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.
My article on recovering us from the aftermath of 10879 passing on a voting turn out of less than 30% of validators. It's old school but it's worked for millennia.
I just published Trouble at City Hall — financing the LUNC road map. https://t.co/iPQL5ZScQW
— Rexyz (@RexYellerBelly) November 9, 2022
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.
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.
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.
We also voted 'No with Veto' to proposal 10879 because it:
❌️ Abuses governance with no fair consultation period, normally 7 days
❌️ It's undeliverable as technically not all community funds can go through governance
❌️ It's vague pic.twitter.com/mxVDzSN5CT
— Rexyz (@RexYellerBelly) November 8, 2022