Introduction
This proposal is drafted with the idea to expand UST adoption in as many ways as possible.
We believe that Terra is having the right approach to make UST the decentralized money for decentralized finance.
In the following post I will introduce Beefy and Moonpot. Two protocols maintained by (almost) the same team, and how we can work together to educate and onboard more users to UST. To put things in perspective Beefy received 1.09M unique visitors in the past 30 days (info from Cloudflare).
Beefy is the most recognized yield optimizer in the space. Present in 14 different blockchains, and earning compounded interest in more than $1 billion dollars. Beefy is a battle tested protocol with a security-first focus.
Our contracts have been audited by Certik, we have a bug bounty with Immunefi, and users (as well as institutional investors) can secure their Beefy deposits through InsurAce and Nexus. All of the protocols that we vault, have to pass security checks to make sure they meet our security standards (migrators removed, key functions timelocked, healthy distribution of token supply, amongst other stuff)
Beefy strategies are always earning you more of what you deposit, being LP tokens, or single stake. Our vaults re-invest the rewards to give users compounded interest, allow them to save in gas, and time.
Moonpot is a win-win earnings game where users stake their tokens, and half of the APY goes to the user directly, and the other half gets accumulated in a prize pool that gets drawn bi-weekly between the depositors. Moonpot turned out to be very attractive to small users, since it gives the opportunity to win thousands of dollars with very small deposits. Moonpot has the objective to onboard new and inexperienced users to DeFi. Because of this reason you will find that most of the Pots are single-stake opportunities, or stable pools, where users don’t need to know about impermanent loss, liquidity pools, how to use calculators, etc.
Moonpots’ Pots are built on top of Beefy vaults, splitting the returns in prizes, and yield.
Every two weeks Pots get drawn (with help of VRF from Chainlink where available) and winners are chosen.
Moonpot is built by the Beefy Core Team. In the same way as Beefy, Moonpot is going multi-chain with the hopes of providing the same fun gamified experience to users across all chains where there is opportunity. Moonpot has been audited by Certik.
At Moonpot and Beefy we believe that the future is decentralized, permissionless, trustless and multi-chain, and we want to develop products that represent those values.
Moonpot is built by a team of experienced DeFi builders. We do all that is available to respect the values above.
From Beefy’s side we started supporting this narrative with our communication strategies. We developed “vault recaps” where we showcase to our users across 14 different chains the UST opportunities. Here is one example: https://twitter.com/beefyfinance/status/1505942611852410880
Governance Proposal
Our objective with this proposal is to keep increasing awareness for UST (and consequently LUNA) to our vast community.
Our proposal for Moonpot is to build a Pot on top of the newly launched 4pool in Curve, and incentivize users to provide liquidity with extra UST as rewards.
For Beefy’s side, we are already vaulting any UST & LUNA farm that we come across, creating constant buy pressure on both tokens. We are planning to boost these vaults with UST, so we attract the depositoors that are just farming the underlying platforms, to the vaults, increasing even more the buy pressure.
Since in Beefy you earn more of what you deposit, it’s the perfect place to leave your stablecoins earning interest without exposure to farm tokens. We believe that with the right incentives we can show those “stablecoin farmers” good opportunities, making them leave their USDC-DAI/USDT-USDC for a better interest on UST-stable pairs, strengthening the peg of UST.
We will leverage the communication channels of both platforms (Discord, Twitter, and Telegram) to share the educational content and community events planned around this partnership. This proposal has a few advantages besides education. Many of the activities that we will describe in the “Commitments” will be useful to remove pressure from Anchor, and offer users different alternatives to earn with their UST.
Commitments from Moonpot & Beefy
- The Moonpot team will create the 4pool Pot (built on top of the 4pool Beefy vault), where users can enter the pot (zap) with any stablecoin contained in the 4pool with UST as default option.
- Beefy will use the UST to boost UST & LUNA vaults across our 14 chains. Higher earning opportunities make you DYOR, so we will present the full journey, from learning what UST and LUNA are, until depositing in the vaults.
- Moonpot and Beefy will build all the educational content to ensure new users understand Terra, UST, and the implications/needs of having decentralized money.
- Moonpot will use the UST to boost the 4pool Pot
Commitments from Terra
- $100k in UST to distribute as extra rewards in the 4pool Pot during around 6 months.
- $400k in UST to distribute as boosts on the UST & LUNA pairs across the different chains.
- Social media support to expand our UST/Terra content.
- Availability to conduct a Twitter Space with Terra, Beefy, and Moonpot to talk about DeFi values, the multi-chain future, etc.
We believe that making UST heavily adopted across the whole space is vital to the health of truly decentralized finance. Because of this reason we are already vaulting and promoting every LUNA & UST farm that we come across, creating a constant buy pressure in those tokens.
Currently Beefy has 26(!) vaults containing either UST or LUNA in the following chains: Fantom, Aurora, Avalanche, Moonbeam, Fuse, Polygon, Harmony, and BNB chain. We have been working really closely with Terra Community to push out UST and LUNA vaults as soon as new platforms add rewards to those pairs. Currently those vaults add up to 38M TVL, and we hope to keep the numba going up as more and more users keep learning about the Terra ecosystem.
I would love to discuss any terms with you LUNAtics.
Let me know any thoughts you guys have down below, looking forward to reading your comments and answering some questions people might have. We invite all LUNAtics to join our community.
Please note that this proposal is just an idea of how we can work together. We would love to hear your opinions and possible improvements.
EDIT:
Adding links to both apps
EDIT 2:
Adding the multi-sig wallet (4/7)
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