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HomeCrypto NewsMarketTerra Classic L1 Team Returns Budget Surplus From Q1 Funding

Terra Classic L1 Team Returns Budget Surplus From Q1 Funding


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The team will be providing a detailed account of transactions and expenses made for its Q1 work.

The Terra Classic (LUNC) Layer-1 Joint Task Force (L1JTF) has completed its proposed work on the Terra Classic network for the first quarter of the year, under the estimated budget. Accordingly, the surplus assets from the Q1 funding has been returned.

The team returned 233,719,000 (233.7 million) LUNC tokens worth around $29.5K to the community pool on April 11, as disclosed by LUNC Burn Army (LBA), the team’s project manager. He shared proof of the transaction, and confirmed that the proposed work for the first quarter has been completed. 

Last Monday, LBA released a report on the team’s Q1 progress, which showed the successful completion of all tasks specified in the roadmap. The report was met with commendations from the Terra Classic community, with most proponents lauding the team’s efforts. 

In his latest remarks, LBA restated the team’s commitment to deliver a comprehensive breakdown of the expenses and transactions incurred during Q1, as previously indicated in the report released last Monday. The team plans to provide this breakdown this week.

Controversies and Revisions 

In addition, a revised proposal for the L1JTF work and required funding for Q2 2023 has been published on Agora. The amended proposal seeks to address concerns raised by community members regarding the earlier proposal in terms of funding and clarity.

The reviewed proposal seeks a total funding of $124.8K for Q2, $14.7K short of the $139.5K funding initially requested. Among others, the remuneration for the full-time developer has now been reduced from $40.44K to $37.50K. No significant objections have been raised on the revised proposal as of press time.

Recall that, last week, the initial proposal sparked controversy among community members who raised concerns about its contents. One particular issue that emerged was the compensation of Tobias “Zaradar” Andersen, the sole full-time developer, which some proponents argued was excessive for the amount of work being done. However, the developer vehemently challenged this rhetoric.

As the drama continued to escalate, Zaradar decided to step down from his position in the L1JTF, citing an unfavorable risk/reward ratio. This departure created a void in the L1 task force and the team is currently seeking a new full-time developer to fill the position. A job advertisement for the role has been published, and applications will be accepted until April 23.

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