Fireblocks adds support for Terra as it sees 'record breaking' institutional demand

Quick Take

  • Fireblocks now supports Terra-based protocols on its platform.
  • Clients have already deployed nearly $500 million in such protocols, CEO Michael Shaulov told The Block.

Crypto services provider Fireblocks has added support for the Terra blockchain on its platform as institutional demand for decentralized finance (DeFi) grows.

The company said it's the first to provide Terra access to institutional customers, meaning its clients can now access Terra-based DeFi apps such as lending protocol Anchor and liquid staking protocol Lido.

Terra support comes in response to "record-breaking demand" from customers of its early access program, the company said today. The program is for Fireblocks clients who wish to participate in "special, early releases" of features and integrations that will launch on the Fireblocks platform before the public has access, CEO Michael Shaulov told The Block.

These customers deployed more than $250 million into Terra-based protocols within the first 72 hours of the integration being live on April 18, said Shaulov. That amount has now grown to over $470 million, he added.

Terra is the second-largest DeFi ecosystem, after Ethereum, by total value locked (TVL). The value locked in Terra-based protocols currently stands at over $25 billion, compared to over $113 billion in Ethereum-based protocols, according to data from DeFi Llama.

Why are institutions interested in DeFi?

Shaulov said institutional investors benefit from accessing DeFi markets as they offer new yield generation opportunities that are not available in traditional markets and assets.