Update Regarding Proposal 10936: Passing the Torch to New Multi-Signature Wallet Signers *
Dear Luna Classic Community,
We are excited to share an update on Proposal 10936, which has successfully passed and aims to transfer community assets back to the Luna Classic community pool. However, we want to address some important developments and challenges that have arisen since the proposal’s approval.
The current signers of the multi-signature wallet associated with the community assets have agreed to support the process outlined in Proposal 10936, but they have declined to execute the actual transfer.
Initially, we quickly gathered nine validators who were willing to become the new signers. However, concerns have been raised regarding the origins of the funds, which led to some drops-off in interest from potential signers. To address these concerns, the original wallet signers provided the historical trail and proposals that created the wallet, and the source of the assets themselves — showing they derived from the Community Pool, as evidenced in the links provided below:
https://classic-agora.terra.money/t/ust-goes-interchain-degen-strats-part-three/3527/31
https://classic-agora.terra.money/t/ust-goes-interchain-degen-strats-part-four/3599/3
https://classic-agora.terra.money/t/ust-goes-interchain-reasonable-strats-part-five/5024/22
https://classic-agora.terra.money/t/ust-goes-interchain-the-4pool-and-redacted-cartel/5648/3
https://classic-agora.terra.money/t/ust-goes-interchain-reasonable-strats-part-five/5024/22
https://classic-agora.terra.money/t/ust-goes-interchain-degen-strats-part-four/3599/3
https://classic-agora.terra.money/t/ust-goes-interchain-degen-strats-part-three/3527/31
Unfortunately, despite our efforts, we have not been able to secure all nine validators needed to fulfill the proposal requirements. As a result, we are moving to the next stage of the proposal, which involves inviting members of the community to consider becoming multi-signature wallet signers.
The proposal outlines an election process overseen by the coordinator for filling the remaining signer slots. Candidates interested in becoming signers need to show that they have staked coins on-chain by doxxing their Lunc wallet address, which verifies their stake in the community. The election will be conducted through the Lunc governance system, and the candidates who meet the requirements will be selected by the community , the governance member voting process will be outline in the next update.
Regarding the availability of funds for legal expenses, we acknowledge that are not a lot of funds in the community pool, and maybe the community doesn’t want to use it for this purposes, perhaps the situation will change . We propose that the new signers provide their doxing information to the lawyer internally and sign the contract stating that they will send the funds to the CP, and, upon verification, receive the key without executing any movement of funds as a temporary measure. However, if the new signers feel the need to hire a different attorney,a future spend proposal will be need for that purpose.
We have been fortunate to receive support from a lawyer, who is backing this initiative and assisting with validator doxing and contract matters. While he has agreed to offer pro bono services for now, any future expenses may be considered at an expense cost agreed upon by the new signers as outlined in a future spend proposal ( if requested by the new signers, and Lawer).
By adopting this strategy, the new multi-signature wallet signers can mitigate unnecessary risks and liabilities while awaiting the appropriate conditions to proceed with the transfer to the community pool as a temporary measure. It’s essential to understand that holding the assets may not absolve them from potential liabilities related to the funds’ origin or activities, if any.
We are committed to providing transparency throughout this process and will keep the community informed of any further developments.
Thank you for your continued support and engagement in shaping the future of Luna Classic.
Sincerely,
Vegas
PS : As a brief note, I’d like to inform the community about the immense benefits of bringing these funds to the chain. Firstly, it will play a pivotal role in bolstering the blockchain’s funding, ensuring its sustainability and growth. Secondly, by removing coins from circulation, it will enhance scarcity and potentially boost their value. Lastly, this funds are off chain so they will have to be swapped to Lunc ,that could generate a buying pressure, thereby potentially elevating the overall coin price, benefiting all stakeholders involved. Together, let’s seize this opportunity to strengthen our ecosystem and drive positive outcomes for the entire community.(this is just a personal view on this matter )
*
· https://classic-agora.terra.money/t/reclaiming-to-the-community-the-off-chain-community-assets/47789
· https://station.terraclassic.community/proposal/columbus-5/10936
