Edward Kim Proposes $68K Grant Program to Boost Terra Classic Utility and Transparency

Terra Classic Grant Program Overview

Edward Kim has introduced a grant program for Terra Classic, designed to foster chain utility and ensure transparent use of community funds. The program will focus on identifying and addressing flaws within the Terra Classic chain, aiming to attract new utility and enhance ecosystem development.

Proposal Details and Funding Request

Kim has requested $68,000 to initiate the grant program, covering operational costs for six months. This proposal aligns with the anticipated approval of proposition 5234, which suggests adjusting the tax burn parameter from 1.2% to 0.2%, with 10% of tax receipts allocated to the community pool for development initiatives.

Community and Exchange Support

The proposal has garnered significant support, including from major exchange KuCoin. Kim, initially a proponent of the 1.2% tax threshold, now backs the revised parameter, reflecting the community's evolving needs. He has pledged to avoid funding from groups like TerracVita and Terra Rebels due to potential conflicts of interest.

Current State and Future Aspirations

Terra Classic currently holds a TVL of $12 million, ranking 60th in DeFi. The community aspires to restore its former status, once second only to Ethereum with nearly $30 billion TVL. However, technological and utility gaps relative to competitors pose challenges to achieving this goal.

Kim's initiative has been well-received for promoting transparency and talent development, crucial steps toward revitalizing the Terra Classic ecosystem.