Kadena’s platform, developed by the creators of J.P. Morgan’s first blockchain, will add Terra’s Luna stablecoin to the Kadenaswap portfolio
NEW YORK, N.Y. — Nov 10, 2020 — Kadena, the first blockchain technology company to come out of J.P. Morgan’s Blockchain Center for Excellence, and programmable money leader Terra are partnering to contribute their combined expertise towards expanding the DeFi ecosystem. Kadena will add Terra’s Luna stablecoin to the multi-protocol Kadenaswap DEX that will utilize Kadena’s 20-chain sharded and scalable layer-1 public blockchain. This collaboration highlights how Kadena is well positioned to help DeFi scale with high throughput and low gas costs, enabling innovative products like Terra’s Luna stablecoin to accelerate adoption.
Kadenaswap will act as a decentralized hub, providing bridges to major protocols. Kadenswap will give the Luna stablecoin access to Ethereum, Bitcoin, Cosmos, Polkadot, and other networks. Terra is a strong new addition to the Kadenaswap portfolio because Terra is diversifying DeFi with multiple fiat stablecoins, bringing FX to DeFi. By working together, both projects grow from enhanced functionality with Kadena adding more value to its decentralized exchange and Terra offering greater utility with access to popular platforms.
“Terra believes that decentralized bridges are pivotal to growing DeFi, which is why we’re excited about working with Kadena. While various projects are developing decentralized exchanges, we believe that Kadenaswap’s support of multiple protocols will deliver unique advantages given the background and track record of their team. This collaboration means that Terra could process wrapped Luna transactions on Kadena’s DEX and then bridge to Ethereum. Bringing Terra’s Luna stablecoin to Kadenaswap makes cross-platform payments easier and advances the usage of Terra-based payments,” said Do Kwon, Co-founder and CEO of Terra.
“Ever since my and my co-founder’s time building J.P. Morgan’s first blockchain, whose technology laid the foundation for JPM Coin v0, the promise of payments on a high-throughput blockchain platform has been evident. Seeing how Ethereum has had significant challenges with scaling for DeFi, Kadena is creating Kadenaswap to be truly decentralized with low-gas and high-speed transactions,” said Stuart Popejoy, Co-founder and President of Kadena. “Like us, Do and the Terra team have expertise in payments and understand that Terra’s stablecoins could turbocharge real-world adoption of payments on top of a truly decentralized base layer and exchange. Kadenaswap will deliver wide interoperability between coins like Terra’s and leading blockchain platforms like Ethereum and Polkadot.”
The first stage of moving Terra and other coins in and out from one network to another via Kadenaswap will take place in 2021. Users of Kadenaswap will benefit from Terra stablecoins that are backed in fiat currencies such as the U.S. dollar, Korean won, and Phillipine peso.
Kadena provides the world’s fastest hybrid blockchain platform, consisting of the only sharded and scalable layer-1 PoW public network, the Kuro permissioned blockchain, and the Pact smart contract language. Kadena solves the scaling challenges of Bitcoin and the security issues of Ethereum. Kadena’s founders created J.P. Morgan’s first blockchain and worked at the U.S. Securities and Exchange Commission. Kadena is live with partners including USCF (a $3 billion fund) and leading DeFi projects. For more information, visit www.kadena.io or follow @kadena_io on Twitter.
Terra creates algorithmic stablecoins pegged to various fiat currencies that are designed to be easier to spend and more attractive to hold. Terra’s payment solutions are expanding into e-commerce checkouts in Asia, empowered by lower transaction fees and faster settlement times. Chai is the fastest growing e-wallet in Korea, with more than 2M active users and 1.2B in annualized transaction volume after less than 16 months of operations. For more information, visit www.terra.money or follow @terra_money on Twitter.