Our history begins in early 2021 when we started the development of a social trading app using mAssets (”eToro for Mirror”).
We were very excited with Mirror and how easy it became for crypto users to get exposure to stock markets. The low fees of Terra and the stability of $UST really got us encouraged to build on this idea, and we began.
After spending a few days tinkering around with Terra, learning about Mirror, Anchor, UST and all the money lego pieces available at the ecosystem, we were amazed by how easy and fluid DeFi Apps (or dApps) can be today. Everything was really smooth, except for one thing: getting $UST.
Our only option was a route involving 2 crypto wallets, 2 centralized services, a decentralized exchange and a bridge (thanks for being so reliable, Shuttle), with every step eating a bit of our $UST.
As a team of builders, we couldn’t stay with our arms crossed and decided to take on that problem by ourselves. We know that eventually $UST will get listed on every centralized exchange, but while it’s easy to access these on-ramps in developed markets, the reality in countries like Argentina, Venezuela and Colombia is very different. On and off-ramp into crypto has been happening mostly through P2P exchanges in many countries.
For some context, here some data comparison between Coinbase and Binance P2P top countries (data from similarweb.com).
Seeing that $UST wasn’t available in any of the P2P platforms we decided to pivot away from our “eToro for Mirror idea” to build a Terra based, community owned $UST marketplace. Local Terra is born.
We sent a pre-proposal on Agora, received very good feedback from the community and decided to start building.
After great support from the amazing $LUNAtics (special hola to the Lunaticos TG group) our Community Pool Proposal passed.
We’ve been quietly building since then and after being approached by some potential investors during these months, we’ve decided that we wanted to keep this project community owned so we politely declined every request for any kind of private sale.
When the ASTRO team announced that they forked the LBP contract we got really encouraged with the idea of a possible fair launch on Terra and after seeing the huge success of the BOOTSWAP we decided that this was our favorite way to launch our token.
We ported the Astro LBP front-end from React to Vue (framework of choice of our team) and wrote an indexer for storing and serving the token price. We are almost ready and should launch the token in a few days. Make sure to follow us on Twitter so you don’t miss the announcement.
Our protocol and UI are mostly done and we expect to launch the initial version in early Q2 this year. We have a version of it working on a closed testnet environment, here is a demo of a trade happening:
To see what we envision for the future of the protocol check our roadmap website.
We will post our litepaper and announce our LBP details and date soon.