4 months ago 2 min read

Terra Classic Recovery Proposal 10946 Forwarded by TGF


Proposal 10946 was submitted by Professor Edward Kim, program director of Terra Grants Foundation (TGF). From May to October, 750 million LUNC tokens will be set aside for developers, projects, validators, and community members who contribute to the Terra Classic revival.

Terra Classic Core Developer Submits Proposal for Acknowledging

Edward Kim was a key member of the core team that brought the Terra Classic blockchain back to life following the Terra-LUNA crisis in May. He is the driving force behind projects such as the LUNC 0.2% Tax Burn, Terra Classic Revival Roadmap, Terra Rebels, and the Terra Grants Program.

The community-backed Terra Grants Foundation has submitted “Proposal 10946: Signaling Proposal for the Terra Classic Recovery Acknowledgement Opportunity” for voting. It is a signaling proposal to set aside 750 million LUNC tokens from the community pool to reward organizations and individuals for their contribution to the blockchain from May to October 27.

“Excited to unveil the first TGF initiative. We want to recognize and showcase the amazing contributions of organizations and individuals that revived the blockchain from May through Oct.”

In the event of a "Yes" vote, TGF will begin collecting applications, locating independent reviewers, and recommending a distribution of the 750M. A "No" vote, on the other hand, defeats the initiative. Until now, the proposal has received a majority of positive votes, with 99% voting "Yes." The community has another six days to vote.

Edward Kim asserts that he will submit all documentation and recommendations to the community in accordance with the rules. Following the reviews, there will be a governance proposal for the actual distribution of the funds. In fact, the community may reject the distribution of funds at any time during the process.

“If this passes, we encourage everyone who might be eligible to apply. We want to hear from you and have you recognized for your efforts!”

Terra Classic (LUNC) Price Recovers in the Wake of Market Recovery

The price of Terra Classic has risen by more than 13% in the last 24 hours as the market recovers. However, the LUNC price fell again after traders booked profits.

At the time of writing, the LUNC price is $0.000159, a 6% increase. The low and high for the day are $0.0001528 and $0.0001686, respectively. The trading volume has increased by nearly 40%.

Edward Kim, Terra Rebels' core developer, has also proposed re-enabling IBCs between Terra Classic and three channels for Cosmos-based chains Osmosis, Crescent, and Juno. It will aid in restoring utility to the chain.

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