Terra Wallet Leap
Leap, a company developing a non-custodial crypto wallet for the Terra blockchain (Terra Wallet Leap), announced a $3.2 million funding round on Tuesday. The fundraising was led by CoinFund and Pantera Capital, with participation from Arrington Capital, Accel, and Terraform Labs, according to a news statement.
If Leap’s litepaper projections are correct, the investment round will be worth $40 million. Sanjeev Rao, the company’s founder, refused to comment on the value.
According to Rao, the MetaMask-like crypto wallet, which has over 4,000 downloads, facilitates asset transfers, non-fungible token (NFT) exchanges, and decentralized finance (DeFi) apps throughout the Terra ecosystem, which is powered by LUNA and the stablecoin UST. Mobile applications for iOS and Android are on the way, according to Rao.
According to DeFi Llama, Terra is in a “hyper growth period,” with UST’s market cap increasing ten-fold as the chain’s total value locked (TVL) reaches $30 billion, second only to Ethereum.
Terra, according to Rao, is bringing “a lot of new users into the space,” so Leap wallet’s integration of dapps and NFTs in one “super wallet” allows people who are new to crypto to interact with the blockchain.
Leap’s Rival
Terra Station, Terraform Labs’ own non-custodial wallet, is Leap’s main rival. When questioned about Terra Station, Rao said that “a decent wallet experience makes or breaks when it comes to onboarding new users,” and that with its dapp integrations, Leap keeps up with the space’s fast development and changing demands, such as security, design, and usability. According to Rao, Leap will issue a native governance token for a token-reward scheme for active wallets in the coming months. Users will be able to buy NFT collections via the Leap app.
In Leap’s non-custodial design, only wallet users have access to their private keys. This provides the advantages of becoming your own bank while also developing personal accountability and so raising risk. People might still be duped by imitation websites, according to Rao. Rao claims that Leap reduces the chance of scams by integrating directly with popular Terra-based DeFi protocols, enabling users to stake LUNA and UST without leaving their wallet.
“The ability to deposit in-wallet to Anchor was something we implemented early on, and it’s something that a lot of people utilize.” Similarly, we’ve integrated a number of Stader Labs products, giving customers access to a variety of staking alternatives right in their wallet.”
For this private auction, Leap set aside 8% of its LEAP governance tokens. With the new funds, it wants to strengthen its engineering, design, product, and marketing teams, according to Rao.