Professor Behind 1.2% LUNC Tax Burn Shares His New Plan

Edward Kim, a lead developer at Terra Rebels and Drexel University associate professor, proposes the Terra Classic Grants Program to attract new utility to Terra Classic (LUNC) chain. The program will ensure transparent and efficient use of funds redirected to the community pool after the passing of Proposal 5234. Moreover, he proposes to become the program director of the grants program.

Terra Classic (LUNC) Grants Program

Terra Rebels, the volunteer developer group, introduced staking, burning, 1.2% tax burn, and other governance change proposals which were welcomed by the Terra Classic community. Now, Terra Rebels’ Edward Kim has come up with another proposal to establish the Terra Classic Grants Program.

With the passing of Proposal 5234 by the community, the LUNC burn tax will be reduced to 0.2% and 10% will be redirected to finance Terra Classic ecosystem development and contributors. Edward Kim proposes the program to overview the use of funds in a transparent and efficient manner.

“Historic methods of distribution are insufficient with no accountability, nor is there any established peer review process in the distribution nor oversight in the use of grant funding.”

The Terra Classic Grants Program will identify and discuss Terra Classic developments and grant applications with community members, validators, developers, and users. The process includes creating, marketing, and reviewing approved grant applications. Also, an interview and KYC are mandatory for grant proposers.

Further, community governance will be presented on Agora. The community will vote for distribution to a multi-sig wallet controlled by the team and program manager. The fund distribution is based on the milestones presented by grant applicants. A grantee will provide progress in the form of documents, videos, or demonstrations.

Edward Kim requests 1.45 million USTC and 50 million LUNC (approx, $68,000) from the community pool. He will establish and run the Terra Classic Grants Program as the Program Director.

Terra Classic (LUNC) Price

Terra Classic (LUNC) price continues to trade in a range between $0.00025-$0.00030 this month. The community looks to target $0.0005 again supported by the Binance burn mechanism and the Terra Classic Revival Roadmap.

At the time of writing, the LUNC price is trading at $0.00026, up almost 1% in the last 24 hours. The price is down almost 13% in the last 7 days.