You lack vision - thankfully you are not in charge of things here.
Crypto needs to evolve beyond a circle jerk of reflexive DeFi protocols with the same thousands of wallets jumping from platform to platform to earn yield.
The “overlap” is nil, until it isn’t. You can be a laggard or a leader.
The first DAO to vote on such a traditional markets advertising spend - Leader
Vision to have Terra and UST dapps and payment cards accepted outside of Korea, specifically at a major US sporting events venue - Breakthrough
Laying the ground for the Terra-Luna ecosystem to cross over into the daily lives of millions through brand awareness - specifically as its Web3 dapps become more user friendly - Common-sensical.
Not every spend is a 1 to 1 return on day 1. Perhaps a bunch of you have gotten lazy or short-sited because of the multiples on your money that Do and TFL made for you as luna investors. Considering they built this chain from scratch to the #3 blockchain in daily transactions, I’ll bet on Do and team over a bunch of crypto bros who merely got lucky and haven’t built anything in their lives.
Great proposal - hit the market hard Do. Behind this 100%!
I agree - the use of UST as a form of in-stadium currency is the most attractive element of this proposal. But how would this work exactly? As an e-commerce merchant I don’t see this as a wide chasm to cross since websites already accept dozens of payment API’s at checkout (think PayPal, Google Pay, Apple Pay, etc.). I see the in-stadium UST payments happening in one of 2 ways:
UST-backed credit or debit cards (Outlet, Alice, Kash, etc.) Pretty straightforward and implementable immediately.
Smartphone connectivity with Point of Sale (PoS) hardware. This is less of a leap given societal moves towards “touchless” payments in the Covid era, however not necessarily ubiquitous across all major sport venues.
Not sure exactly how @dokwon sees the end-state of UST in one’s personal financial stack – but in a perfect world idle “cash” (in the form us aUST) would earn interest and then be accessible for payments via debit card or smartphone-payment technology with no latency (blockchain lag) issues at the point-of-sale. Stack onto this the ability to quickly borrow against your assets, invest in synthetic securities, buy/sell NFTs, etc. and Terra has effectively replaced your CashApp/Venmo p2p payment rails, Chase checking account, Fidelity brokerage, SoFi loan, and Metamask wallet in one solution.
Fortunately TradFi has set a low bar for savings rates, transaction costs, etc. – however to gain widespread adoption we should aim for as seamless a transition to the UST-standard as possible.
We need UST integration via payments platforms like Stripe, PayPal, Shopify, etc! We need UST listed on most exchanges and wallets. We need more transparency about UST and LUNA. We need UST to became first the DEFI primarily stable coin, promote UST on CoinMarketCap or CoinGecko tutorials and articles! We need UST to surpass first all stables in the crypto space and then go after main stream users. More articles, videos, about UST on top crypto media websites by traffic! Let’s make a rank via similar.web with all the biggest traffic websites in crypto and create articles there first! Let’s use those funds from LFG to educate and promote UST! People don’t know about UST!
Let’s make UST the primarily Stable coin of IBC cosmos, osmosis and make sure it will stay like that!
I understand that us sport has huge broadcast. But wouldnt be better to go for a major soccer team in europe? I think tgat would have broader acceptance to the masses, something like Paris Saint Germain
Well, this is freaking awesome. Terra coming to American major league sports is a great way to increase retail and mainstream awareness of UST, the product.
1st, this is a major deal. Although it does not trump other crypto stadium naming deals in size - FTX $135mm for Miami Heat stadium, Crypto.com $700mm for Lakers / Clippers stadium - this is the most crypto native deal and deployment. These other two ones have not been voted on / approved through governance nor made use of transfer of funds via multi-sig.
2nd, the upside is massive. I was particularly impressed by the demographics of Club account holders and conversion metrics:
Based on the wording and breakdowns above, my prediction is that it is Football or Baseball team. This would align with Korea’s interest in the sport. I will happily mirror @vlad’s support above:
The excitement is intoxicating and much needed to reignite the both passion and camaraderie among the Terra community as asset prices are a bit deflated.
@ravers1917 raises a good point, how can we bring retail-facing products such as Alice into this partnership? Is this a brand asset we can share on LED screens and in advertising?
The terms of the trust require Terra community approval for compensation of trustees and other service providers.
No compensation terms are currently set, so I would expect that if/when the $1.8M is proposed for use in compensation, the community would first receive a proposal about it.
Agreed, the specific outcome needs to be clearer. What are we trying to achieve with this? Investment into $LUNA as a collateral/investment opportunity or driving actual usage of $UST?
If the latter, doing this sponsorship via one of the consumer facing apps would make a lot more sense.
Also agree with this sentiment. Goals of this deal need to be much clearer. If it’s retail adoption they wont give 2 shits about terra/luna, they just want yield.
Am also in marketing and also agree, people just want the silver bullet, they do not want to be educated.
What is everyone’s thoughts if the community also makes an offer to sell some discounted LUNA to the team’s organization with a long vesting period in order to align incentives?
I am a yes…It is on the same concept of crypto.com on an arena in CA and FTX but cheaper ( I think Crypto paid 600MUSD for the naming rights) and crypto.com also did similar deal with F1….Great idea to bring name recognition to the masses which is what is needed if the goal is the get ust’s used by 1B people…we have to start somewhere ( we won’t achieve this by only being on Reddit ( no offence to reddit).
I definitely think there needs to be an actionable plan for an on/off-ramp for USD to UST. If there isn’t one, then this makes no sense. How can we have mass adoption when most people in the US have to buy Luna on an exchange, send to terra wallet and then sell (taxable event) Luna to UST? If I tried to get my parents to do that, they’d think I’m crazy. I know Kado and Alice are coming, so hopefully those will help.
UST adoption is the goal. And with UST being the product of Terra it makes more sense to market the Terra brand IMO. It’s clear that this is a potential pathway to drive usage of UST, as mentioned in proposal.
Apps marketing themselves as “built on Terra” don’t mean much to normies or anyone not already involved in Terra. It will over time when people are more familiar with it, benefiting the ecosystem as a whole as opposed to one app.
Great proposal, I’m excited to see what kind of exposure this will bring.
Most of my other questions have been asked already but I still have a couple:
Is there any language regarding lockouts and potential recourse in the event of a lockout shortened or cancelled season?
Is there any language regarding other external events affecting the season (e.g. season cancellation or shortening due to covid; no fans in the stadium due to covid, etc)
How do these affect the term or value of the deal?
I see the potential of this deal to achieve exactly this.
Awareness is a major problem. No one outside of Crypto has heard of Terra or $UST.
20% yield is not yet normie-accessible, but as I understand it will be soon via Alice/Kash on/offboarding and debit cards.
Once awareness has been achieved, the issue is credibility. 20% yield to a normie sounds like a scam. Scams don’t sign 5-year marketing deals, lends some immediate credibility that we’ll be around in 5 years.
The potential is huge once foot is in the door, that we can generate $UST usage by normies, as in the club shop offering 5% off on $UST paid merch. These kinds of offers have worked for Chai in Korea, why not here?
Beyond just logos in the stadium, there’s video spots on the TV channel, through which further offers/products/developments can be brought to the normie audience.
I do agree that if all we do is sing about crypto/blockchain, it will be a wasted effort. However, if we use it to make Crypto available to the masses who don’t chare about crypto, it will be good.
I’m not sure who your parents would be “selling” their Luna to in that situation? They could “swap” Luna for UST at the terrastation. But we shouldn’t jump to the conclusion that a taxable event has occurred, especially given the various jurisdictions within the U.S. Unless, you were offering expert tax advice? You do raise a v good pt regarding the proposal making no sense unless there is an on/off ramp for ppl in the U.S.
I agree, but they way they hear about it is thru a massive benefit like 20% yield, to someone who doesn’t know anything about crypto they have heard of bitcoin maybe etherium and dogecoin, they don’t know what a stablecoin is or care
i think this onboarding is much more important than terra branding, the benefit (yield) is what will draw people in, a stablecoin without yield means nothing to anyone not in crypto
i do agree with this, scams don’t sign 5 year deals with famous teams, this is a very good point, that said, awareness of what? of terra? of anchor yield via a debit card?
honestly i have not done the research on how chai grew in Korea, if 5% deals on paid merch worked it may work here it may not, i am very weak on the history of how the biz grew there
can the trust also collect money? lets say alice or outlet had an advertisement that was working in another location? can they buy ad space from the trust in this deal and move money BACK into the community pool?
"However, if we use it to make Crypto available to the masses who don’t chare about crypto, it will be good?
at the end of the day, we don’t even care about crypto, crypto by itself is meaningless, its what is the benefit it is giving you, for some that may be yield (almost everyone), others may like feeling smart (also a benefit) by using new technology, some may like the privacy, there are tons of benefits but crypto as a “thing” or a stablecoin as a “thing” is not of any interest to anyone.
that said, Do has taken it this far, i’m sure there is a master plan behind this, but that proposal did not explain it well enough imo and as written i do not think it would be of much benefit
however, Do/TFl has much more information/longer vision than any of us, if he has data that stablecoin market will be x in a certain number of years and being the BRAND of stablecoin will be super important, then it makes more sense, I’d really like to hear what he’s thinking.