Efforts are being put in place by Terra Classic developers and members of the ever-growing community for the recovery of Luna Classic (LUNC) in terms of value and utility.
To make this happen, Edward Kim, a widely-known Terra Classic core developer, who brought the famous 1.2% LUNC tax burn into existence, has proposed a Terra Classic grants program to attract new utility to the chain.
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According to Kim, the proposal will make provision for accountability on how the funds raised within the community are spent.
In a tweet, Edward Kim wrote, “I am proposing a Terra Classic grants program to attract new utility to the chain while providing accountability for community spending. Please share your thoughts on this Agora post.”
I am proposing a Terra Classic grants program to attract new utility to the chain while providing accountability for community spending. Please share your thoughts on this Agora post. https://t.co/etR5fMb8eV
— Edward Kim (@edk208) October 17, 2022
According to Kim in the attached blog post, once the Terra Classic proposal codenamed 5234 is approved via the usual governance voting, there will be a portion of the seigniorage redirected to the community pool at the end of every epoch.
Edward Kim noted:
“With the influx of new resources, it is critical that the community spend the funding with wisdom, transparency, and efficiency. Historic methods of distribution (“trust me, bro”) are insufficient with no accountability, nor is there any established peer review process in the distribution nor oversight in the use of grant funding.”
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Procedure for the Terra Classic Grants Program
In the blog post, Kim mentioned the procedure for the proposed Terra Classic Grants Program:
- Identify needs or deficiencies within the Classic ecosystem.
- Create Requests for Proposals (RFPs) for identified needs.
- Market RFPs to the greater crypto/cosmos community to collect grant applications.
- Find independent grant reviewers with no conflicts of interest to the grant proposer.
- Perform a synchronous review of the grant proposals with independent (anonymous) reviewers.
- Grant proposers will be interviewed and KYC’d and presented to the community.
- Community governance will be presented with all of the information, a discussion will be posted on Agora, and recommendations of the independent reviewers will be presented.
- Distribution of the funds in the multi-sig will be “pay by milestone”.
- Grantee’s will provide project updates in the form of documents, videos, or demonstrations as proof of work until the grant expires.
In a nutshell, the proposed grants program is meant to encourage developers to build and bring utility back to the Terra Classic chain.
Developers believe that burning LUNC tokens is not enough to trigger the dream revival, but building to bring utility will make people see what the chain stands for, which would boost its value in the long run.
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