XDEFI Wallet integrates Terra and starts liquidity program

XDEFI wallet, a Browser-based service for DeFi and NFT assets, has officially integrated the Terra Layer 1 blockchain protocol on its platform after several weeks of testing and development.

With Terra, the platform now supports 9 blockchain networks including Bitcoin, Ethereum and Polygon. It has also announced its intention to combine Solana, Avalanche and Arbitrum in the future.

Earlier this month, XDEFI launched its public cross-wallet extension on the Google Chrome webstore with the stated goal of making it easily accessible to users of the browser.

In late September, XDEFI raised $ 6 million from several recognized crypto venture capital firms including Mechanism Capital, Alameda Research, and CoinGecko, as well as a number of individual investors.

Commenting on the benefits of Terra’s native algorithmic stablecoin TerraUSD (UST), CEO and co-founder Émile Dubié:

“I believe that UST will serve a single purpose as a decentralized stablecoin and will become an important part of the crypto ecosystem. Terra’s killer app is a UX focused environment that is accessible and geared towards wider Web3 adoption. It was really exciting to see Terra grow as a Grade 1 and projects around UST thriving. “

Related: 3 reasons the Terra (LUNA) price hit a new all-time high

XDEFI also revealed plans to create a liquidity scheme on Terra in collaboration with the DeFi Protocol Pylon. The program aims to support the first projects in the Terra ecosystem and to provide opportunities for community governance for selected project types.

According to analytics from DeFi Llama, the Terra blockchain enables a total of $ 9.75 billion in Value Locked (TVL) across eight assets, the most popular of which are Anchor Protocol, Lido Finance and the platform. The decentralized blog Mirror recorded $ 3.94 billion, $ 2.95 billion and $ 1.27 billion, respectively.

Do Kwon, CEO and Co-Founder of Terra, shared his excitement about the potential impact of XDEFI on the Terra ecosystem:

“We are pleased to welcome XDEFI as a custodian that supports the Terra ecosystem. Terra-integrated XDEFI provides LUNAtics with one of the fastest, easiest-to-use multi-chain wallets in the industry, including customizable NFT displays that are about to hit Terra’s booming NFT market. “

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