1.6 million USTC is approved by the Terra Classic community to operate the Terra Classic network grant program if Proposal 8813 is supported.
Terra Classic influencer and validator Classy Crypto revealed that motion 8813 had won the governance vote in a tweet on Sunday.
According to the screenshot posted by Classy, at least 62% of the voting power in the community participated.
Remarkably, 92.15% chose to vote “yes,” 7.66% decided to abstain, and only 0.1% chose to vote “no,” demonstrating resounding support.
With the approval, the Terra Classic community will begin a grants program, which core developer Edward Kim will run.
According to the proposal, Kim will be given 1.6M TerraClassicUSD (roughly $57,600) to oversee and run this plan for six months.
An essential goal of the grants program is to effectively and openly distribute funds from the community pool to support chain-wide projects.
The following is a general summary of the grants foundation’s proposed activities from Kim:
- Identify Terra Classic chain problems that require resolution.
- Requests for bids should be issued to address these issues.
- Hand over submitted materials to independent reviewers.
- Submit reviewer-approved bids and reviewer notes as Terra Station governance proposals.
- Allocate approved funds to a multi-sig wallet controlled by the grant foundation.
- Talent should be compensated on a per-milestone basis.
As previously mentioned, Kim made his pitch on October 17 when he thought the neighbourhood was likely to approve proposal 5234, which designates 10% of all Terra Luna Classic (LUNC) burns to the neighbourhood pool.
On October 28, the project’s developer shared a temporary website for voting on the proposal.
The news has been received enthusiastically in the neighbourhood because funded development could significantly increase utility interest in the chain.