TerracVita, a Terra Classic development group, revealed in a tweet on Sunday that it had partnered with High Stakes Switzerland to launch a validator to help generate funding for Terra Classic development activities.
“Our volunteers have self-funded for four months, helping implement governance proposals, developing code, and restoring governance to give LUNC a chance of life.
TerraCVita helps this by funding those members sustainably and others,” the group wrote in a thread, encouraging people to stake with the validator to encourage Terra Classic development.
So far, the community has reacted positively to the news of the validator’s launch. Everyone agrees that the contributors should be compensated for their efforts. It is also worth noting that it incentivises increased network development activity. Unlike most blockchains, Terra Classic, now community-owned, does not have access to venture capital (VC) funding or a reserve of reserved tokens for development.
TerracVita’s team includes, among others, Edward Kim, MarventusWP, and RexYellerBelly. Notably, these people have been heavily involved in the development and promotion of Terra Classic in recent months. For example, Edward Kim is the author of the most recent 1.2% tax burn proposal, which has sparked renewed interest in the ecosystem by promising to reduce excess LUNA Classic (LUNC) supply.
The 1.2% tax parameter change is expected to take effect within the next 24 hours.
Notably, it is unclear whether the funds raised will be restricted to TerracVita members only or used to fund the entire Terra Rebels, the current umbrella group for Terra Classic developers. Former Terra Rebel Ackbar, who controversially left the group earlier this month, believes the former is the case.
TerraRebel commenting on the development, said:
“Finally, TerracVita has launched a validator so that people can help sustainably fund work to help promote and rebuild LUNC.”