HomeCrypto NewsTerra Classic Proposal to Allocate $141k To L1 Team Passes

Terra Classic Proposal to Allocate $141k To L1 Team Passes

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The development comes a few days after the Terra Classic community debated on concerns raised by several validators.

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Proposal 11168, a proposition to allocate over $141K in LUNC to the Joint L1 Task Force, has crossed the pass threshold. According to the proposal, the funds will support the team for the first quarter of 2023 as they perform development work to update and stabilize the Terra Classic Layer 1.

Prominent LUNC influencer Classy brought public attention to the development, calling the proposal “one of the most important in LUNC history.” Classy expressed his excitement that the community has secured a stable L1 development team to help perform maintenance and security updates on the network. He revealed that he would be speaking with Tobias “Zaradar” Andersen, one of the full-time developers on the team, at 17:00 (UTC).

The Terra Classic community has received the development well, suggesting that the validators’ votes echoed the community’s opinion. Validator BetterLunc called it a massive win for the LUNC community for the year. 

As previously reported, well-respected developer Edward Kim unveiled the proposal last month. After performing the scheduled security and maintenance upgrades, the L1 team will look into further innovation through long-term advancements on the network. A governance vote to continue funding the team will be open by the end of March, following the conclusion of the Q1 work and an assessment by the community.

Previous Concerns Raised

Recall that the proposal had sparked debates within the Terra Classic community, with some validators and community members expressing numerous concerns regarding the members of the L1 team and the formation of the community oversight committee. 

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These concerns were majorly triggered by the alleged misappropriation of the $150K allotted to Terra Rebels. The inclusion of Terra Rebels members in the L1 team also raised questions. Zaradar attempted to address these concerns, especially regarding the formation of the community oversight committee. 

LUNCDAO, which championed the debate, eventually voted “Yes” to the proposal. Conversely, TerraCVita voted “No,” one of only two validators to do so, the second being Moon Train Express. Allnodes, with the highest voting power, also voted “Yes.”

 

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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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