Beyond Crypto Custody: Fireblocks Unveils Web3 Engine To Support DeFi, Games And NFTs

Around the same time, as part of its early access program to the Web3 engine, Fireblocks added support for decentralized finance applications (dapps) on the Terra blockchain. The network underpins the troubled stablecoin TerraUSD (UST) and its sister token LUNA, both of which collapsed to nearly $0 last week.

According to Shaulov, in less than a month Fireblocks’ customers had transferred around $3 billion in volume across the platform interacting with Terra’s popular dapps such as lending protocol Anchor, staking platform Lido and peer-to-peer exchange Astroport. But once UST, designed to always be worth $1, lost its peg, Fireblocks saw mainly “transactional activity that was speculative in nature as people were trying to hedge or take advantage of the situation,” says Shaulov. He highlights that ultimately Terra is only one of the 35+ networks Fireblocks’ Web3 engine supports (others include popular networks like Ethereum, Solana and Avalanche): “the goal of this offering is to provide cross-blockchain support.”

The engine is the latest product providing users with gateways to easily interact with the $90 billion DeFi industry. Yesterday, cryptocurrency exchange Coinbase introduced a similar capability for its retail users, enabling them to access Ethereum-based applications directly from the Coinbase app. This includes buying NFTs on marketplaces like Coinbase NFT and OpenSea, trading on decentralized exchanges like Uniswap and Sushiswap, and borrowing and lending through DeFi platforms like Curve and Compound.

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