Terra Reserves & Protocol Updates
written by @speicherx
Terra announces Avalanche as another backstop for UST Reserves and teases at a Terra subnet: GameFi Development. In addition to the $10 billion Bitcoin reserves, another $100 million AVAX was pledged to help solidify the peg. This partnership came shortly after the 4pool Curve proposal, of which will follow the same mechanism as explained with BTC <> UST.
LFG currently holds 39,898 Bitcoin and is ranked #19 on the Rich List. bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q
How it will work:
If UST > 1,
- Arbitragers will buy LUNA from the open market and burn LUNA to mint UST. Afterwards, the UST will be sold on the open market to capture the arb profit opportunity.
Previously, in the event of a depeg (UST < 1),
- UST will be redeemed to LUNA which may lead to death spirals during extreme volatility. The reserves consisting of BTC and AVAX will act as a safeguard where users can redeem UST for these non-correlated assets instead of solely LUNA at 1:0.98. Depending on what exposure users want to retain, they can choose between the available options.
Similar to the BTC <> UST mechanism, UST will be available for purchase with AVAX — locking up AVAX tokens are more UST gets used.
1) Eumlet: Streaming Payments
Eumlet acts as a third-party provider for businesses to digitise their payments ‘without complex overheads’, catered to corporate users worldwide.
They are providing a service from the top-down by onboarding companies first to introduce instant streaming of payment with UST. This can be branched out to various use-cases such as salary payments and business purchases.
This will be particularly helpful for people in areas who need access to money without having to process lengthy transfer periods, as well as potential blockages in the country: the ethos of decentralisation. Users will of course be subjected to taxes and such, of which Eumlet are also working on an off-ramp further down the roadmap.
I had a go with their Beta app. Regarding streaming payments, there was an additional option to choose when and how much you wanted to send according to schedule. Supposing they are integrating Anchor Earn into the application, this would also allow users to earn yield on their stables sitting in their account.
With the recent announcements from UK regulatory side, stablecoins adoption may very well be adopted sooner than we think.
Follow them on Twitter for more updates: https://twitter.com/eumlet
2) Suberra: Recurring Payments
While potentially similar to Eumlet in streaming payments, Suberra follows more of a Business-2-Consumer approach where users can also subscribe to services with UST.
To begin with, users can now subscribe to Delphi Insights and Pro with UST on their website here: https://app.suberra.io/discover.
Doing it the lossless way: pay off these subscriptions with the accrued yield in Anchor Earn [provided you have deposited enough on Subwallet]!
Prior to these options, both platform and users had to go through credit payment fees. It also only makes more sense that all crypto products are best subscribed with crypto means instead.
The Suberra team is also going to cover further mainnet usage and plans to scale on features they are building. In the near future, we may very well see way more subscription options implemented quickly.
3. Avatar Protocol
Avatar Protocol was an idea mentioned by Joseph from Delphi last year, of which have finally revealed some sneak-peeks. My understanding is that it will act as a base layer for NFTs to visually represent you on-chain, which essentially may be linked to your wallet activity and participation. [Passport wallet rankings, are you thinking of this: Flipside]?
You will start off as a blob first, like a newborn baby.
So if linked to wallet health: the more you dump, the uglier you should get.
You will be identified by a number hash tagged to your wallet, of which you can explore different NFT traits attributed based on what you have executed on-chain. For example, if you have refracted your LUNA — you will get the PRISM hoodie. Likewise, participating in the Angel Protocol donations would attain you those wings.
Exploring the market and opening up economies: While it is no doubt that there must be a mixed dynamic where lucrative flipping is embedded from i.e limited assets, this also opens up options for artist to list their assets on the marketplace like how Decentraland works. This adds on to non-ROI motivated spending, where users are looking to upgrade their aesthetic with cosmetic purchases. Pretty cool concept!
4) Falcon Wallet
Introducing themselves as the ‘Phantom of Terra’, this wallet option seeks to provide the same or better simplicity that Terra Station offers. While a lot of wallet apps seek to provide the most expansive features for users, they aim to be the friendly go-to app for easy understanding and navigation.
You may have seen them popping up on various platforms like Anchor Protocol and RandomEarth Marketplace: they are distributing limited beta invites through partners at the moment!
Follow them on Twitter for more updates: https://twitter.com/falcon_wallet
5) Retrograde: Astroport Wars
I went through a bit of the concept on the Curve & Convex wars in the article tagged below. With protocols like Apollo, Reactor and Retrograde — we may see the event of Astroport Wars kickstarting soon.
Retrograde Airdrops: 1% of total supply (10 million)
Eligible Participants:
- Astroport Bootstrap Auction participants (1.5m RETRO)
- Astroport Lockdrop participants (3m RETRO)
In addition, a snapshot was taken at block height 7045697 (30th March 2022) of which ASTRO token holders then and non-lockdrop ASTRO-UST liquidity providers will receive airdrops of 5.5m RETRO tokens total.
Reactor Airdrops: 0.5% of total supply (500k tokens)
Eligible Participants:
- ASTRO-UST LPs, lockdrop participants & xASTRO stakers (700k RCT)
- Astroport bLUNA-LUNA LPs & lockdrop participants (50k RCT)
- ANC token stakers (100k RCT)
6) Atlo Proteus Raise
Proteus hit 160% of their funding amount goals on Atlo Protocol last week.
With a total of 755 Atlonauts, they managed to raise 350k UST!
7) Fanfury Forge Event
As per their Twitter announcement, users will be able to:
- Claim/Pledge a Fan Club from 15~20th April
- Start of the FURY token launch on Prism Forge 18~22th April
Follow their Twitter for more updates: https://twitter.com/FanfuryOfficial
That’s all for this week!
Feel free to add the TeFi calendar into your Google Calendar here: https://www.speicherx.com/tefi-calendar
I’m still tracking Terra NFTs daily, so minting dates are also added.
Feel free to join any of the Terra community groups I have created:
Singaporeans: https://t.me/sglunatics
Australians: https://t.me/australianlunatics
International (Chinese): https://t.me/terrachinesegroup
NFT: https://t.me/nftsinterra
