The Terra Grant Foundation (TGF), a non-profit devoted to the Terra Classic (LUNC) ecosystem with headquarters in San Francisco, will concentrate on securing external funding for Terra Classic-related projects and initiatives.
The Terra Grant Foundation Director and renowned developer Edward Kim recently revealed the strategic operating change. In a news statement headlined “The Next Episode,” Kim announced that the company will now prioritize obtaining external funding for LUNC programs, projects, and builders.
Kim noted that the organization’s primary goal—to identify issues within the Terra Classic ecosystem and launch ideas to address them—is unaffected by this change in operational strategy and will continue to be to make valuable contributions to the revitalization of the LUNC ecosystem.
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During the organization’s inception, a multi-sig wallet was unveiled that was created expressly to accept funding from the community pool for funding ecosystem-wide projects. The multi-sig wallet distributed money for LUNC projects like the Layer-1 Joint Task Force’s (L1JTF) quarterly reports.
Edward Kim, Marco Ferreira (TGF Program Manager), and validator Allnodes initially shared wallet management. Kim disclosed that the team would stop using the multi-sig wallet and replace it with a wallet owned by the TGF organization as part of the most recent shift.
TGF Stands Fully Commitment to Terra Classic
Upon receiving approval from the community to organize it through community governance, the Terra Grant Foundation was established in November 2022. The organization’s mission was straightforward: to detect requirements or weaknesses in the LUNC ecosystem, inform the community of these findings, start proposals to remedy them and raise money from the community pool to address them.
The recent operational model change for the Terra Grant Foundation brought about two significant modifications. First, acquiring external funding for LUNC activities is now given more priority. Second, the multi-sig wallet will no longer be used. It was created to receive the financing of initiatives. The company is still firmly committed to achieving its original objective.
TGF, as previously reported, asked Binance for $5 million in cash to support initiatives and projects on Terra Classic.
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