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It's time to say goodbye.
While I had to be absent due to illness in recent weeks, I was able to take a look at #TerraClassic “from the outside and with some distance.” Or rather, at the behavior and interaction—and the lack thereof. None of the following would have made me give up if I had been in full health, but unfortunately, it is what it is. Perhaps there are a few thought-provoking ideas in the right direction, even without me.
I find it both sad and frustrating that a lot of people have learned nothing from the past in four years. If things don't go their way, they resort to attacks, hostility, or discrediting others.
The culture of discussion, if you can even call it that, is often, to put it bluntly, below par, at least in publicly visible areas; and in some cases, conspiracy theories and “false prophets” receive more support than sensible projects that could advance the chain. There is so often a lack of understanding for constructive and professional dissent that one might think Terra Classic was bathed in testosterone.
When Jay (formerly @HappyCatKripto) returned from his recovery phase, he told me that I might need to take some time off to see things as they really are. I didn't believe him and told him he was being negative and overly critical. Well, he was right, and I was wrong. And it took a forced break to finally see more clearly what is publicly visible.
To be clear, when I look at the entire Cosmos ecosystem, I see that Terra Classic is no worse off than other Cosmos chains. With a few exceptions, Cosmos is in a deep slumber in terms of user and community activity. It's so easy to say that Terra Classic has done everything wrong in recent years and that's why it is where it is. But the opposite is just as true. Terra Classic has done a lot of things right, which is why it is (still) where it is today.
And the future? When I look at all the social media channels, X, public, semi-public, and private (conspiracy!) Telegram groups I'm in... There are ideas, plans, discussions. Constructive, collaborative, not necessarily always innovative. But on the whole, they get lost in the shuffle and may never reach the masses. Because what makes sense isn't necessarily fancy. What's necessary isn't necessarily pleasant. The best solution isn't necessarily the fairest.
When we (yes, WE as chain via governance) decided to allocate liquidity for $LUNC/USDC to the DEXes, it was clear from the outset: it's either all or nothing. Was that the most sensible solution? Hell, no. The most sensible solution would have been to put everything into a DEX pool. But that would not have gone through governance. So the motto was: better a little than nothing.
And this is where a structural problem with the decentralized nature of Terra Classic, or rather the expression of it, becomes apparent. For me, it's not a lack of leadership, a lack of a fixed roadmap, or anything like that. For me, it's more the “I can do that (better)” mentality that leads to fragmentation of users and capital.
Don't get me wrong. I am a strong advocate of the “free for all” idea on this chain. Everyone is free to build what they want. However, I question the wisdom of this, or rather, whether “builders” are giving enough thought in advance to whether their projects make sense. Currently, Terra Classic has 4 (okay, 3.5) DEXes. TerraSwap, Terraport, Garuda DeFi, Astroport.
WESO could also be included, but at least publicly, it's not yet clear where that's headed.
Now let's take a simple example: LUNC/USTC pairs.
1. Astroport: $47,000 liquidity
2. Terraswap: $36,000 liquidity
3. Terraport (v3): $20,000 liquidity
In a single pool, that would be over $100,000 in liquidity, even at current prices. The price impact on swaps would be significantly lower, or in other words: for 2% slippage, you could perhaps make $800 in a trade instead of just $350.
The same applies to USDC. We have approximately $100,000 in liquidity spread across three DEXes because it's fair. But it's not the best for the chain. Because with this distribution, there is theoretically only one type of beneficiary: arbitrageurs. Theoretically. Because even they can only make profits when trading takes place, not when high slippage, etc., discourages people from trading.
And fragmentation affects not only liquidity, but also users. Each of the existing DEXes has different pools, different UX/UI, a different history, different parts of the community that trust (or don't trust) it (thanks a lot, you various scammers, for making it even harder for projects to gain trust). And it doesn't end with the DEXes. Terra Classic now has three aggregators, countless metrics pages (which are of course good for visibility from a marketing perspective), etc.
Terra Classic's strength is its weakness and will remain its weakness as long as builders do not coordinate or agree among themselves, and as long as we prioritize equal treatment over chain success. As harsh as that may sound. I am not in favor of a centralized chain, leadership, or something like a CEO. But it's finally time to put (hurt) egos aside. It's time for builders to get together and work together to bring out the best in their projects.
Generally speaking, in this market situation (not just related to TC), any paid marketing is money down the drain. The same goes for external consultants and the like (why do you think most ice cream parlors are closed in winter?). The only ones who have the means and opportunity to put this chain in a reasonable position are those who build, validate, and invest here. Only then would the chain really benefit when the market finally moves in the “right” direction.
For me personally, I have reached the point where health, strength (and, downstream, finances) are not enough to continue doing what I have been doing so far. I will fulfill my commitments, which are the development of MM2.0 and CMM at the L1 level, as well as support for the deployment of SDK 0.53.
terra-classic.io will of course remain in place and functional as before, including GitHub management of the site. The @Galactic_Shift TCG will also go live when it is possible, but the validator will be sunset at March 31st.
All this is not meant as a rant, but rather food for thought, my perspective after my first real break in four years. I would have made a similar statement if I had been able to continue. Not everything is negative; there are some bright spots, people who continue to fight to keep this chain alive.
I think L1 is in good hands with @orbit__labs. And who knows, maybe everyone involved will eventually be mature and reasonable enough to work together in a way that creates more than just a fragile snapshot that will be torn apart by the next ego. Maybe at some point, the sum of all the parts will add up to a great picture instead of just a pile of puzzle pieces.
I would wish that for everyone who has invested years of their life, energy, and commitment.
Good luck and success.
Cheers.
#LUNCcommunity
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