Following the Terra ecosystem collapse in May, the community put out several proposals to save it — one of which resulted in the creation of the new chain referred to as Terra (LUNA), while the old Terra Chain was rebranded as Terra Classic, with tokens LUNC and USTC. Terra 2.0's debut was over five months ago, yet the new Terra chain is still having trouble onboarding users and projects to its network.
As shared on the Terra LUNA Twitter handle, a new proposal outlining a new ecosystem expansion program — The Terra Expedition — is up for a vote.
The Terra Expedition, as described by the team, will be a four-year program with three primary objectives: incentivizing developers to build on Terra, deepening liquidity on Terra and onboarding users to Terra.
This program will be funded with 9.5% of the total LUNA supply that was earmarked at the launch of the new Terra chain. This incentive program will run for four years and will be managed by a community-elected committee that will be evaluated every 12 months.
The Terra Expedition will be made up of the following four programs: the Developer Grants Program, the Developer Mining Program, the liquidity mining incentive program — which will distribute 50 million LUNA over four years — and the User Incentive Program, which aims at increasing end-user adoption on Terra and hopes to distribute 5 million LUNA.
Will this suffice?
The new Terra Project has a long road ahead of it with respect to the legal issues of Terra founder Do Kwon. Terra needs to rebuild trust. As reported by U.Today, Do Kwon's passport faces expiry on Oct. 19 as he already has an Interpol red notice.
In an interview with the Unchained podcast, Do Kwon, the creator of Terra, said that he is not on the run and that the accusations brought against him by South Korean authorities are "politically motivated." But he was adamant that he had not left Singapore, though he would not say where he is now.