Terra Developers Offer Revised 95M LUNA Ecosystem Funding Program

This is an update to the original $100 million ecosystem funding proposal, which the developers say of Terra, did not correspond to the needs of the community.

On Monday, the developers of the Terra ecosystem - consisting of Luna Classic (LUNC), formerly known as LUNA, TerraUSD Classic (USTC) and Luna 2.0 (LUNA) - proposed a revised expansion plan for allocate LUNA 95 million ($248 million). As Terra said, the new proposal is designed to encourage development in the Terra ecosystem and address issues with the original proposal.

In the initial plan, approximately 10% of the total LUNA supply, or 100 million LUNA, would be allocated to the ecosystem, with 80% of this amount going to developer mining rewards. However, Terra staff explain that there are only a handful of projects whose total value is locked to the protocol, and such a lack of competition would not result in an appropriate distribution of mining revenue. /p>

Under the new proposal, developer mining rewards would increase from approximately 80 million LUNA to 20 million LUNA. On the other hand, 50 million LUNA would be reallocated as liquidity mining rewards to incentivize building decentralized exchanges on the Terra ecosystem. An additional 20 million LUNA would be awarded in the form of developer grants, with a maximum amount of 125,000 LUNA per project per year. Finally, 5 million LUNA will be given away to users to incentivize traction.

1/ Attention #LUNAtics, a new proposal has just been posted on Agora describing a new ecosystem expansion program - The Terra Expedition https://t. co/wW92766GXj

A seven-member committee comprised of TerraForm Labs (TFL) employees, community leaders, and outside experts will oversee the allocation of funds. The term of engagement will be one year, non-TFL employees of the group receiving a monthly allowance of 1,000 LUNA. Although committee members vote to decide on funding proposals,...