In a first for decentralized autonomous organizations (DAOs), blockchain project Terra has secured a landmark partnership with the U.S. Major League Baseball side, the Washington Nationals. The partnership was announced Wednesday following a proposal passed by the Terra community with an overwhelming 98.41% of voters in favor of the move.
As per the proposal, Terra will pay $40 million worth of its native UST stablecoin to the Washington Nationals to seal the deal.
Through the new partnership, Terra has secured the premier club plate at Nationals Park and will now utilize the space to advertise the project to thousands of fans gracing the Washington Nationals’ home games. The Terra brand will be featured on in-stadium signage and will partner with the Washington Nationals to create advertorial content that will be shared across the club’s social platforms.
Today’s announcement also revealed the upcoming adoption of Terra’s stablecoin UST for payments within the stadium. This part of the partnership is due to kick off as soon as March 31st, when the new Major League Baseball season begins.
Commenting on the milestone partnership, Terraform Labs founder Do Kwon noted it it unlocks a “new world of opportunities” to take crypto and DeFi to a mainstream audience. Do Kwon added,
By approving this sponsorship deal, the community has a new way to engage and educate the public, including policymakers doing important work in Washington, D.C., about decentralized money and the burgeoning technology that underlies it.
Noteworthily, the Washington Nationals partnership continues a period of massive growth for the Terra blockchain project. Terra’s native token, LUNA, has grown significantly in the past year and is currently the ninth-largest crypto with a $23 billion market cap. In a similar vein, the UST stablecoin (with an $11 billion market cap) has become the fourth-largest stablecoin, surpassing major competitor DAI in recent weeks.
Terra is also seeing some progress on the institutional front with fund manager VanEck launching a LUNA-backed exchange traded product in January.
