Orbital Command (๐ŸŒŽ,๐ŸŒ”)
Orbital Command (๐ŸŒŽ,๐ŸŒ”) 2 minutes reading from Terra

Capapult To Use $200K Worth Of LUNA To Launch New Crypto Stablecoin, Launching SOLID

1/7 @Capapult is asking the @Terra_Money community for 200K worth of LUNA, in order to audit and launch its over-collateralized stablecoin, SOLID.

Orbital Command supports this proposal, and will be voting yes.

Overview of prop and our comments ๐Ÿงต๐Ÿ‘‡

2/7 For context, the Terra community pool has 330M LUNA.

Currently, Terra doesn't have a native stablecoin - which is sad, considering UST used to be the whole purpose of Terra.

Using a tiny amount of LUNA from the comm pool to fund a new stablecoin makes sense.

3/7 Capapult's stablecoin, SOLID, will be backed by assets like LunaX and stATOM, and will be over-collateralized.

The governance token, CAPA, will receive revenue from Capapult fees.

10% of CAPA total supply will be airdropped to LUNA stakers.

4/7 Capapult has already received 25K LUNA in funding.

With this they built their contracts and web app.

Capacult contracts can be viewed on mainnet here:

Additional 200K worth of LUNA will mainly cover audit expenses and seed liquidity for SOLID.

5/7 Some community members have been critical of Capapult, and Orbital Command agrees with some of this criticism.

Since contracts and web app are built, Capapult should release a public testnet version.

Also, Capapult should communicate more clearly with the community.

6/7 But we strongly disagree with the view that Terra doesn't need its own stablecoin.

While there are many stablecoins popping up throughout the Cosmos, Terra definitely needs its own - a Terra-native stablecoin backed mostly by LUNA.

7/7 In general, we think Capapult is doing an amazing job! We're very happy to have them as part of the Terra community, and will gladly be voting yes on their proposal when it goes live.

Full proposal here:

Commonwealth
This post is based on this twitter thread.

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