RandomEarth: Towards a Decentralized Exchange on Terra — for NFTs and Beyond

UPDATE: We’ve re-branded from Stardust to RandomEarth. Learn more here.

Introduction

As DeFi matures, it’s gradually evolving away from basic products (like 80% APY yield farms) towards more specific product verticals — like interest rate swaps, options, and NFTs.

These products — by virtue of having maturities, having settlement dates, or being non-fungible — have a hard time being traded on traditional AMMs.

Random Earth brings decentralized limit order books to Terra, and allows the creation of orders trading anything from $UST to GalacticPunks NFTs.

To facilitate high throughput trading, orders are signed and submitted off-chain to a matching engine, and executed on a robust on-chain settlement contract. Random Earth’s core technology will enable the development of exciting new products on Terra, and kick off an explosion in real world usage.

The Random Earth Universe

On top of providing a limit order book, Random Earth will support a diverse array of products — products that would otherwise struggle or be impossible on AMMs like Terraswap. Even though we haven’t been public until now, we’ve found it easy to form partnerships with other projects trying to build on our platform.

• Galactic Punks NFTs. Galactic Punks will kick off the first frontier of NFTs on Terra, and they will launch on top of Random Earth’s NFT marketplace, currently our primary consumer product.
• Levana Evolutionary NFTs. The Random Earth NFT marketplace will also be supporting the launch of Levana’s evolutionary NFTs.
• Sigma Protocol. Sigma will bring options trading to Terra, and Random Earth is excited to power all options trading for them.
• Prism Protocol. Prism will bring yield derivatives on Terra, and Random Earth is excited to power trading for a DeFi version of the $1 trillion/day interest rate swap markets.
• Palette Protocol. Palette will bring tranches to Terra.
• Astrologer Protocol. Astrologer will bring betting and prediction markets to Terra.

RandomEarth.io — an NFT Marketplace

Currently, Random Earth’s primary focus is building an NFT marketplace on top of our order book infrastructure. Our goal is to onboard the next million users to Terra.

Technical Advantages

Before we discuss the product plans, here’s how building a marketplace on top of Random Earth’s core infrastructure is a major technical win:

• Fractional NFTs. Since Random Earth by default enables the trading of arbitrary assets, a marketplace built on Random Earth will support fractional NFT trading out of the box.
• Un-collateralized Bidding. Random Earth bids are stored off-chain, and as a result you can broadcast your intention to purchase an NFT (with no gas cost) without putting up any assets upfront. You just need to ensure you have assets deposited into Random Earth at settlement time. This means you can freely bid in $UST with all of your $UST stored in Anchor, and then transfer your $UST out when an auction closes.
• Arbitrary Asset Auctions. Random Earth lets you place orders in whatever units you want. If you want to bid in $aUST (so $UST never has to leave Anchor even at settlement), go for it.
• Low / No Gas. On LocalTerra, executing orders on Random Earth costs half as much gas as swapping on Terraswap. Additionally, since orders are generated and stored off-chain, and can be executed by anyone, eventually we can expect auctions to cost no gas, from end-to-end, for almost any user.

Base Features

• 1% trading fee on NFT transactions.
• Creators may set royalties on NFT transactions. Royalties become immediately withdraw-able after every trade.
• Open-source. Decentralized.

“Onboarding the Next Million Users.”

We believe that the most valuable NFTs will be the ones backed by solid intellectual property (like NBA Top Shots or celebrity fan NFTs) instead of ones pumped up by crypto insider speculation. We’re working to build partnerships with artists, entertainers, and content creators to launch IP-backed NFTs on our platform.

Releasing these NFTs means potentially millions of fans, with no knowledge of crypto, coming to Terra to engage with their favorite stars. We must be ready to onboard them.

Random Earth’s NFT Marketplace will offer first-class login support through Google/Facebook/Twitter OAuth — while Terra wallets are generated behind the scenes. This way, anybody can engage with content on our platform without knowing anything about crypto.

In addition, we’ll offer migration functionality to allow users to move assets to an address they have full custody over, and in the process introduce new users to blockchain, crypto, and the Terra ecosystem.

Building a Social Network for Brand Affinity

On Random Earth, NFTs will be used primarily to foster fan engagement. We expect creators to want to build long-term relationships with their fans, beyond the initial NFT sale. Therefore, we want to build Random Earth into a social platform with gamification via NFT rewards. Some ideas include:

• Notifications. Fans being able to follow creators and subscribe to email notifications, which may contain NFT loot rewards upon clicking the call-to-action.
• NFTs as Badges. Showcasing your favorite creator’s NFTs on your profile. Creators can see who their top NFT holders are, and grant them special NFT tokens for access.
• NFTs as Access Tokens. Using NFTs to unlock custom content. For example, owning NFTs will grant you custom emotes on the creator’s Twitch (assuming we can pull off such a partnership / integration).
• NFTs as Posts. Content — posts, comments, and art — created on-platform can be persisted to the blockchain as an NFT and collected by fans.
• NFTs as Gifts. NFTs can be gifted to others — similar to Reddit gold.
• NFTs as Rewards. NFTs can be minted at a certain level of engagement as a reward (e.g., retweet this, and you receive a NFT).
• VideoGame SDK. NFTs (like avatars, weapons, or clothing) can be minted on Random Earth to be used as items within games built by other companies. NFTs can be dynamically minted for certain in-game behaviors.
• Content Creation Tools. We’re going to take the TikTok approach of building content-creation tooling within the app itself, so that NFT artists (and soon consumers) can create their own NFTs with ease, without needing to write JavaScript/Python scripts. Moreover, creators can create NFT primitives (like a hat) that can be composited along with other NFTs into a new NFT asset. Because everything is on-chain, we then have a blockchain-enabled content-licensing trail to enable royalty distribution in a fair and decentralized way.

Bigger creators can use Random Earth to engage with their existing fanbase, while smaller creators can create content on-platform and build a following that they can eventually monetize, without needing to auction off NFTs from the start.

Obviously, these ideas need to be fleshed out more, and most of these features would land after the core marketplace launches, but we want to give an idea of how we’re thinking about adding more value for both creators and fans.

For a crypto social network to work, it needs to drive organic engagement between creators and their fans. We ultimately believe that social engagement will become the most strategic and defensible asset within the Terra ecosystem, making the $UST peg even more stable, sending $LUNA to new heights.

Random Earth’s Twin Bridges

A Bridge to Other Chains

We want to help make Terra universally-interactive across all major chains. Random Earth plans to utilize Wormhole’s cross-chain bridge to enable the purchasing and transfer of NFTs across:

• Terra
• Ethereum
• Solana
• Binance Smart Chain

All of this will happen seamlessly through a consumer-friendly UI.

A Bridge to Fiat

We plan to integrate with vendors to enable fiat payments on our platform. When we launch this, you won’t need crypto to buy NFTs. And if you so choose, you won’t need a crypto wallet to hold them.

Learn More

Got ideas? Want to help? We would love to hear from you. You can reach us at hello@randomearth.io or engage with us here:

• Twitter: https://twitter.com/randomearth_io
• Discord: https://discord.com/invite/S8VXXh8uUp
• Website: https://randomearth.io