Intense discussions on how to handle $4 million in recently discovered off-chain assets have been going on within the Terra Classic community for the past week.
Ex-Terra Rebels Quant Team Lead Alex Forshaw said in a proposal from five days prior that Terraform Labs founder Do Kwon had informed him of $4 million in off-chain assets that rightfully belonged to the Terra Classic chain. Consequently, Forshaw suggested that the community take back the funds currently kept in a multisig wallet and use them to pay for development that would be supervised by developers and the community.
By presenting a 12-month strategy for the network, inviting bids for carrying out its components, evaluating bidders, and keeping track of the project’s development, Forshaw nominated nine signers, including himself, to manage the wallet on behalf of the community. He also suggests that each signer be granted a $5,000 monthly stipend.
It is important to note that Forshaw’s initiative has encountered fierce opposition from some members of the community, who appear to be led by Vegas. Notably, this group favours changing the monies to Terra Luna Classic and transferring them to the community pool, much like Vegas.
Vegas has actually written a counter-proposal to Forshaw’s in support of this argument, arguing that these funds belong to the community. Community members can always submit proposals to request funds from the pool, claims Vegas. He also notes that the grant proposal from Edward Kim, which adds more safeguards for community pool spending, is already up for community vote.
Other significant community members are starting to speak out in favour of Forshaw’s idea as a result of the controversy. These include a few of the group participants Forshaw designated as wallet signatories.
Read: Developer of Terra Classic Core Discloses Key to Reducing LUNC Supply
Reactions From Key Developers
In a recent Medium blog post, StrathCole identified a number of problems with sending funds to the community pool. First, the developer said that doing so posed the risk of producing unintended swings in LUNC, both during the initial transfer and subsequent payments, as not all developers would wish to be paid in LUNC.
Additionally, he emphasized on the concerning trend of influencer control in the community, despite the desire of many to believe that it is decentralised. Consequently, leaving financial decisions up to governance may result in a system where ideas supported by influencers receive more attention than innovative suggestions from those who are less well-known. StrathCole claims that the nine nominees are qualified to handle the duty of effectively managing the funds for the benefit of the community because they each bring a different set of skills to the table.
Core developer Tobias Andersen, aka Zaradar, gave his perspective in a separate Medium blog post and claimed that a large portion of the animosity at Forshaw’s idea is due to the fact that Forshaw is the source of it. Zaradar claims that the community’s perception of the author is influencing how the proposal is judged.
Read more: Terra Classic Users Now Need 1M LUNC To Initiate New Proposals
Zaradar not only thinks it’s good for efficient implementation, but the developer also thinks it’s essential that the signers get paid to encourage them to confront human tendencies toward bias and uphold the highest standards.
Which side the community would ultimately support is yet unknown. However, since the newly discovered funds have the ability to enormously speed up development, their wise management could be crucial to the success of the Terra Classic network.
RexYellerBelly of TerraCVita, who was not one of the nominees for signers, interestingly also started a number of discussions yesterday arguing in favour of Forshaw’s proposal.
