XDEFI Wallet, a browser-based service for decentralized finance (DeFi) and nonfungible token (NFT) assets, has officially integrated the layer one blockchain protocol Terra on its platform following a number of weeks of testing and development.
With the addition of Terra, the platform now supports nine blockchain networks including Bitcoin, Ethereum and Polygon. It has also expressed intentions to incorporate Solana, Avalanche and Arbitrum in the future.
Earlier this month, XDEFI launched their public cross-wallet extension onto Google Chrome’s web store, with the stated intention of enabling easy-accessibility for the browser's users.
In late September, XDEFI raised $6 million from a recognized number of venture capital crypto firms including Mechanism Capital, Alameda Research and CoinGecko as well as a series of private individual investors.
CEO and co-founder Émile Dubié commented on the benefits of Terra’s native algorithmic stablecoin TerraUSD (UST):
“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."
XDEFI also revealed plans for the creation of a liquidity program on Terra in partnership with DeFi protocol Pylon. The program will aim to support debut projects on the Terra ecosystem and grant the community governance opportunities as to the types of projects selected.
According to analytical data from DeFi Llama, the Terra blockchain facilitates $9.75 billion in total value locked, or TVL, across eight assets, the most popular of which are Anchor Protocol, Lido Finance and the decentralized blogging platform Mirror, which recorded $3.94B, $2.95B and $1.27B, respectively.
CEO and co-founder of Terra, Do Kwon, shared his excitement on the potential impact XDEFI could have on the Terra ecosystem:
“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.”