And the next partnership that we will talk about is a partnership with Leap.
Terra has grown immensely since its launch in April 2019 and has seen significant adoption from users and developers alike. The UST market cap has exploded recently, which currently sits at around $16 billion, making UST the fourth largest stablecoin. Alongside this meteoric growth has come a significant increase in user and wallet adoption. However, current Terra wallets continue to be transactional in nature with limited features and less than ideal user experience.
Leap started with a vision to create a user-friendly wallet providing a delightful experience to users. After being backed by Terraform Labs, Leap launched its beta version on Dec’2. Since then, it has been enhanced iteratively based on user feedback to provide many key features. In addition to providing basic wallet features, we have integrated with most of the Terra protocols and provided access to some of the prominent protocols (like Anchor, Stader, Astroport) from within the wallet.
The long-term goal is for Leap to serve as the one-stop shop for you to start your Terra journey, interact with dApps, discover new projects, and utilize off-ramp avenues to access your assets in the real world. Further, they aim to continually enhance Leap to provide innovative and delightful web3 experiences in DeFi, NFT, gaming, identity, social, and much more. With a core team of builders and engineers previously at McKinsey, Facebook, and Microsoft, we have the right experience to achieve this goal.
Background and Problem Statement
In the early days of web3, wallets were built with developers and crypto-native users in mind; they had a basic feature set that got the job done but the user experience was less than ideal. With each wave of evolution in web3 bringing in new-to-crypto users into the ecosystem, wallets now have a much bigger responsibility. If designed well, they can become the gateway to the web3 world for both experienced as well as new-to-crypto users, a one-stop solution to utilize everything that web3 has to offer.
One of the leading players in this web3 world is the Terra blockchain. Launched in April 2019, Terra was released with a mission to create a decentralized algorithmic stablecoin and to develop a thriving ecosystem around it. Terra gained significant adoption through its early partnerships with various e-commerce platforms in Southeast Asia. As seen from the graph below, the UST market cap has steadily increased and, interestingly, exploded late last year. This spark fueled growth on Terra by encouraging many more projects to be built, which led to 150+ protocol*s/*dApps being deployed on Terra as of March 2022.
Going forward, not only will there be a large increase in projects being deployed on Terra, but there is a strong push for increased adoption of UST across other chains. With all this growth, there was anticipated a significant increase in the number of Terra wallets being used, which is already growing at a steady pace of 80,000 wallets every month.
Leap is a non-custodial next-generation wallet for Terra. The goal is for Leap to become the most user-friendly crypto wallet for Terra and be your gateway to every aspect of the Terraverse. To achieve this goal, the aim is to tackle the previously mentioned problems head-on.
Scale the number of in-wallet integrations by providing a dApp store for any protocol to permissionless create an in-wallet mini-dApp experience.
Address the feedback and iterate in quick sprints to release bug fixes and new features regularly. With the aim to address these problems, Leap released the beta version of Leap in Dec “2021, and has continually enhanced it to provide the below features, on top of basic wallet functionality.
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