Axie Infinity x Terra Money partnership for Developing Markets

Hello Terra Luna community,

With the agora proposal for PHT and IDR being passed as well as THB and just recently MYR, the parameter has been changed and the proposal has been passed, but no real utility has been made for it yet. For this proposal, I want to explore increasing utility for it by partnering up with Axie Infinity.

According to Axie Infinity Player Statistics, there is a massive adoption from these specific countries. The main reason why Axie Infinity is so big is due to the scholarship programs which allow Managers (NFT owners) to loan out their Axies to other people (scholars) to play 1-2 hours per day for them to earn money like they are in a part time job. Even with the falling prices of SLP, allowing scholars to earn a small amount of money to play has still been attractive for these markets. The reason why SLP is falling as well is most scholars just keep cashing out as they need these money to sustain for their daily needs.

In the Philippines, there are already existing centralized institutions which can facilitate these cashing outs such as Binance P2P, Coins.ph. However, there is a fear of Binance P2P being shut down soon, and most players are unbanked therefore being unable to participate in these centralized institutions. With the proposal of LocalTerra which is slated to release Q1 2022, we can already create these fiat on-ramps/off-ramps if we have liquidity providers. However, SLP has not been ported especially directly from the Ronin Blockchain.

So a few things we need to make this happen:

  1. An official Terra Money x Axie Infinity partnership to port SLP and AXS directly to Terra Ecosystem
  2. LocalTerra (or another decentralized P2P fiat on-ramp/off-ramp)
  3. Create a dApp with a mission to increase utility for MYR, IDR, PHP, THB by allowing payments to them from merchants and activating DeFi for these currencies. ex. PHT are swapped to UST immediately and utilize various vaults of other protocols (Anchor, Mirror, White Whale, Mars, Nexus, Astro, etc.)

Would love to get feedback and, of course, support from Terra for this. I believe I can make these things happen in the Philippines, but an Axie Infinity x Terra Money partnership is out of my control and would need to be decided by the community.

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Hi All, I support this proposal. Either bringing $UST and Anchor Protocol to Ronin and/or vice versa - whereby allowing Axie players from these regions to save some of the SLP earnings into UST/USD deposits earning ~20% APY. This goes further in our quest to help people achieve financial freedom and can truly illustrate why crypto is here to help make a difference in the world.

This will help the Axie Infinity community tremendously. Full support on this idea.

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This is a very good idea to help drive real-world use cases. I foresee players being able to swap and pay for goods sold by merchants that accept Terra stablecoins. Imagine the financial interoperability that can be built in Asean region alone.

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Definitely full support on this. A lot of players would be benefit from this move. And these won’t be typical people who get into crypto. These are the people that actually need this kind of avenue for their funds. This is going towards banking the unbanked.

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I can attest to this. Depsite their involvement in Axie Infinity (currently still the biggest P2E movement in cryptocurrency), scholars have little to no knowledge on how to maximize their exposure to digital money.

I strongly believe Terra to be the most convenient gateway for Filipinos and scholars from neighboring countries to become more involved. @TerranJay said it right --a 20-ish% APY on their savings can go a long long way.

Appreciate this @seaver-choy !

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Oh, yeah. Just gorgeous. I fully support the proposal and look forward to the cooperation with Axie Inifinity.

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Very good proposal, @seaver-choy . Being a scholarship manager myself in Axie, I do like this proposal to convert some of my excess AXS & SLP to UST rather than using Binance to do such a transaction. I have several questions though:

  1. Since we’ll be seeing quite an outflow from AXS/SLP to PHT/IDT/MYT, I suspect that many of these scholars would want to cash out these stablecoins to fiat currencies for their daily use. Does LocalTerra have the sufficient P2P supply of fiat to support such transactions?
  2. Instead of having a dApp to swap these stablecoins to UST, we could leverage on Vertex Protocol slated to launch in 2022, to allow non-UST stablecoins to earn interest on Anchor. Perhaps something to consider for the proposal.

For the MYT community, there’s a vibrant LUNAtics Malaysia community that you can tap on to execute this.

@seaver-choy this a great, unique application of the Terra ecosystem, made possible by the passing of recent proposals - it also gives incentives and reasonings for adding each of these stables.

At a quick glance, Axie seems to be a good partner for the Terra community.

I am cautious of this quote you included above:

Are you aware of why Binance is discontinuing its opportunities here? Would Terra face a similar fate?

This seems like a beneficial add but made complex due to local jurisdictions and the lack of current infrastructure. For point #3 in terms of needs, does it have to completely be a new dApp?

How could some of this functionality and support of new currencies be integrated into current protocols (such as Anchor) and eliminate the need for a new build completely?

Yep, I’m all for it. Been a huge fan of Axie Infinity until now. The only real issue they have is SLP inflation and if we, at Terra, can help with that, I’m in.