Terra Developers Propose $250 Million Ecosystem Funding Program
The developers behind the remnants of the fallen Terra (LUNA) network have unveiled an ecosystem funding program worth some LUNA 95 million ($248 million), seeking to encourage developers, miners and users to develop the troubled ecosystem.
“This program will be funded with the 9.5% of the total LUNA supply that was earmarked at the launch of the new Terra chain. This incentive program will run for 4 years and will be managed by a community-elected committee that will be evaluated every 12 months,” according to their proposal.
Under the plan, the project will consist of four initiatives: a developer grants program of LUNA 20 million, a developer mining program comprising LUNA 20 million, a liquidity incentive mining programe covering LUNA 50 million over a four-year period, and a user incentive program of LUNA 5 million, the proposal states.
It is noteworthy that Terra Luna Classic has established itself as one of the most traded crypto assets in the market in the past weeks, with the tolen’s trading volume reaching $400 million. Major exchange Binance has played an important role in LUNC’s spiking volume after its CEO Changpeng ‘CZ’ Zhao announced a Terra Luna Classic token burn undertaking on September 26.
Terra Luna Classic’s token burn, scheduled to start every Tuesday, got rid of LUNC 5.5 billion LUNC tokens in the week that ended October 3. A further LUNC 2.9 billion were burned in the week that started on October 4 and ended on October 10.
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