The Terra Classic community approves 1.6 million USTC for running the Terra Classic network grant program.
In a tweet on Sunday, Terra Classic influencer and validator Classy Crypto disclosed that proposal 8813 had passed the governance vote.
CONGRATULATIONS TO @edk208 & $LUNC for proposal 8813 passing! ✅
1.6M $USTC is going to the NEW Terra Grants program!
Will help us vet projects & properly fund with the #LUNC community pool! 🐂
RETWEET TO SPREAD THE WORD 🔥🔥🔥 pic.twitter.com/W7hgxjqMph
— Classy 👾 (@ClassyCrypto_) November 6, 2022
Per the screenshot shared by Classy, at least 62% of the community’s voting power participated. Notably, 92.15% voted “yes,” while 7.66% opted to abstain, with only 0.1% voting against it, showing overwhelming support.
Consequently, with the approval, the Terra Classic community is set to launch a grants program under the direction of core developer Edward Kim. Per the proposal, 1.6M TerraClassicUSD (about $57,600) will be handed over to Kim to direct and operate this scheme for six months.
Notably, the grants program aims to efficiently and transparently allocate funds from the community pool to fund projects on the chain. A rough summary of the grants foundation’s activities proposed by Kim are outlined as follows:
- Identify problems that need solving on the Terra Classic chain.
- Publish requests for bids to fix these problems.
- Handover received submissions to independent reviewers.
- Submit reviewer-approved bids and reviewer notes as governance proposals on Terra Station.
- Allocate approved funds to a multisig wallet under the control of the foundation of the grant.
- Pay talent on a per milestone basis.
As reported by The Crypto Basic, Kim pitched the proposal on October 17 as he believed that the community was well on its way to passing proposal 5234, which allocates 10% of all Terra Luna Classic (LUNC) burns to the community pool. The developer initiated voting on the proposal on October 28, sharing a temporary website for the project.
Unsurprisingly, the community has greeted the news with excitement as funded development could go a long way to attract utility to the chain.