Proposal - Funding for User Outreach and Onboarding

Governance & Proposals
1

We are proposing to use up to ~$42k of community funds (at $40 per LUNA) to support a programme targeted at raising awareness for Terra ecosystem and to onboard any potential interests.

The community funds shall be disbursed to holders of LUNA via this programme. Crucially, this disbursement shall take place only at the end of this programme, and only upon successful completion of stipulated performance guidelines listed below:

  • Proposed spend shall be pay-on-performance only; in other words, LUNA will be disbursed to the LUNA holders only at the end of the holding period, and be based on the lowest balance held during the proposed holding period.
  • Proposed holding period is 30-days, and shall be on Binance Smart Chain (“BSC”) due to preferences of holders.
  • BSC wallet address shall be provided at the inception of the programme, and shall demonstrate that the LUNA holdings remain intact during the proposed holding period.
  • A nominal spend is added to the budget request to cover the costs of managing this programme.
  • Total funding requested is estimated to range from 118 LUNA to 1,052 LUNA. The range in LUNA rewards is due to i) potential fluctuations in LUNA price at programme launch, and ii) quantum of LUNA holdings ranging between UST 1mil - 10mil).

Details of Proposal

Holding Period (days) 30 days Token Held LUNA
LUNA Rewards (APY) 5% Blockchain BSC
LUNA price (UST) $40
Description Min Case Base Case Best Case
Value of LUNA Holdings ($) 1,000,000 5,000,000 10,000,000
In LUNA
Tokens Held 25,000 125,000 250,000
Rewards 103 514 1,027
Misc Fees - fixed amount based on outcome 15 20 25
Total Funding Sought 118 534 1,052
In UST
Total Funding Sought $4,710 $21,348 $42,096

Note: total funding sought in dollar terms may fluctuate due to changes in $LUNA price.

BSC wLUNA Token Address: https://bscscan.com/token/0xECCF35F941Ab67FfcAA9A1265C2fF88865caA005

Who We Are

Aurastake is a team made up of members with experience in both the tech and financial sectors. Aurastake has been an active community validator which has been involved in the Terra ecosystem since the beginning of this year.

Our belief in the future of Terra also led us to contribute articles to help convert normies into full-fledged Lunatics. You can find some of our earlier articles here which were also winning submissions for content-based bounties organised by Learn Terra.

As part of our on-going efforts to spread the word about $UST and $LUNA, we have landed upon an opportunity to engage with and to onboard potential parties who are excited about the Terra ecosystem, and are keen to kickstart their Terra experience through us as a community validator. We expect that this one-time spend will help bolster general awareness of and support for this ecosystem.

We believe that $LUNA will become the pre-eminent “decentralized reserve currency” of the metaverse and that by providing this unique staking experience, we can generate longer term staking interests from a group that is just exploring the blockchain space and is beginning to dip their toes into the Terra ecosystem.

Our eventual aim at Aurastake is to demonstrate that such programmes can be very successful in generating interests in the Terra ecosystem (we will update the community of any post-programme findings), and will look to build upon this initial success by bringing other similar opportunities to our ecosystem, or through variations of these outreach programmes.

Community Feedback

In view of i) the size of our funding request, ii) the imposition of payment criteria upon performance only, and iii) the turnaround time for the launch of this programme, we are requesting that our proposal be reviewed, approved and managed under the Rapid Grants Pool which we believe is designed to cater for such proposal requests.

This being our first proposal, we are humbly seeking feedback from fellow Lunatics. We would be glad to discuss any part of our proposal request in detail, either via this forum or via email at [email protected].

From the Aurastake Team

1 Like
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Any thoughts/feedback?

To summarise, our proposal objective is to attract more funds into Terra ecosystem.

The plan is to start with BSC which these LUNA holders are more familiar with, and Aurastake will use the funds to pay them similar yields over a “promo period”, as they would get from staking on Terra directly.

Once this promo period is over, these holders can ideally be convinced to stake directly with Terra to continue earning those yields.

Happy to connect directly to explain more if unclear.

@0xwagmi
@SebNondzee
@Jared
@dokwon

3

@0xwagmi

Rapid Grants committee is well overdue to give a response, 17 days late in fact. Time to produce.

3 Likes
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Thanks @somethingelse

We believe in the value of our proposal and has decided to formally post our request onchain for the community to vote rather than to sit around and wait, even though we are aware that we are putting our very limited funds at risk here.

We would really appreciate any support and feedback from yourself, and also from the rest of this Agora community!

https://station.terra.money/proposal/145

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What is the status with the rapid grants? Do we have any contact info for this group?

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Contact is @0xwagmi

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Due to the onchain proposal, we have received some really useful community feedback!

In order to help clarify our request better, we have decided to put together a list of key questions and answers like a FAQ below, which hopefully can help address any queries that some of you may have.

Q: What is this proposal really for?
A: in short, one-time airdrops to $LUNA holders on BSC network at 5% APY over a 30-day period (% is lower than current Terra staking yields)

Q: What is the criteria, if any for such rewards
A: only criteria is to evidence that $LUNA is held intact on a BSC wallet over the 30-day period

Q: Is it not better to incentivise LUNA on Osmosis/Sifchain/SecretSwap DEX’s?
A: yes but these are well covered by other players within the Terra ecosystem already, so we focused naturally on our opportunity which was in the form of potential clients keen in Terra ecosystem, but require initiation from BSC end first before taking the next step into staking on Terra directly.

Finally, our view remains that
i) as we are not requesting for yields higher than normal staking on Terra, the ecosystem as a whole does not “lose” in this arrangement;
ii) as we had a self-imposed criteria that disbursement of community funds shall be on a post “staking” basis after we evidence $LUNA is indeed held over the 30-day period, risk that we receive rewards but fail to deliver is eliminated (as was the case with some of the earlier proposals)
iii) as we were unable to get much needed feedback on the proposal after 3w on the forum, we decided that the onchain proposal was the best approach to initiate the discussions needed - this proved to work although we now put our LUNA deposits at risk (we are aware of this risk and will humbly accept the community’s decision, what come may)

Do continue to share any feedback, or reach out via Discord channel under Terra Validators > Governance > Governance-Discussions!

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Hi team - had a pleasure learning more about this proposal.

Noticed your vote is currently live - there is a lot of vagueness that needs clarification to gain more support. Prior to voting ourselves, we would love to receive some color on the following:

First question - why the preference for BSC? Do you hope to reward users in this same wrapped asset?

Second, these fees seem arbitrary:

How come they increase in intervals of 5, without any proportionality to the amount of tokens held?

And finally, would you mind providing more clarity around “parties” in the quote below:

By doing so it allows for KPIs for your grant and provides greater transparency to the Terra ecosystem.

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Hey @fig, thanks for your questions. Our replies below:

First question - why the preference for BSC? Do you hope to reward users in this same wrapped asset?

BSC is chosen due to client preference; yes, rewards can be paid first into our Terra wallet and we can bridge it over as wLUNA.

Second, these fees seem arbitrary:
Misc Fees - fixed amount based on outcome |15 |20|25
How come they increase in intervals of 5, without any proportionality to the amount of tokens held?

Calculation method is elaborated in our onchain proposal whereby Fee Expenses = Client Rewards * 1% + 14 LUNA (fixed amount of 14 LUNA is to cover base cost)

And finally, would you mind providing more clarity around “parties” in the quote below:

The parties are potential over-the-counter clients of an exchange; we are happy to share more with you directly over DM if it helps get anyone more comfortable. As the plan is to use this as a marketing proposal, the actual client response is not yet known at this stage. Our criteria to receive the grant only at the end of the marketing period will ensure that we only get rewarded if there are tangible interests, with the bulk of the grant going to the clients in the form of airdrop rewards.

Discord link for ref - Discord