Dear Terra Community,
During October, we’ve hit some meaningful milestones:
1. Chai passed 500k active users in 4 months — full rundown of the numbers here, with choice highlights below:
- a new record for daily transaction volume was hit on 21st October, reaching $2,789,815 USD in daily transaction volume
- $54m worth of ecommerce transactions have now been processed by the Terra blockchain and >$810k USD in payment processing fees have been saved for ecommerce merchants
- Over 500,000 users were acquired in just 4 months. Good start!
To gain more insight from Chai transactions, please read: What do Chai transactions teach us? Marco went deep to analyze the first batch of transaction-level data, covering 1.2 million transactions from June 11th 2019 to September 1st 2019, across over 300,000 unique users.
2. Chai’s growth was made possible by some meaningful e-commerce integrations
We integrated with Yanolja (largest hospitality platform in Korea with $2 billion USD in online bookings), and this has been a meaningful volume driver for us.
Yanolja has gone out big in supporting the partnership with Terra and Chai, even going as far as to deploy facebook ads and changing the launch screen of their mobile apps to promote Chai.
We also integrated with SSG Duty free to provide exclusive payments options for Hong Kong resellers, and Lightening Market, the leading C2C marketplace in Korea.
3. Things to expect in November
- Columbus-3 will launch in November, and it will ship with improvements to the on-chain oracle and market based on our observations from the few months since the chain has been live. It will also include on-chain governance, allowing Luna holders to suggest and enforce changes to the protocol, as well as a 6x increase in the tax fee (0.05% → 0.3%).
- We are currently hard at work on launching our first offline integration with CU (convenience store). We expect this integration to happen either late November or early to mid December. So if any of you are doing Christmas shopping at CU (sincerely hope not) — have no fear.
- For other commerce integrations, though news regarding these should be humdrum at this point — there will be some in November, to power further growth for Chai.
- MemePay, a payment service running over TerraMNT (pegged to MNT) will open toward the end of November in Mongolia. If you’ve been following our Mongolia story, we’ve been working on our ops here for a long time, so expect this to be a good one. B2C payments will soon be followed up with more sophisticated transactions.
4. Other news
- Terra made its first foray into DeFi by integrating with Dunamu’s Trinito platform. Users will now be able to borrow KRT against BTC and ETH, and earn an interest by lending out KRT.
- Talent:
Research: Nicolas Andreaoulis (Princeton, LSE, UCL…our second Greek Nick!)
BD: Stanford Liu (math @ Princeton, speaks 5 languages fluently — English, Korean, Chinese, Japanese and Spanish)
HR: Jacklyn Bae joins us as HR lead; she’s held similar positions at various companies, most recently the Korean office of gifto.io. She’s also quite the linguist (English, Chinese Korean).
5. Conferences:
- Korea Blockchain Week: Do represented Terra at DFINE talking about our roadmap for adoption and we hosted a meetup featuring a panel with Christy from Binance, Lasse from 1kx and Baek from Hashed
- Osaka Devcon: we felt the love at KryptoSeoul’s panel chaired by Steve Kim @ Blocktower, and the DeFi Dinner stablecoin panel which we shared with the great people at Reserve and Circle
Ciao till next month!
Terra Team
