Return On-Chain Funds from terra1qyw695vaxj7jl6s4u564c6xkfe59kercg0h88w
Governance Proposal:
Return On-Chain Funds from terra1qyw695vaxj7jl6s4u564c6xkfe59kercg0h88w
to Luna Classic Community Pool
Proposal Description:
We, the community members of Luna Classic, propose the return of on-chain funds that are currently held in the wallet terra1qyw695vaxj7jl6s4u564c6xkfe59kercg0 h88w. These funds, totaling 800 million USTC on-chain wherewith the goal of underwriting capacity for Ozone Protocol. However, since the project has not been actively following the proposed development plan, the community believes it is in the best interest of Luna Classic to have these funds returned to the community pool now.as it stated here : “To facilitate this, we ask the community fund to support us and underwrite Ozone indefinitely, unless a counter-proposal is passed to remove the said underwriting funds”
Background: The Ozone protocol was initially proposed by Do Kwon in response to demands for a Terra-native insurance protocol from the TeFi ecosystem. The project received significant attention and was planned to be bootstrapped using funds from the community pool. The Risk Harbor team was assigned to develop the protocol, and it was than rebranded as Risk Harbor Ozone.
Proposal passed by governance 599 : Allocate Earmarked Community Pool Funds to Ozone
https://station.terraclassic.community/proposal/columbus-5/599
Details:
The Ozone V1 launch demonstrated high demand for its underwriting capacity, with policyholders quickly utilizing the entire $10 million capacity, primarily for smart contract risk on the Anchor protocol. The Ozone V2 was also under development, promising innovative features to enhance the risk management offerings on the Terra blockchain.However, the current state of the project indicates that the development is not in line with the initial proposal. Since no community funds were used to build Risk Harbor, and all development was independently financed by the Risk Harbor team, it is evident that the 1 billion UST has not been fully utilized as intended.
Proposal Goals and Impacts:
The primary goal of this proposal is to return the 800 million USTC from the Multi sig wallet funds to the Luna Classic community.
If this proposal passes governance , the signers should initiate the process to return the 800 million USTc from the wallet terra1qyw695vaxj7jl6s4u564c6xkfe59kercg0h88w to the Luna Classic community pool.
This finding were obtain by a collective effort , special thanks to Ray Raspberry and www.turkeydao.org and the ERIS protocol team www.erisprotocol.com
Vegas
