1.6 Million USTC Going to Terra Classic Grants Program As Proposal Passes with Massive Support

The proposal for the Terra Classic Community Grants program, rolled out in late October by Edward Kim, the co-founder of the Terra Rebels organization has passed, given that a greater percentage of the LUNC community voted in support. In line with this, a huge volume of TerraClassicUSD (USTC) has been approved for the program.

Classy Crypto, a pseudonymous LUNC validator disclosed this on Sunday, citing that the Community Pool Spend Program would help in the proper funding of solid projects within the Terra Classic ecosystem, using the LUNC community pool.

Following the passing of Props 8813, 1.6 million USTC has been allocated for the grants program. It bears mentioning that the Terra Grant Program passed with a 92.15% ‘Yes’ vote. While 7.66% of the total voters abstained, only 0.1% of voters said ‘No’ to the proposal.

Terra Grants Program

The Terra Grants Program, masterminded by Edward Kim seeks to promote utility in the Terra Classic blockchain as well as ensure transparency and accountability in the spending and distribution of resources in the LUNC community pool.

According to the team, current methods of the Terra Classic community pool distribution have not been adequately formulated. In consequence, several problems including poor transparency and lack of accountability among others have been the setbacks with the LUNC community pool spending. Recently, there has been a hot debate regarding the handling of the $4.16 million worth of non-Terra assets newly discovered.

Part of the Terra Grants Program proposal read;

“A grants program with independent reviews of the proposed contributions of a project, group, or developer team will attract new talent, and evaluate proposals on merit while providing funding for the delivery of specific milestones. Furthermore, a pay-by-milestone model will provide enough seed capital for the project to get started and incentivize the completion of that project or proposal.”

“This grants program does not prevent the submission of any community pool distribution on its own. This program aims to be the recommended method to request a grant due to the oversight, peer review, and rationale described above. The grants program does not actually fund anything, just collects proposals, organizes independent reviews, makes recommendations via these reviews, and keeps projects accountable. All community spend proposals still need to go through governance and voting by the community.”

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Ndianabasi Tom

Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering.