LocalTerra: P2P decentralized Exchange for Terra

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.

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

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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!

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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.

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@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!

Hey @Samuel_Barbosa, nice proposal - i like it! Regarding your thoughts about using LUNA in LocalTerra and that it must be more profitable to stake LUNA with LocalTerra than elsewhere - doesn’t it make sense to use bLUNA for that? So stakers still receive LUNA staking rewards but can also stake and secure LocalTerra. Ofc it’s a question how u design the LocalTerra contracts and if you distribute the LUNA rewards back to those who stake bLUNA with LocalTerra, but is there anything that speaks against that?

@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.

Sure, but u said u are not considering LUNA as the token to stake but your own governance token because then u compete with LUNA staking in terms of rewards. I meant why not use bLUNA instead of normal LUNA, then u dont compete in terms of rewards but u add rewards on top.

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Our proposal is in the Voting stage: Terra Station !

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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?

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

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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)

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.

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:

Check our demo: LocalTerra Demo - YouTube

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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

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

  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?

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The demo looks great :+1:

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