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HomeCrypto NewsLUNC Community Debates on New L1 Team Funding Proposal Over TR Fears

LUNC Community Debates on New L1 Team Funding Proposal Over TR Fears

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The Terra Classic community is trying to avoid repeating the situation involving Terra Rebels’ previous $150K allotment.

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The Terra Classic community is torn between approving or discarding the funding proposal unveiled by the recently-formed Layer 1 development team. The team’s request for $141K+ for Q1 2023 has sparked debate within the community, as several individuals dread a repetition of the Terra Rebels situation.  

LUNCDAO’s Concerns

Independent validator LUNCDAO championed the debate, raising concerns associated with the recent proposal. The concerns were partly triggered by the involvement of Terra Rebels members, including Tobias “Zaradar” Andersen.

LUNCDAO requested that Zarader and former Terra Rebels members Venus and PSX_TX provide audio recordings of the group’s meetings after the previous $150K allotment to the Terra Rebels. According to LUNCDAO, this should help with transparency and would assist the community in deciding on what to vote on the recent L1 proposal.

LUNCDAO also expressed concerns surrounding DJ Trev’s inclusion in the community oversight committee. Members of the committee include DJ Trev, StrathCole, and PFC.

DJ Trev previously promoted a BSC token dubbed Lunatics (LUNAT). According to claims made by LUNCDAO, the team behind the project took advantage of the LUNC burn campaign to rack in profits for themselves while leading to losses for unsuspecting LUNC proponents. LUNCDAO cites this as a possible reason for concerns.

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While LUNCDAO noted that they trust Edward Kim, the independent validator has warned that the community should not be in a hurry to vote “Yes” to the proposal because of him. They noted that previous hastiness led to the allotment of $150K to Terra Rebels. LUNCDAO has so far refused to vote on the proposal.

Recall that former Terra Rebels member PSX_TX disclosed that the group is at risk of litigation amid allegations of the misappropriation of the $150K it received from the community.

TerraCVita Raises Concerns

Furthermore, another independent validator TerraCVita revealed that they voted “No” to the proposal, citing several reasons, including the closed nature of the group. TerraCVita believes it should be an open collaboration. The validator also opposed the self-appointment of an oversight committee for the group. 

Prominent LUNC influencer Classy also asked how the team chose their oversight committee members. In response to concerns regarding the oversight committee, Zarader recently highlighted the criteria for picking the members, including their ability to challenge the team in public and their ability to apply logic, among other parameters.

TerraCVita also highlighted concerns regarding the involvement of Terra Rebels members in the new team. According to them, it is inappropriate to include individuals that misused the $150K recently allotted to them. In addition, TerraCVita noted that it does not look good to have individuals at risk of litigation in the team.

Amid these concerns, the proposal has crossed the pass threshold, with TerraCVita being the only validator to vote “No.” Allnodes and HappyCattyCrypto have not voted as of press time.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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