- Edward Kim presents a grant program to encourage chain utility and improve transparency.
- The grant program team will look for flaws in the Terra Classic chain.
- Kim requests $68,000 to launch the grant program and cover expenses.
Today, Terra core developer Edward Kim disclosed a plan to begin a Terra Classic grants program in a tweet to guarantee community pool funds’ effective and open distribution.
I am proposing a Terra Classic grants program to attract new utility to the chain while providing accountability for community spending. Please share your thoughts on this Agora post. https://t.co/etR5fMb8eV— Edward Kim (@edk208) October 17, 2022
Kim’s proposal is being made as he anticipates community approval of proposition 5234.
Notably, the proposal asks that the 0.2% tax burn parameter be used instead of the 1.2% tax burn parameter, with 10% of the tax receipts going to the community pool to support development initiatives.
The concept lately received a lot of popularity and served as the starting point for numerous community conversations.
Kim, the primary proponent of the 1.2% tax threshold, has chosen to support the current proposal. He explains his reasoning in a blog post. Notably, the idea has also received backing from the top centralized cryptocurrency exchange KuCoin.
According to Kim’s most recent suggestion, the grant program team will try to find Terra Classic chain flaws. Kim asks for $68,000 to start the grant program and pay for its ongoing costs for the following six months. The Terra community pool presently has roughly 407 million LUNC, worth about $120,000 at today’s exchange rates.
The Kim idea has mainly been praised since it aims to establish an open system that encourages talent identification and development. Kim has pledged to abstain from funding involving TerracVita or Terra Rebels due to his connections to both organizations.
The Terra Classic chain, which has just over $12 million in total value locked, was recently ranked 60th among DeFi chains (TVL). The community wants to restore the chain to its former grandeur when it trailed only Ethereum in TVL with almost $30 billion. However, the current lack of technology and utility parity with rival chains prevents this.
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