Wormhole Announces Plans to Support Terra 2.0

Wormhole has announced it will support Terra 2.0 by adding Terra V2 to its network. It will enable developers to send xAssets to chains supported by the network. Plus, developers could also leverage the cross-chain messaging protocol of Wormhole to create xApps.

The community of Terra 2.0 includes analytics, decentralized exchange, wallets, non-fungible tokens, and infrastructure. Wormhole’s support will extend to the Terra community throughout its ecosystem and the emerging Web3 technology.

Wormhole is an interoperability protocol that harnesses the power of a single SDK to move to xChain richer with features. It is known for providing a low lift and low code solution for all the multiple xChain use cases.

Wormhole published the update through its official blog post. It follows the blog post where Wormhole launched its first edition of a new series called Wormhole Chains. It aims to introduce new chains that become a part of the Wormhole network.

Celo was the first in the series. It is a mobile-first layer-1 blockchain that is fully compatible with EVM. Anyone with a mobile device can access the tools and services of decentralized finance through Celo. The aim is to bring all the benefits of DeFi to smartphones to break the barriers.

Personalities like Jack Dorsey and a16z back Celo. It recently partnered with PayU, Deutsche Telekom, and Kickstarter to strengthen the mission of Celo, where it wants to break the barrier and focus on global accessibility. More can be read on the official blog post of Wormhole titled Wormhole Chains – Celo.

Wormhole has three major solutions that it offers. These are xData, xAssets, and xApps. xAssets allow developers to run their assets on any supported chain without difficulty. The same applies to xApps that can be connected to multiple chains, and xData gives access to data that was previously on one chain.

There are many use cases provided by Wormhole to make xChain simpler. It facilitates composability for applications to work on different chains. It allows the lending protocol on, say, Solana to leverage the insurance protocol on Ethereum.

Multiple runtimes are supported, including EVM+, CosmWASM, Solana, and Algorand. Developers who build protocols on Wormhole can use assets, data, and messages from other chains.

The NFT ecosystem of Wormhole has its portfolio filled with the likes of OpenSea, Mobland, Everdragons, LiqNFT, MetaPlex, and Bridgesplit. Assets created so far include Brave, Aurory, Frax/FXS, and Audius.

Terra is an open-source blockchain for hosting an ecosystem consisting of dApps and many other tools. It deploys Proof-of-Stake consensus and technologies like Terrain & Terra Station to make Terra the fastest blockchain for a better DeFi experience.

A new Terra chain came into existence after Terra Classic users passed a governance proposal number 1623 outlining the genesis of a new Terra Chain.

Wormhole and Terra have never hesitated to innovate within their ecosystem. Therefore, a collaboration for support is projected to be a huge hit in the industry.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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