Biweekly update 15th July — 29th July
During the last two weeks, Terra didn’t illustrate high social activity but achieved good indicators of blockchain network activity. Let’s start with the fact that in one month, Chai’s total transaction volume has cranked up by 667% ($8.5 million) as of last Wednesday. Cumulative users have hit over 240k+. Also, Terra’s team announced their partnership with crypto credit platform Nexo. By depositing Terra on Nexo’s platform, users will be able to access instant credit lines without the cumbersome credit check and earn savings of 8% and more on their Terra holdings. The good news is that July 26th Luna has listed in Bittrex (BTC) Upbit (BTC) and GOPAX (KRW). And finally, two new employees joined the project. EJ is their new Research Assistant and will be helping to continue building Terra’s presence in the Korean crypto community. Jason Kim joins as their head of HR to help ensure that they can scale effectively across Southeast Asia.
Development
GitHub metrics:
Developer activity:
- New project:
Following in the footsteps of fintech giants such as eBay and Alipay, Terra is committed to building an open platform for decentralised finance upon its payments layer. In that spirit they are refining their concept for a new project called “Tank”. Tank will partner with the best in class DeFi platforms (such as Nexo) to bring Terra users access to a full suite of financial services.
Social encounters
It’s been more than 40 days since Terra launched Chai (payment service) and already it is one of the most heavily used blockchains in existence.
In one month, Chai’s total transaction volume has cranked up by 667% ($8.5 million USD) as of last Wednesday. Cumulative users have hit over 240k+ and they hit 1 billion KRW of daily transaction volume on Monday.
Growing transaction volume means more intermediary fees saved for their eCommerce partners, more discounts for their end users and increased staking rewards for their Luna stakers.
As ever, they are laser focused on getting Terra into the hands of more users — crypto users and civillians alike — by expanding Terra’s acceptance across eCommerce merchants in Southeast Asia and DeFi platforms globally.
- Chai KPIs: Having surpassed the local digital payments leader KakaoPay on both AppStore and Android charts immediately post launch
Upcoming travel
- Singapore: 12–6th August
- Berlin: 21–23rd August
- Hong Kong: 26–8th August
Finance
- Cumulative transaction volume: 10 billion KRW ~ $8.5m USD
- No. of cumulative users: 240k+
- Max. daily transaction volume: 1 billion KRW ~ 850k USD
- Implied run rate: 365 billion KRW ~310 m USD
- Exchange Listings:
July 4th: went live on GoPax with both Terra (KRT) and Luna
July 26th: went live on Bittrex and Upbit BTC markets with Luna
Roadmap
What’s next?
Survey of automated market making algorithms: a study of state of the art algorithms to make on-chain market making more robust
Swap Arbitrage Analysis: an analysis of oracle and market price divergence and the potential for arbitrage
Revised swap algorithm: They are revising their swap algorithm for Columbus 3 and this paper will provide an analysis of current limitations and how the new algorithm improves upon them
Columbus Network Analysis: State of the Union regarding Columbus — in which they provide macro coverage of all interesting data points now that Chai is up and running.
Partnerships and team members
- eCommerce partner integrations
Chai launched on Idus (the Etsy of Korea) on July 11th, their second eCommerce integration since launch.
Terra’s team are excited to announce their partnership with crypto credit platform Nexo. By depositing Terra on Nexo’s platform, users will be able to access instant credit lines without the cumbersome credit check, and earn savings of 8% and more on their Terra holdings. Their Co-Founder Daniel Shin speaks to Borderless Crypto to deep dive into how this works.
- This month they are joined by two new employees:
EJ is their new Research Assistant and will be helping to continue building Terra’s presence in the Korean crypto community. He wrote a blockbuster translation of the Terra white paper in his free time and has been a long time Terra fan. Jason Kim joins as their head of HR to help ensure that they can scale effectively across Southeast Asia.
Terra’s focus on pushing out Chai across other e-commerce platforms and offline merchants in Korea and overseas continues. Look out for more partner integration announcements in Korea, as they work around their partners’ dev schedules to integrate Chai and capture Korea’s $100bn eCommerce market.
Rumours
No updates
Social media metrics
Social media activity:
The charts above illustrate the overall growth in the number of Twitter followers and YouTube subscribers.
The graph above shows the dynamics of changes in the number of Terra Twitter followers. The information is taken from Coingecko.com.
