Terra Classic (LUNC) Community Accelerates Its Work!

With the acceptance of the offer numbered 8813 1.6 Million USTC, Terra Classic To be used for the execution of the pibe Program.

Terra validator Classy Cryptoannounced in a tweet on Sunday that proposal number 8813 passed the management vote.

Terra Classic Community Approves 1.6 Million USTC to Run Terra Network Grant Program

According to the information shared by Classy, ​​at least 62% of the community voted. Notably, 92.15% voted “yes”, 7.66% abstained, and only 0.1% voted against, showing overwhelming support.

As a result, with the approval, the Terra Classic community is set to launch a grant program under the direction of core developer Edward Kim.

According to the proposal, 1.6 million TerraClassicUSD (approximately $57,600) will be handed over to Kim to administer and operate this program for six months.

Specifically, the grant scheme aims to allocate funds from the community pool in an efficient and transparent manner to finance projects in the chain. A rough summary of the activities of the grant foundation proposed by Kim is stated as follows:

• To identify the problems that need to be solved in the Terra Classic chain.
• Issuing requests for proposals to address these issues.
• Submitting the received bids to independent referees.
• Presenting the reviewed approved proposals and reviewers’ notes as management proposals in Terra Station.
• Allocate approved funds to a multisig wallet under the grant foundation’s control.

On October 17, Kim submitted the proposal, believing that the community was on track to accept proposal 5234, which allocates 10% of all Terra Luna Classic (LUNC) burns to the community pool.

The developer started voting on the proposal by posting a temporary website for the project on October 28.

The community was excited about this news as the funded development could go a long way in benefiting the chain.

*Not investment advice.