Developers of the Kadena hybrid blockchain have announced a partnership with South Korean stablecoin issuer Terra to develop and expand their Kadenaswap decentralized platform.
Kadena management has announced that it will add the Terra-issued LUNA stablecoin to the Kadenaswap exchange, which is scheduled to launch at the end of the year. With the help of a hybrid blockchain, Kadena hopes to attract various organizations and users who are looking for an alternative to Ethereum-based platforms.
Kadena co-founder and president Stuart Popejoy noted that the congestion of the Ethereum blockchain can hinder the successful scaling of DeFi applications. Given that the Kadena solution provides low cost and high transaction speed, it will increase the interaction of stablecoins, as well as improve the compatibility of the Ethereum and Polkadot blockchains.
Terra co-founder and CEO Do Kwon said that 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 stage 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 “branched chains” in the network to twenty. In addition, in May, the Kadena project integrated the Chainlink decentralized price oracles to track the cryptocurrency exchange rate in real time.