Bitcoin Whale Hits Another $24 Million In BTC During The Dip
While the current drop has caused alarm in the crypto world, one HODLer is taking advantage. The third-largest Bitcoin whale recently purchased in the dip, bringing his total holdings to over 121,000 BTC.
The whale’s address received 372 Bitcoins on January 4. The amount was acquired for ₹1,272,038,485.81 ($17,122,242.1). This was a follow-up to an even greater buy a day earlier, when he paid an average of $46,363 for 456 Bitcoin.
On January 5th, the price of Bitcoin fell below $43,000, along with the cost of equities. This caused market sentiment to plummet to levels not seen since July.
At the moment, the whale replied with yet another Bitcoin buy, consuming another 172 coins for $7,793,488.82. That works out to $43 539 per coin.
Bloomberg Expert Believes Bitcoin Will Beat Stocks in 2022 As The Fed Tightens
According to Bloomberg commodity strategist Mike McGlone, the Federal Reserve’s signalling tighter monetary policy in 2022 may provide short-term headwinds for risk assets such as stocks and cryptocurrency.
However, there’s a good chance Bitcoin (BTC) will still come out on top as investors recognize its value as a digital reserve asset.
The Federal Reserve’s proposal to raise interest rates in 2022 was touted as a potential “win-win scenario for Bitcoin [versus] the stock market.” in the January edition of Bloomberg’s Crypto Outlook.
“Stretched markets have become common, but commodities and Bitcoin appear to be early reversion leaders,” McGlone stated. “It’s a question of bull-market duration, and we see the benchmark crypto coming out ahead.”
Minutes from the Federal Reserve’s December policy meeting were released on Wednesday; revealing that central bankers are ready to reduce their stimulus assistance sooner than previously anticipated aggressively.
For the time being, the plan calls for three interest rate rises in 2022, accompanied by a decrease in the Fed’s balance sheet, which presently stands at about $8.3 trillion in Treasurys and mortgage-backed securities.
The Bloomberg expert predicts the “enduring three” – Bitcoin (BTC), Ether (ETH); and dollar-pegged stablecoins to maintain supremacy in the larger cryptocurrency market throughout the year.
The A.R Rahman Foundation and HBAR Foundation Will Collaborate To Generate Content For The New NFT Platform
ON THURSDAY, the HBAR Foundation launched a collaboration with Indian Oscar-winning music composer A.R. Rahman to generate material for an NFT (Non-Fungible Token) platform to assist India’s independent music ecosystem.
The HBAR Foundation has announced that it would give a grant and organizational assistance to create and expand the NFT platform; which is set to start in the first quarter of 2022.
“The HBAR Foundation is proud to support innovative projects across the globe, and our strategic partnership with A.R. Rahman provides tremendous value to the HBAR ecosystem with its focus on the large and vibrant music community in India,” Shayne Higdon, Executive Director & CEO of the HBAR Foundation, stated.
As part of the event, A.R. Rahman will release his first-ever NFT drop, with a percentage of the revenues benefiting different charities.
A.R. Rahman is the most recent addition to an ever-expanding roster of Indian superstars associated with NFTs. Amitabh Bachchan has already started his art NFT, and Salman Khan has pledged to do the same shortly.
Cardano’s First All-in-One DeFi Wallet Hits a New Connectivity Milestone
GeroWallet, Cardano’s first all-in-one DeFi wallet, has reached another connection milestone. Cardano’s first all-in-one DeFi wallet; users may now connect to a growing variety of Cardano decentralized apps with the newest release of version 1.8.10. GeroWallet allows users to buy Cardano using fiat currency while swapping, staking, and margin trading synthetic assets.
According to a recent blog post, the most recent upgrade has brought forth another milestone known as dApp connection capabilities. This lets users connect to Cardahub, an NFT marketplace, to purchase and sell NFTs from popular Cardano NFT collections.
GeroWallet allows users to track, trade, and engage without worrying about the compatibility of the primary channel, lowering the time necessary for this. This will also prevent the backend from duplicating because it will develop new services from current ones. Furthermore, its control and compliance improve financial security.