The independent Terra Classic development group, Terra Rebels, released its own tweet on Friday. Terra Classic (LUNC) announced that it has launched its validator.
Rebel Developer Group Launches Own Authenticator on Terra Classic Network
reXx from Terra Rebels confirmed the development via Twitter:
“We turned on our own validator. We will work with a 5% commission. We will abstain from all management votes.”
According to the details, the verifier will operate with a 5% commission, which can only be changed by an internal management vote by Rebels. The group plans to cover the operating cost from the revenue from the validator and transfer the remainder to the Terra Rebels donation wallet.
The Terra Rebels Validator will operate with a 5% commission only amendable through an internal TR governance vote. Validator costs will be paid from the funds first with the remaining rewards going to the TR donations wallet.
Terra Rebels will abstain from all governance votes pic.twitter.com/18VoLl0J4b
— Terra Rebels (@TerraRebels) October 28, 2022
In addition, the group plans to abstain from voting to avoid unduly influencing management decisions.
The Terra Classic community was expecting the Terra Rebels validator to launch on Thursday with validators from Classy Crypto, HappyCattyCrypto, and David Goebelt. However, the group did not announce the launch of the validator until Friday.
Goebelt, one of the validator launchers on Thursday, claimed that the decision to delay the announcement was a deliberate move by Rebels. According to Goebelt, it’s possible that Terra Rebels delayed allowing smaller validators to receive significant numbers of delegations.
It’s worth noting that Terra Rebels followed in the footsteps of another LUNC developer group, TerraCVita, by launching a validator.
As with the TerraCVita group, it would not be surprising to see the funds from the validator go towards compensation to members who contributed to the revitalization of the Terra Classic chain.
Staking has become quite popular on-chain, with over 830 billion LUNC staked representing more than 12% of the supply.
*Not investment advice.
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