NEAR Token Reaches New All-Time High Today
Near (NEAR) token price jumped 28% and reached $13.89 on Wednesday after developers announced integration with Terra's decentralized payment network, setting an all-time high at $14. The developers said in a statement that Terra UST tokens – stablecoins that are algorithmically pegged one-to-one to the US dollar – are now supported on the high-speed Near network.
The UST release on Near is the result of a partnership between Terra and the NearPad and Rose Decentralized Finance (DeFi) tools. According to the developers, the move will help develop UST in new ecosystems of both NEAR and Aurora, a bridge that moves assets between Ethereum and Near.
Terra has a growing user base and expansion to other blockchains helps create additional use cases for both its blockchain and its issued assets. Terra became the second largest DeFi ecosystem in the world on Tuesday, with over $18 bln worth of products and services.
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