Solana blockchain teams up with Terra for better payments

Solana blockchain is joining forces with Terra to bring stablecoins into its dApp ecosystem. Terra is a stablecoin backed by Korean e-commerce firm TMON. Solana claims to have high-quality technology in terms of scaling, decentralization and security. The new partnership is expected to enable its dApp developers to accept low-cost, price-stable payments through a new token bridge technology. 

According to Coindesk, the Solana team said:

By bringing stablecoins onto our network, we aim to dramatically expand the design space for developers, opening the door to novel applications that require price-stable payments. It's our hope by prioritizing support for stablecoins with Terra that we can accelerate the DeFi ecosystem within Solana.

CHAI, Terra’s payment app, has a monthly active user base of over one million and the network witnesses daily transaction volumes of $3 million. Through a low-latency bridge, the network will be incorporated into the Solana ecosystem. Commenting on the partnership, the Terra team noted: 

Working together, we believe this partnership will foster a thriving community of dApps that leverage the strengths of both Solana’s speed and Terra’s stablecoin ecosystem.

Though Solana’s whitepaper came out in 2017, it only went live last year after a Series A round led by Multicoin Capital. Since then, the company has been looking for partnerships to expand its reach.