Proposal to add TerraMYR Ringgit & TerraTWD and Restore TerraNOK stablecoin

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

25 Likes

good initiative

1 Like

Great initiative ser.

With Vertex launching soon, MYT should definitely be up for listing.

2 Likes

Better late than never!

1 Like

I wish I could add more context to this proposal, but everything that I could think of, are already better expressed in the proposal. There are a lot of cryptocurrency users in Malaysia, so definitely make sense to have it on Terra

2 Likes

Crypto community in Malaysia is big, having this would be great to drive more awareness and adoption of Terra ecosystem and usage of TeFi dApps.

More terra stablecoins should be added for better on-chain FX too in future.

1 Like

Great initiative!

1 Like

Great initiative. Would love to see all top currencies added to the Terra ecosystem.

1 Like

would love to see this being implemented!

1 Like

Great proposal for vote

2 Likes

Amazing to see all the LUNATICs in Malaysia coming together! Would be historic to get MYT :slight_smile: lets get it guys, WAGMI!

1 Like

This is great! All of for this.

We just realised that a parameter_change proposal should have been used instead of text proposal. However, this was noted too late as the governance process has started and gone live.

Is it possible to change the proposal type halfway through voting? I know it’s kinda impossible, just wanted to reach out to community members here. @admins
@shhong (tagging you because I saw you commented on the proposal for listing NOK)

1 Like

Im all down for this MYRT. FINALLY!!

Yes, I agree. Great initiative

https://station.terra.money/proposal/169

Proposal is now live for voting. Appreciate your support to vote Yes.

Heavily Support!

This is great news! :smiley: I’ve been waiting for TerraNOK for quite a while! Thanks a lot! :+1:

Great initiative!!

Voting for paramater change is now live: https://station.terra.money/proposal/176

To recap:

  • Adding TerraMYR
  • Adding TerraTWD
  • Restoring TerraNOK
1 Like