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First off, we’d like to reintroduce ourselves 👋.
Terra Kado → Kado.
Cleaner, right? We agree. Check us out at kado.money
Kado started as a personal want and need… One day in March we wanted to test the process of turning 100 UST into 100 USD. Terra Station → Kucoin → UST → LTC → Coinbase → USD → Bank Account. Dizzying and inefficient, to say the least. This felt like a blaring hole inside of a system that, at just two years old, already makes legacy financial systems look like, well…
We had no choice but to scratch this itch, roll up our sleeves, and dive into the problem and subsequent opportunity at hand. 2 months later and it’s hard to believe how far we’ve already come. We’re pleased to detail two core services that will be built around the all important Kado on/off ramp integration with Prime Trust.
The first solution to our first problem. How can we improve the experience of going from TeFi to TradFi. Even better — how can we live off UST forever, without needing to interface with TradFi at all.
We’ve researched, reached out, and iterated since the Delphi hackathon. v1 of Kado Pay will be a high speed, auto-generating gift card chrome extension, payable directly via Terra Station. Think of an experience similar to the Honey chrome extension. Kado Pay users will be able to shop with hundreds of e-commerce merchants, and most notably from our MVP, Amazon. Coming versions will enable discounted shopping / cash back thanks to efficiencies that TeFi enables (hello, Chai). At the heart of v1 is the ability to flex that UST can do everything that USD can, without even having to talk about DeFi.
The darndest thing happened when we entered the hackathon… members of the community basically went nuts when they found out that Kado was utilizing UST<>USD swap capabilities. We received well over a dozen inquiries from current projects, and prospective builders about how exactly we were managing to do this. Truth be told, it has already been a fairly large effort. Without going too deep into the details, it is a ton of work, not to mention very capital intensive. After speaking with Do Kwon and TerraForm Labs, we came to the conclusion that we could take our experience and wrap it into a service to provide to other builders in the Terra ecosystem.
Like we mentioned in the beginning of this article — we like to create services that stem from our own pain points. We couldn’t be more excited to deliver on what we are building for the community.
We’re launching our governance proposal shortly and still taking feedback from the community. We’ll soon be making an update to this Agora post with more details based on the tremendous amount of feedback we received.