Parameter-change Proposal: Add Ringgit stablecoin TerraMYR to the Terra ecosystem following the passing of Prop 169. Together with this proposal, we are adding back TerraNOK (which was acccidentally removed previously) together with TerraTWD (passed but wasn’t executed).
Update: Proposal 176 has passed: https://station.terra.money/proposal/176
Parameter:
{
“subspace”: “oracle”,
“key”: “whitelist”,
“value”: “[
{“name”:“ukrw”,“tobin_tax”:“0.003500000000000000”},
{“name”:“usdr”,“tobin_tax”:“0.003500000000000000”},
{“name”:“uusd”,“tobin_tax”:“0.003500000000000000”},
{“name”:“umnt”,“tobin_tax”:“0.020000000000000000”},
{“name”:“ueur”,“tobin_tax”:“0.003500000000000000”},
{“name”:“ucny”,“tobin_tax”:“0.003500000000000000”},
{“name”:“ujpy”,“tobin_tax”:“0.003500000000000000”},
{“name”:“ugbp”,“tobin_tax”:“0.003500000000000000”},
{“name”:“uinr”,“tobin_tax”:“0.003500000000000000”},
{“name”:“ucad”,“tobin_tax”:“0.003500000000000000”},
{“name”:“uchf”,“tobin_tax”:“0.003500000000000000”},
{“name”:“uhkd”,“tobin_tax”:“0.003500000000000000”},
{“name”:“usgd”,“tobin_tax”:“0.003500000000000000”},
{“name”:“uaud”,“tobin_tax”:“0.003500000000000000”},
{“name”:“uthb”,“tobin_tax”:“0.007500000000000000”},
{“name”:“usek”,“tobin_tax”:“0.003500000000000000”},
{“name”:“udkk”,“tobin_tax”:“0.003500000000000000”},
{“name”:“unok”,“tobin_tax”:“0.003500000000000000”},
{“name”:“uidr”,“tobin_tax”:“0.007500000000000000”},
{“name”:“uphp”,“tobin_tax”:“0.007500000000000000”},
{“name”:“umyr”,“tobin_tax”:“0.003500000000000000”},
{“name”:“utwd”,“tobin_tax”:“0.003500000000000000”},
]”
}
Rationale
The crypto community in Malaysia is clamouring for a decentralised and censorship-resistant stablecoin denominated in our local currency. MYR is a top 30 fiat by market capitalisation (currently #23, 1 spot behind IDR and 8 spots above PHP). Seeing as the major economies (Singapore, Thailand, Indonesia, Philippines) in Southeast Asia already have their Terra counterparts, it is apt for Malaysia to have an MYT as well.
Malaysia is Southeast Asia’s 6th largest economy by GDP, and is one of the most open economies in the world according to the World Bank. (Overview: Development news, research, data | World Bank) Crypto adoption ranks 2nd in the world according to the Finder Cryptocurrency Adoption Index. (Nigeria Crypto Adoption Rate Hits 24%, Followed by Malaysia and Australia - BeInCrypto)
Having a Malaysian Terra stablecoin will allow greater participation and adoption from one of the most vibrant crypto communities in the region.
- Provides a direct onboarding experience to crypto and defi for millions of new users
- Allows more dapps use cases for international trade settlement for different Terra stablecoins from neighbouring countries
Chronology of Events
Update 10/1/2022: Proposal 169 has been passed, following this, we will enact another parameter-change proposal to execute the decision on-chain. The proposed parameter change will include adding TerraNOK (Norwegian Krone) [1] as we noticed that it was removed from a previous proposal when adding TerraIDR and TerraPHP (Proposal 108) [2].
Update 11/1/2022: We have decided to add TerraTWD as it was passed previously as text proposal but there was no follow-up parameter-change proposal to execute the decision.
Update 12/1/2022: Proposal 176 goes live for voting
Update 19/1/2022: Proposal has passed!
References:
[1] TerraNOK proposal
[2] TerraIDR & TerraPHP proposal
[3] TerraTWD proposal
[4] TerraMYR proposal
lets get it guys, WAGMI!
I’ve been waiting for TerraNOK for quite a while! Thanks a lot! 