Web 3.0 Token ‘Near Protocol’ Up 79% in a Month Amid Terra Partnership

NEAR token has been marching steadily upwards to a new all-time high of US$16.37, the most recent rally on December 22 after NEAR announced it was partnering with leading blockchain protocol Terra Money.

Terra is an open-source decentralised network and the TerraUSD (UST) stablecoin is pegged 1:1 to the US dollar, making it an attractive medium of exchange for the DeFi space.

More Collaborations to Come

The integration of UST on NEAR “will be a big step towards growing the Near and Aurora ecosystem”, according to Aiden Knox, founder of NearPad and Rose. “I’m excited to be working closely with the Terra team to not only bring UST to NearPad and Rose, but also for the deeper integrations and collaborative projects this partnership enables.”

This has indeed been bullish news for NEAR as investors have rushed in. By Christmas Eve, NEAR trading volume had spiked to US$1,475,397,417 as the price rallied to a high of $16.15 on December 27. After a week of healthy consolidation, the NEAR chart is as green as a Christmas tree – its impressive price action has seen the token increase 1060.5 percent in value over the past 12 months.

NearPad – NEAR’s DeFi Hub

NearPad aims to be the leading gateway for the DeFi ecosystem on Aurora – an Ethereum Layer-2 built on top of NEAR blockchain. NearPad consists of a DEX AMM, launchpad, and incubator project Rose – a liquidity protocol on Aurora. NearPad offers a product suite to nurture and grow the DeFi ecosystem.

Three weeks ago, Crypto News Australia reported that NEAR Protocol token had soared 48 percent in a week after listing on MoonPay. Terra’s native token LUNA has also had major upside over the past couple of months following Terra’s network upgrade, reaching a new all-time high on December 27 of US$103.34.