Hybrid blockchain developers Kadena have announced a partnership with South Korean stablecoin issuer Terra to develop and expand their decentralized platform Kadenaswap.
Kadena has announced that it will add the Terra-issued LUNA stablecoin to the Kadenaswap exchange, which is slated to launch later this year. With the help of the hybrid blockchain, Kadena hopes to attract various organizations and users looking for an alternative to Ethereum-based platforms.
Kadena co-founder and president Stuart Popejoy noted that the congestion of the Ethereum blockchain could hinder the successful scaling of DeFi applications. Considering that Kadena’s solution provides low cost and high transaction speed, it will increase the interoperability of stablecoins, as well as improve the interoperability of Ethereum and Polkadot blockchains.
Terra co-founder and CEO Do Kwon said Terra will be able to process “hidden” LUNA transactions on Kadenaswap and then connect to Ethereum. Kwon noted that such a partnership will expand payment options using Terra stablecoins. The first phase of moving coins from one blockchain to another via Kadenaswap will begin in 2021.
Note that a few months ago, the throughput of the Kadena blockchain reached 480,000 transactions per second due to the increase in the number of “forked chains” in the network to twenty. In addition, in May, the Kadena project integrated Chainlink’s decentralized price oracles to track cryptocurrencies in real time.
