Tuesday, January 31, 2023

XDEFI Wallet Unveils Integration with Terra and Announces Liquidity Program on Pylon Protocol to Support The Terra Ecosystem By DailyCoin

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XDEFI Wallet Unveils Integration with Terra and Announces Liquidity Program on Pylon Protocol to Support The Terra Ecosystem

XDEFI Wallet, the browser wallet built for speed, announced today its integration with , the 4th largest blockchain ecosystem by total value locked (TVL). While the integration was live for a number of weeks and undergoing testing, it is now live to all XDEFI Wallet users.

Émile Dubié, CEO and co-founder, said “I believe that UST serves a unique purpose as a decentralized stablecoin and will become a key component of the crypto ecosystem. Terra’s killer app is its accessible and UX-focused environment that caters for wider web3 adoption. It is truly exciting to see how Terra has developed as a Layer 1 and to see projects flourishing around UST.”

Terra is a programmable Layer 1 blockchain protocol that offers a suite of algorithmic fiat-pegged stablecoins. Terra’s native LUNA token absorbs the short-term volatility of Terra’s stablecoins. According to DeFiLlama, Terra has over US$8.6 billion in TVL and LUNA, the native asset of the Terra blockchain, hit US$18 billion earlier this year. Over 60 projects are ready to launch on Terra in the next 6 – 8 weeks and over 100 have recently stated plans to launch by early 2022.

Do Kwon, CEO and Co-Founder of Terra, said,

“We’re thrilled to welcome XDEFI as a non-custodial wallet supporting the Terra ecosystem. XDEFI integrating Terra provides LUNAtics with one of the fastest and most user-friendly multi-chain wallets in the industry, including a customizable NFT display which is soon to feature Terra’s booming NFT market.”
In addition to Terra, XDEFI Wallet supports 8 other chains, including , , Polygon, Binance Smart Chain, Binance Chain, THORChain, , and . XDEFI Wallet is planning to add support for , Arbitrum, and others.

XDEFI Wallet also announced they will be working with Pylon to set up a liquidity program on Terra. Pylon is a suite of DeFi savings and payments products powered by user deposits that build on stable yield-bearing protocols such as Terra’s Anchor Protocol. Pylon enables sustainable exchanges between long-term value providers and their consumers through customisable deposit contracts and yield redirection.

Woojin Lim, Co-Founder of Pylon Protocol, said,

“Our protocol is excited to partner with XDEFI Wallet to open up Pylon Pools on Pylon Gateway, Terra’s premier launchpad, and introduce yield-based deposit contract pools. We’re looking forward to working together in growing Terra’s ecosystem.”
Half of the funds that will be raised via Pylon will be used to fund early-stage projects of the Terra ecosystem. The community will be able to vote on how the funds should be allocated.

XDEFI Wallet is backed by a number of DeFi-centric funds and venture investors, having recently raised US$6M from Mechanism Capital, DeFiance Capital, Alameda Research, Sino Global Capital, Animoca Brands, Morningstar Ventures and CoinGecko, as well as DeFi builders like Darren Lau, Mark Zeller, Scoopy Trooples, and Mariano Conti.

XDEFI Wallet unveiled the public release of its next-generation browser wallet on the Chrome Store earlier this month, with over 35,000 users to date. {Add info about IDO}

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