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Terra Classic developer Edward Kim has initiated voting on the Terra Classic grants proposal.
Edward Kim has put up proposal 8813 for voting, as per a tweet from the Terra Classic core developer on Friday, sharing a temporary website created for the initiative.
As a follow up to the agora discussion on a grants program, I have made a community spend proposal to kickstart this effort. Please vote on governance prop 8813. A temporary website is up here, https://t.co/k2Sdz1J9Lt
— Edward Kim (@edk208) October 28, 2022
Proposal 8813 promises to launch a Terra Classic Grants program that would allow for the efficient and transparent allocation of funds in the community pool. As previously reported by The Crypto Basic, Edward Kim requests $68,000 from the community pool to direct and run this grant scheme for six months.
Notably, the proposal came as the core developer expected the community to vote in favor of proposal 5234, which allocates 10% of all Terra Luna Classic (LUNC) burnt to the community pool to fund development activities. For efficient and transparent allocation of the new inflow, Kim suggested that the community start a grants program.
The grants team will identify deficiencies in the network and request proposals from the public and community members. On receiving bids, the community will call on a group of independent reviewers to review the submissions. Afterward, the team will submit selected proposals alongside reviewer comments as a governance proposal on the Terra Station for community approval.
If approved, the team sends the required funds from the community pool to a multi-sig address controlled by the grants team. Finally, the grants team will make payments to developers on a milestone basis.
So far, the community has received Kim’s proposal with enormous support, with many pledging to vote in favor.
I support Terra Classic Grants program proposed by @edk208! We need full transparency on grants/partnerships/sponsorships and this propasal helps with it, Thanks Ed! $LUNC supporters, go give it a read and let us know your thougths! Power to the People #LuncClassic 🙏🔥 https://t.co/t2qOhwXYEL
— WSB Trader Rocko 🚀🚀🚀 (@traderrocko) October 28, 2022
It bears mentioning that another Terra Classic developer Alex Forshaw has also made a separate proposal with hopes of solving the Terra Classic sustainable development problem.
New proposal to the #LUNCcommunity just dropped.https://t.co/zvdX1VFkKW
— 4lex_4sh4w_TR (@4lex_4sh4w_TR) October 28, 2022
Forshaw disclosed in the proposal yesterday that he had been aware of $4 million in Terra Classic off-chain assets. The developer proposes that the community use the assets to fund a professional team of developers via a multi-sig address, placing signers on a stipend of $5,000 monthly.
However, unlike Kim’s proposal, this proposal has faced stiff resistance, with some community members suggesting that the funds be sent to the community pool instead and allocated through the grants scheme.
Alex has created an agora post that will lead to a proposal to pay himself $5k a month from money that should be sent to the community pool. He’s also included others who are actively part of the $Lunc community but Alex is not a part of the community and this is a cash grab
— LUNC Burn 💥 (@LunaBurn_13) October 29, 2022