According to Kim, the Terra Grant Foundation will focus on getting external funding for projects and initiatives in the Terra Classic ecosystem.
The Terra Grant Foundation (TGF), a San Francisco-based non-profit organization dedicated to the Terra Classic (LUNC) ecosystem, will focus on getting external funding for projects and initiatives on Terra Classic.
Edward Kim, an accomplished developer, and the Terra Grant Foundation Director, recently announced the strategic operational shift. In a press release titled “The Next Episode,” Kim disclosed that the organization will now prioritize securing external funding for LUNC initiatives, projects, and builders.
Edward Kim’s “Next Episode” update…. https://t.co/PPqJXwE8MN#LUNC
— Terra Grants Foundation (@terragrantsf) May 16, 2023
However, Kim emphasized that this shift in operation does not affect the organization’s fundamental objective, which is to identify needs within the Terra Classic ecosystem and launch proposals to address these needs, thereby making useful contributions to revitalizing the LUNC ecosystem.
It is worth noting that during the organization’s launch, a multi-sig wallet was introduced, designed specifically to receive funding from the community pool for financing projects within the ecosystem. Funding for LUNC initiatives, such as the quarterly works of the Layer-1 Joint Task Force (L1JTF), was distributed from the multi-sig wallet.
Initially, the wallet was jointly managed by Edward Kim, Marco Ferreira (TGF Program Manager), and validator Allnodes. As part of the recent transition, Kim revealed that the team would discontinue the multi-sig wallet and replace it with a wallet belonging to the TGF organization.
TGF Remains Committed to its Goal on Terra Classic
Notably, the Terra Grant Foundation was launched in November 2022 following a community governance vote that permitted its formation. The organization’s goal was simple: to identify needs or deficiencies within the LUNC ecosystem, communicate these findings to the community, initiate proposals to address them, and secure funds from the community pool for their resolution.
The recent operational model shift introduced two key changes to the Terra Grant Foundation. First, there is now a greater emphasis on obtaining external funding for LUNC initiatives. Secondly, the multi-sig wallet, initially designated for receiving funds to support initiatives, will be discontinued. The organization remains fully committed to its original goal.
As previously reported by The Crypto Basic, TGF requested $5 million in funding from Binance, seeking to finance initiatives and projects on Terra Classic.
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