A journey that began four years back with the launch of Trybe on EOS Mainnet saw its transition to something better, productive, lively and colourful.
For Trybers, a switch to Loopers felt like a bright sunny afternoon after months of tropical rainfall.
The promise of $1B by Block One for projects building on EOS never really took off and with no investors and funding, it slowly cascaded into the realms of a far distant world with nothing but an unfulfilled dream.
For an existing project, a switch over to a different blockchain is not easy. It means an utmost belief in the transition and the solutions offered by a new blockchain (Terra in this case) where the platform has to be created upside down than building something from the scratch. The transition of Trybe to Loop meant the creation of an entirely different ecosystem. The vision of a platform that was driven to remove the complexities of the crypto world while rewarding the active participation of the community. A space where thoughts, ideas, and learning would evolve through articles to remove the existing barriers to adoption while bringing the community together towards a common vision of a free world. A world built on the pillars of blockchain.
An end goal to bring the power of blockchain and crypto to the end-user through user-friendly apps, stablecoins, and DeFi, Loop Finance successfully managed to raise over US$1.5M from leading VCs and investors such as Woodstock, Accomplice, Collider Labs, and Iconium. Loop is building an Automated Market Maker Decentralized Exchange on Terra that will be integrated into a beta-stage, non-custodial crypto wallet primarily built for using crypto for daily use transactions through shopping in a way advantageous to small businesses and mainstream consumers. Blockchain is far from mainstream adoption and Loop aims to reduce that gap by bringing the power of blockchain to the hands of the user for easy seamless execution without the technical know-how. With a team of diverse backgrounds from business handling to software and blockchain development, the goal is two-fold: One to bring cryptocurrencies to the masses, and second, help small businesses survive in today’s oligarchic world where platforms such as Ubereats, Amazon, and Facebook are rapidly eating up their profit margins. For this two-fold goal, the solution is a two-fold product. The first is an AMM DEX and the other a non-custodial crypto wallet.
Loop Markets is an AMM DEX similar to TerraSwap’s AMM design that will list ERC-20 and Solana tokens alongside Terra’s native assets. It is quite similar to the likes of Uniswap, Pancakeswap and others that enable a passive income for liquidity providers. It also provides rapid swaps across Terra assets. LOOP will be the governance token that will help in accruing shared trading fees, pools for tokens that currently do not exist on Terra will be incentivized with LOOP token rewards to help bootstrap liquidity. Loop will also be a portal for cross-chain swaps across Terra. In addition, Loop has committed partnerships with Pylon and StarTerra, where IDO offerings on these platforms will also be listed on Loop DEX. This will help early investors to support the upcoming projects. It plans to have future integrations with other blockchains to bring those to the Terra ecosystem thus bridging the different silos of the blockchain world through cross-chain integrations.
In a DEX, liquidity providers provide liquidity for different pools that get rewarded through trading fees thus generating a passive income. The amount of passive income is dependant on the percentage of the amount that is invested into the liquidity pool. A user providing a 10 percent liquidity earns 10 percent of the trading fees. However, before you decide to jump into the depths of the liquidity pools, do gen up on Impermanent loss.
Loop Wallet is a mobile, non-custodial wallet for shopping and merchant payments that will integrate Loop AMM, sourcing liquidity for payments via native swaps of Terra assets and stablecoins from the Loop DEX. It is currently in beta testing and will onboard new merchants with the launch.
The primary reasoning for building the AMM DEX, apart from bringing more value to the Terra ecosystem, is so that an instant swap mechanism is created inside the Loop Wallet app that will allow users to pay with any Terra currency and have it swapped automatically for the merchant’s preferred stablecoin before being deposited into the merchant’s wallet. How cool is that!
This removes the price-volatility risk for accepting crypto payments. Additionally, LOOP rewards are given to customers as a part of a cash-back incentive program. It intends to reduce fees for both customers and merchants than existing current on-ramp solutions where sourcing liquidity from third-party venues is expensive and additional costs are passed onto the users as higher fees. With the integration of other DeFi tools like Anchor, it will allow users to earn a high interest rate on their funds stored in the wallet.
For cryptocurrency enthusiasts, having a way to directly spend cryptocurrencies with local or international businesses in a non-custodial manner will bring the dream of financial freedom one step closer to reality. After all, we all long for that financial freedom.
Loop as a Crypto Content Portal
The essence of Loop besides the AMM DEX and the wallet lies in it being a blockchain content and education portal. Blockchain is not an easy place and wrapping your head around the advents of this dynamic world is no easy task. Platforms that help in reducing the gaps, drive to bring more people closer to adoption. The dual token system of LOOP and LOOPR creates an ecosystem that helps to educate and inform users while rewarding the content creators thus building a community of value. Loop intends to integrate token listing something similar to Coinmarketcap. LOOPR token will be the community token that can be earned by participation on the Loop platform through engagement. This serves as an incentive to bring together a community through writing articles, rating, referring and commenting. LOOPR tokens can be staked to earn more rewards and also converted to LOOP tokens.
LOOP is the native governance token of Loop Finance that allows token holders to participate in governance on the protocol. Users can deposit LOOP tokens to create governance polls, and LOOP stakers can vote to decide on community grants, protocol updates, and parameter changes.
LOOP is also designed to capture a portion of transaction fees generated on Loop’s DEX. As of now, 25% of the transaction fees will be rewarded to LOOP holders who help to keep the LOOP price stable by staking their LOOP tokens.
Loop’s Bounty Program
Loop has started a bounty program for all the content creators to come together starting from 1st September. Feel free to participate by sharing your content about any of the Terra projects or the Terra ecosystem.
Starting this Wednesday (1st Sept.) we will host a regularly occurring weekly/monthly bounty on the community page. All are welcome to enter by submitting an article each week. 🏆
A platform that has survived the test of time, growing from Trybe to Loop being resolute in its determination of achieving a dream that seems closer and in sight. Terra is an ecosystem that is supportive, helpful and community-driven. If you feel Loop and Terra speak to you, do give it a shot and while you are at it, feel free to use my referral.
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