LocalTerra: P2P decentralized Exchange for Terra

Governance & Proposals
23

We already have a project named LocalTerra at GitHub - terra-project/LocalTerra: One-click local Terra testnet and ecosystem for rapid prototyping
I think it would be better to name another name to avoid confusion.

24

or maybe we can rename github LocalTerra to Terrarium (suggested by William Chen aka. Evil Gremlin)

2 Likes
25

Hey, @Paul_Kim! We’re cool either way. Funny thing is that Terrarium was also a name that crossed my mind after reading your first message.

I don’t think it’s a problem since the target audience and nature of both projects are very different, but if you guys think we should change that’s not a problem at all. Thanks!

26

Hi Samuel, you are spot on and we really need more competitive fiat on/off ramp for UST.

P2P is definitely relevant and important. In Malaysia, we can only get access to BTC, ETH, XRP & LTC using Luno and other local exchanges. However, our real favorite platform is Binance actually and P2P trading is how we manage to get into the bigger crypto market. Liquidity of USDT in P2P Binance is high thus rate is competitive.

I was hoping Binance will have UST in the P2P trading but surely it’s not easy because they don’t support Terra now and it’s a competition to their own stablecoin too.

your spirit is admiring and wish you all the best in this project, mate. I wish can contribute something to help in future apart from just voting yes.

1 Like
27

@Dandy_Lau, thank you very much for your support, we really appreciate it!

Our proposal is still in the deposit stage: Terra Station, we’ll update this thread when we manage to get it to the voting phase!

29

@rekt0x thanks!

The idea of staking $Luna was of another community member, we won’t use $Luna directly in our SmartContracts but our governance token will be distributed to $Luna stakers.

31

Our proposal is in the Voting stage: Terra Station !

1 Like
32

Hi, for a regulated market like singapore, a KYC should be obtained if using P2P service like LocalTerra. Do you have a similar feature for your solution?

33

Sounds like a nice idea. Do you have some docs about tokenomics?

2 Likes
34

Proposal Update.

We received very important feedback from the community in the past week, we’re releasing an update to the proposal to address some of the recurring points of the feedback that we received.

This includes: reducing the Team’s allocation of the Utility token from 33% to 20%, included token distribution schedule and detailed a bit the system architecture.

Please check the uploaded PDF containing this information:
LocalTerra_ P2P decentralized Exchange for Terra.pdf (279.1 KB)

35

Thank for your question, @junc! We’ll do regulatory research prior the launch and launch the platform gradually. First we’ll launch in places where we can operate without additional features or changes in the operation. Later we will evaluate case by case for places that requires KYC for peer-to-peer exchanges and other eventual requirements.

36

Great to know, but fundamentally someone from the team must redesign the whole wallet to incorporate many wonderful features of Terra system. paywithTerra, Anchor, Mirror, Terraswap, I think it will do us good to have them at least on a simplified platform, I can’t have a visibility of all my Terra assets in one page. :cry:

37
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Check our demo: LocalTerra Demo - YouTube

3 Likes
39

would be curious to hear more about arbitration/mediation and plans to correlate to governance token—

also when you say fiat payments / do you mean other forms of payment such as gift cards and other mediums of exchange?

will support this-- good initiative

40

Thanks for your support.

Arbitration will be done by LTT token holders (stakers) and they’ll earn fees for doing so.

Fiat transfers are the most used in these platforms, but if users agrees, nothing would prevent them to use it to sell gift cards or other vouchers for UST.

Thank you for your support!

More information about your questions can be found at the PDF on this post: LocalTerra: P2P decentralized Exchange for Terra - #34 by Samuel_Barbosa

41

  1. Do you rally need a token here? This platform should be fine w/o the token.

  2. You have decided to distribute 20% to the team, so two person will hold 20% of total supply? Doesn’t look very decentralized.

  3. What will happen if you won’t deliver the MVP in 8 month and spend all the UST, how will you manage to continue working on the product?

42

The demo looks great :+1:

1 Like
43

Thanks for your questions!

  1. We don’t need a token, we could launch the service and keep 100% of the fees for us, but we prefer to make it decentralized and reward the community and Luna stakers with a portion of those fees, also by doing it so, even if we’re 100% committed to the project, we want to make it as reliable and resistant as possible by making it decentralized.

  2. 20% of the total token supply will be distributed to the team with a vesting period of 4 years, as we plan to grow our team as we get traction, we’ll use that allocation to help us bring talent to the project as well.

  3. We believe that 8 months is enough to deliver the MVP of this project, I’ll be personally the more interested in launching it as quickly as possible, if the proposal passes, I’ll quit my job right away and work on it full-time. This project is a mission for me, I’ll be the user number 1, so I hope we can make it successful and I can dedicate myself to it for years to come.

3 Likes
44

Our proposal has PASSED!

We’re very grateful for all the support and feedback we received from this amazing community. We’ll build it together with you.

Let’s get this DONE!

4 Likes