Juris Protocol — Revitalizing Terra Classic
The collapse of the Terra blockchain in 2022 left the Terra Classic ecosystem in a state of uncertainty, sustained primarily by a dedicated community but without a clear vision needed to drive the network forward. Emerging from this challenging period, the Terra Rebels founders discovered each other on Reddit, and built a community within Discord to keep the ecosystem alive. However, despite the community’s best efforts, there was a void left behind to drive the ecosystem forward and offer real-world use cases. This left the Terra Classic network in a state of limbo, despite retaining strong community support. Juris Protocol, founded in the aftermath, is now stepping up with a vision to drive forward new initiatives, aiming to rebuild the Terra Classic DeFi ecosystem the community deserves.
Concept and Background
Juris Protocol is stepping in to offer a new initiative that focuses on rebuilding Terra Classic and restoring its place in the broader blockchain landscape. Leveraging the community support that has sustained Terra Classic, Juris Protocol brings with it a vision to create a thriving decentralised finance (DeFi) ecosystem, built on transparency, trust, and value creation.
By providing leadership and infrastructure for Terra Classic’s future, Juris Protocol is positioning itself as a catalyst for its recovery, with a focus on introducing real-world use cases and innovative DeFi services that support both individual and institutional users. At the heart of this effort is a commitment to rebuilding the ecosystem with a strong foundation that offers sustainable growth and long-term stability.
Products and Services
Juris Protocol aims to establish itself as the primary DeFi service provider within the Terra Classic ecosystem, with a suite of offerings tailored to meet the needs of a diverse range of users. The core services offered by Juris Protocol include:
1. Lending and Borrowing Markets
Juris Protocol is developing comprehensive lending and borrowing markets within Terra Classic. These markets will allow users to lend and borrow assets, facilitating liquidity and enabling the ecosystem to grow. While the service is open to the general public, it is expected that high-net-worth individuals and institutional investors will be the primary users. By focusing on institutional-grade services, Juris Protocol is ensuring the influx of serious liquidity, which is essential for the long-term recovery and growth of Terra Classic.
The primary vision extends beyond just financial products, focusing on value creation and supporting the upliftment of Terra Classic’s standing in the DeFi space.
2. IBC Bridge Development
In an effort to reintroduce capital and liquidity into Terra Classic, Juris Protocol is developing an Inter-Blockchain Communication (IBC) bridge, which is currently in its Alpha state. This bridge is crucial for enabling cross-chain liquidity flow and interactions between Terra Classic and other Cosmos-based blockchains. By connecting Terra Classic with the broader Cosmos ecosystem, the IBC bridge will create new opportunities for capital acquisition and growth.
3. User Experience (UX) and User Interface (UI) Enhancement
Terra Classic was once celebrated for its outstanding user experience and intuitive design. Juris Protocol plans to build on this legacy by enhancing the existing UI/UX, making it even more accessible and user-friendly for both existing and new users. By improving the ease of use and onboarding experience, Juris Protocol hopes to attract the next generation of cryptocurrency users, driving broader adoption of DeFi services on Terra Classic.
4. Ecosystem Expansion
Juris Protocol has ambitious plans to expand its ecosystem further, with the development of complementary protocols that support $LUNC, $USTC, and major stablecoins. Although specific details are still under wraps, future announcements will be made through their social media platforms.
Roadmap and Future Targets
Juris Protocol has outlined an ambitious roadmap designed to drive the long-term recovery and growth of the Terra Classic ecosystem. Key milestones include:
1. DAO and Legal Entity Formation
Juris Protocol plans to establish a Decentralised Autonomous Organisation (DAO) that will act as a legal entity. The DAO will have control over the protocols and applications built by Juris, including the lending market. Governance participants and token holders will have the opportunity to become shareholders in the DAO, which will be supported by Juris Protocol’s LLC (established in the Netherlands) as a major shareholder. This structure will allow token holders to have voting rights and earn revenue from the protocol’s profitability, playing an active role in shaping the platform’s future.
2. Revenue Sharing
Juris Protocol’s revenue model is designed to share profits with its users. Fifty per cent of all platform revenue will be distributed to stakers of the $JURIS token, incentivizing participation in the network. 15% will be dedicated to supporting $LUNC use cases, such as development grants, while the remaining 35% will be allocated to the DAO Treasury for operational expenses, liquidity provision, token buybacks, airdrops, and more. This is highlighted within the infographic below:
3. Support for $USTC Peg Restoration
One of Juris Protocol’s goals is to help restore $USTC to its $1 peg as part of a collaborative effort within the wider ecosystem. The collapse of Terra Classic was largely due to the failure of the original algorithmic stablecoin $UST, which lost its peg in 2022 due to a flawed arbitrage system (which has since been disabled).
4. Reconnecting the Cosmos Ecosystem
Juris Protocol plans to re-establish Terra Classic’s connections within the Cosmos ecosystem. By rebuilding these links and offering cross-chain solutions, the project hopes to drive broader adoption and engagement across multiple blockchain networks, returning Terra Classic to its previous role as a key player within the Cosmos ecosystem.
Security
Security and transparency are critical components of Juris Protocol’s mission. To ensure the safety of users and the integrity of the platform, the following measures have been implemented:
1. Smart Contract Audits and KYC Verification
Juris Protocol’s smart contracts have undergone a thorough audit by SolidProof, a well-respected third-party security firm. Additionally, the founders have completed Know Your Customer (KYC) verification to enhance transparency and trust. The audit resulted in a high security score of 95.65, reflecting the robustness of Juris Protocol’s platform. You can view the full report here.
2. On-Chain Transparency
To further ensure transparency, Juris Protocol will tag its treasury and team wallets on-chain. This allows all transactions to be publicly visible and easily trackable, providing additional accountability and preventing fraudulent or malicious activity.
Explore More
Juris Protocol is a growing force within the Terra Classic ecosystem, aiming to learn from past mistakes and create a sustainable future. On October 4th, 2024, SolidProof hosted a Business Panel featuring Juris Protocol on X Spaces. You can listen to the recording here.
For those interested in learning more about Juris Protocol, the project’s documentation — still a work-in-progress — provides insights into their vision. Stay updated by following Juris Protocol on X here, and engaging with the community on Telegram and Discord.
To be kept up-to-date with all news SolidProof, including future Business Panel discussions, please follow us on X here, and visit our recently launched TrustNet.
