Proposer: Jimmy Le, Intern @ GT Capital
Disclaimer: I am unemployed. I spend all day on Twitter, Telegram, and Discord DMs chatting and scheming with degens, gigabrains, frogs, wizards, ex-TFL and LUNAtics. I’ve gathered the best of these ideas and worked closely with TFL on the following proposal.
Corrections and additions based on community feedback:
1. Correction that 22,222 LUNA is being requested from the Community Pool and not UST.
2. Correction that the multisig wallet will be the same used for proposal 143.
3. Additionally for monitoring and oversight, I will update the community regularly on this forum and on Twitter with all transaction receipts.
Now that OHM-fork season is over, it’s only natural that devs will do something… like fork our beloved Terra Luna ecosystem.
Lucky for us, LUNA’s unique selling proposition isn’t the minting and burning mechanism but rather the products built around it and native demand for it.
@zon has kindled the demand with Proposals 148, 149, and 153 to deploy LUNA incentives on Ethereum. @danielesesta has turned on the afterburners with the degenbox strategy on Ethereum and soon on Fantom.
And perhaps we can lay idle and let these efforts take us to $100 LUNA by the end of year, and perhaps we hit the $10b UST market cap.
Instead, I’m proposing to accelerate this momentum by enacting @TheIntern’s initiative to deploy the community’s funds on Solana, Oasis, and Aurora.
I’m requesting ~$2m UST from the community pool to be swapped to LUNA via Terraswap or Astroport to provide the following incentives that will be matched by the project teams and or associated foundations:
- Solend (Solana) - Currently the only stablecoins available for borrowing are USDC and USDT. This proposal will incentive UST deposits with $255k worth of LUNA rewards.
- Orca (Solana) - On Solana’s 2nd largest AMM, the only stablecoin pairs are USDC and USDT. This proposal will incentivize popular pairs SOL/UST, USDC/UST, mSOL/UST, and LUNA/UST with $510k worth of LUNA rewards.
- Saber (Solana) - Saber is Solana’s stableswap dex, similar to Curve on Ethereum. This proposal will deepend the liquidity with other decentralized stablecoins on Solana by incentivizing the FRAX/UST pool with $255k worth of LUNA rewards.
- Atrix (Solana) - Atrix is Solana’s 5th largest AMM that builds on top of Serum’s order books to create familiar AMM pairs. Since the two most popular pairs are SOL/USDC and BTC/USDC, this proposal will incentivize SOL/UST and BTC/UST pools with $255k worth of LUNA rewards.
- Yuzu (Oasis) - This proposal is co-supported by the Oasis Foundation, a new chain supported by Wormhole. We want to incentivize UST pools with $255k worth of LUNA rewards as it will be the first stablecoin on Oasis.
- Rose (Aurora / NEAR) - This proposal is also co-supported by the NEAR foundation. With less than $1.5m in total value locked, this proposal will incentivize UST with $255k worth of LUNA rewards and be amongst the first stablecoins on Aurora.
- Trisolaris (Aurora / NEAR) - Trisolaris is the #1 DEX on the Aurora engine and is incentivizing UST adoption with 240k TRI per week to the following pairs: NEAR/LUNA, NEAR/UST, TRI/UST. This proposal will also incentivize the pools with $255K worth of LUNA rewards.
The thinking here is that we should continue to support successful protocols on Layer 1s that are large and growing (Solana), while also aiming to create deep UST liquidity on new Layer 1s where we have support from the respective protocols, foundations, and where there is large potential given the lack of incumbent stablecoins.
So if you’re wondering if anyone is building a UST-style stablecoin for Solana? The answer is yes, we are.
UST is the UST on Solana.
Looking forward to hearing the community’s thoughts and feedback below, cheers!
The funds will be withdrawn from the Community Pool and distributed to a multisig that is controlled by several members from the TFL Finance team and elected community members.
LUNA will be withdrawn to the same multisig wallet as proposal 143: Extraterrestrial Finder
If you want to get involved, slide in my DMs with your favorite degen strategies on Twitter @lejimmy.