Professor Edward Kim, program director of Terra Grants Foundation (TGF), has submitted the first initiative with Proposal 10946. The proposal aims to set aside 750 million LUNC tokens for developers, projects, validators, and community members for contributing to the Terra Classic revival from May-October.
Terra Classic Core Developer Submits Signaling Proposal
Edward Kim is the key member of the core team that revived the Terra Classic blockchain after the Terra-LUNA crisis in May. He is behind initiatives including 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 case of a “Yes” vote, TGF will start collecting applications, finding independent reviewers, and providing a recommended distribution of the 750M. However, a “No” vote rejects the initiative. Until now, the proposal has received majority votes in favor, with 99% voting “Yes”. The community has 6 more days to vote.
Edward Kim asserts to submit all the documentation and recommendations to the community as per the rules. The reviews will follow with a governance proposal for the actual distribution of the funds. In fact, the distribution of funds can be rejected by the community 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 Amid Market-Wide Recovery
Terra Classic price soars over 13% in the last 24 hours amid the market-wide recovery. However, the LUNC price dived again after profit-booking by traders.
At the time of writing, the LUNC price trades at $0.000159, up 6%. The 24-hour low and high are $0.0001528 and $0.0001686, respectively. The trading volume is up nearly 40%.
Terra Rebels’ core developer Edward Kim also published a proposal to re-enable IBCs between Terra Classic and three channels for Cosmos-based chains Osmosis, Crescent, and Juno. It will help bring back utility to the chain.
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