Wednesday, November 30, 2022
HomeCryptocurrencyThis Controversial Terra Classic Proposal Gets Approved with Less Than 30% of...

This Controversial Terra Classic Proposal Gets Approved with Less Than 30% of Validators Voting

The optimistic Terra Classic (LUNC) community continues to brainstorm and debate on ways to effectively utilize the newly discovered non-Terra community assets. While some opine that community funds be handled off-chain by selected members, some believe it will be best for the LUNC community funds to be distributed via on-chain voting.

In addressing this conflict of ideas, Vegas, a known member of the Terra Classic community rolled out the briefly-scripted and contestable Proposal 10879 titled ‘Community assets distributed, by on-chain voting proposal’. The highly controversial proposal, launched for voting on November 2, has eventually passed, per a Thursday update by ReXx of Terra Rebels. 

It’s worth noting that this development comes a few days after the Terra Classic Grants Program proposal, masterminded by Edward Kim passed with an impressive vote count. Accordingly,  $1.6 million TerraClassicUSD (USTC) was allocated for the successful running of the Terra Classic-powered grants program.

Following the passing of the proposal where less than 30% of Terra Classic validators voted ‘Yes’, all distribution of funds will be done via on-chain voting. This then counters an earlier proposal submitted by Alex Forshaw, an ex-Terra Quant Team lead, where he suggested that the $4.16 million non-Terra assets be handled off-chain with the supervision of several trustees. 

Read More: Terra Classic Devs in Conflict of Ideas Over the $4.16 Million Non-Terra Community Assets

It bears mentioning that some members of the Terra Classic (LUNC) community like Rex Harrison aka ReXx of Terra Rebels are displeased that Vegas’ proposal on community assets management passed. 

Meanwhile, other members are bothered by the fact that only a few validators voted on such a critical subject matter. Therefore, the controversy and debate regarding community funds in the embattled crypto ecosystem continue till finally resolved. 

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According to Rex Harrison, the TerraCVista validator voted ‘No with Veto’ on Vegas’ community spend proposal. In stating the reasons the group is against the on-chain voting idea, ReXx of Terra Rebels wrote that the just-passed proposal is vague and also abused governance as it didn’t go through the normal fair consultation period of 7 days.

“It’s undeliverable as technically not all community funds can go through governance,” he stated. In addition, Rex Harrison said the proposal potentially exposes community funds and investors’ money to massive risk. 


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Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom joined the crypto and blockchain industry in 2019. He is an all-rounded crypto content writer. He mostly covers industry news, developments, and other educational resources. He believes that proper crypto awareness is instrumental to achieving mass adoption.
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