Reclaim possession of the Terra Classic Community Ethereum Crosschain Multisig Wallet, possessing roughly $4.16m of non-Terra assets, on behalf of the Terra Classic Community. Use those assets to fund professionalized LUNC blockchain development with robust dev + community oversight.
Replace the current owner slate with a new slate of 6 nominees, chosen on the basis of mutual respect and proof of work: Edward Kim (edk208), Tobias Andersen (Zaradar), Alex Forshaw (4lex_4sh4w_TR), Maximilian Bryan (maxb_TR), Marius Burkard (StrathCole), and Ian (PFC_Validator).
Immediately expand the MultiSig to include 3 additional members to strengthen independent oversight and community participation: Etienne (Setten), Coach Bruce (Lunc DAO), and Jack Zampolin, a Cosmos OG and leader of the Akash Network. The new MultiSig would be a 5-of-9 (minimum of 5 ‘yes’ votes required to authorize anything).
Each Signer will be paid USD $5,000 per month. Each new Signer’s obligations will include helping to create & iterate upon a 12-month community-driven LUNC development roadmap, soliciting bids from the community to execute on pieces of said roadmap, evaluating the qualifications and track records of bidders, voting on finalists, and monitoring their work progress to completion.
Clear failure of a Signer to execute his duties will result in his being voted off the MultiSig and replaced with a new Signer of the remaining Signers’ and the Community’s joint preference.
The Terra Classic Community votes to reclaim possession of the ethereum crosschain multisig wallet [0x9538D438d506Fc426dB37fb83daC2a0752A02757] (“TC Community MultiSigs”) and all assets therein. These assets’ current USD value, excluding the unknown amount of USTC available in lending-market liquidity pools, is roughly $4.16m at current prices. The multisig includes:
a) USTC stuck in lending markets (Fuse, Aave) - The majority of USTC has been withdrawn and burned already; however, a significant amount remains stuck in lending markets due to borrows. As this becomes available to withdraw the new multisig owners will withdraw and burn it.
b) gOHM: Wallet, 209.3654987 @ $2,555.69, appx. $535,073.31
c) CVX: Wallet, 201,673.50 @ $5.60, appx. $1,129,369
d) CVX: Expired Lock, 284,931.17 @ $5.60, appx. $1,595,615
e) TOKE: Staked, 45,931.29 @ $1.70, appx. $78,083
f) TOKE: Claimable, 16,098.61 @ $1.70, appx. $27,368
g) cvxCRV: Claimable on Convex, 70,871.36 @ $0.93, appx. $65,910
h) cvxCRV: Llama Airforce Union, 183,637 @ $0.93, $170,782
i) cvxFXS: Claimable on Convex, 457.86 @ $6.01, appx. $2,747
j) FXS: Claimable on Votium, 76,903.56 @ $6.01, appx. $461,418
The 6 current owners of the TC Community MultiSigs transfer their keys over to a new slate of TC Community dev/quant proof-of-work leaders: Edward Kim (@edk208), Tobias Andersen (@ZaradarTR), Alex Forshaw (@4lex_4sh4w_TR), Maximilian Bryan (@maxbry_TR), Marius Burkard (StrathCole), and Ian (@PFC_Validator).
The 6 New Owners immediately expand the MultiSig to include 3 additional Signers: Etienne (Setten), ‘Coach Bruce’ (LuncDAO), and Jack Zampolin, a major leader within the wider Cosmos community
The compensation for a MultiSig Signer role will be USD $5k per month
The duties for a MultiSig Signer role will include building out a 12-month community-driven roadmap of LUNC dev deliverables, vetting work proposals, evaluating proposer teams, funding the most qualified bids to meet community requests, and overseeing the execution of said work.
a) All work proposals to the MultiSig must be made public, along with funding votes by the MultiSig.
b) Signers are free to submit their own bids for specific work deliverables, like other bidders, with the expectation that they would recuse themselves from votes pitting themselves against other community bids.
c) The MultiSig will fund L1 (LUNC chain) maintenance and upgrades only. It will not fund any dApp development or other activity outside the ownership of LUNC tokenholders.
Any USTC that becomes available in lending pools will be extracted and burned on-chain.
The MultiSig owners provide a summary of itemized expenses to the Community, including all relevant on-chain transactions, approximately 1x per month.
If any Multisig owner believes he is no longer able to carry out his delegated duties, s/he commits to resign. Regardless, negligence or failure to carry out said duties will result in that Signer’s removal from the Multisig and replacement after dialogue between individual remaining Signers as well as the broader community, with a mutually acceptable replacement.
If and when the Community agrees upon a more sustainable governance framework balancing scalability, decentralization and accountability, the balance of the MultiSig will be returned to Community possession in the most practical way possible and the MultiSig owners will relinquish their salaries, compensation, and associated duties of oversight, budgeting, and L1 dev management.
Beyond the proposed salary, the Community commits to fund the legal defense of any individual on the MultiSig for any LUNC-related litigation s/he may face.
Special thanks to Jagmot (Allnodes) and Eric Bravick (END-Labs, The Lifted Initiative) for their additional input.
On September 20, 2022, Alex Forshaw initiated a conversation over Twitter Messenger with Do Kwon on a wide range of issues relevant to the Terra Classic community. (Kwon and Forshaw had no prior contact; the conversation was possible only because Kwon and Forshaw followed each other on Twitter, and could thus exchange Twitter direct messages, starting around that time.) Forshaw raised the question of how known and unknown off-chain Terra Classic community assets, starting with the Luna Foundation Guard (LFG), could be utilized in a way that better benefited the LUNC community. Kwon expressed skepticism that the present course of LFG asset disposition could be altered in any way. Kwon added, “[I] think the work you guys are doing is amazing for the community and hope you guys continue to fight the good fight.”
Over the following weeks, amid other conversations, Kwon expressed unconditional support for the LUNC community’s efforts several more times, without ever exploring a quid pro quo or any other form of compensation for himself, TFL, or any other Kwon-related party. For example, on Oct. 13th, Kwon said, “Saw some chatter recently about wanting to move off TFL infrastructure. Let us know if and when you want to shut it down. Also happy to keep going. Happy to do whatever’s best.” Forshaw said he felt that it would be best if TFL paid for infrastructure in the near term, and opined that the community had a time window of several months to get its act together, pay devs on a predictable basis, and find a way to turn LUNC’s user momentum into something more durable.
On October 19th, Kwon notified Forshaw of the existence of several community MultiSig wallets holding assets that rightfully belonged to the Terra Classic community, which were clearly not part of the Luna Foundation Guard or TFL. Kwon said that if the Terra Classic community passed a proposal to a) claim those wallets’ assets for dev funding, b) nominate a new slate of MultiSig owners chosen on the basis of prior proof-of-technical-work in reviving LUNC & and mutual respect, and c) show how the funds would be used to fund LUNC developers working on the LUNC community’s behalf, Kwon believed the current signers of those wallets would be willing to act according to the community’s wishes and transfer the Multisig’s ownership to the new slate of Terra Classic Community nominees.
Forshaw began speaking with Zonny (@ItsAlwaysZonny), who represented the prior MultiSig owners, and began drafting up terms.
After looking up the wallets and finding assurance that the assets were legally untainted, Forshaw consulted Ed Kim about the idea, suggesting that Ed nominate four other dev/quants whom Ed thought best, so that the Terra Classic devquant leadership could be commercially incentivized to work together as a team, build positive team momentum, and be able to hire meaningful outside help where needed. Ed agreed and suggested Andersen, Forshaw, Bryan, and either Marventus or, if Marventus declined, StrathCole. Forshaw readily agreed, and next compared notes with Max Bryan, whose list was the same; then with Andersen, whose list was also the same, but did not suggest StrathCole as an alternate. Andersen added that he felt no more than 2 members should be current Terra Rebels members, so that Terra Rebels did not control the MultiSig. Forshaw strongly agreed. Marventus ultimately declined the offer, citing exhaustion with Terra Classic politics. StrathCole thus inherited Marventus’s place in the lineup.
Do Kwon, when asked for his opinion of an early draft of the proposal, replied, “No objections; just trying to be helpful. You’ll have to talk to them [the 6 current Signers], it’s out of my hands.” Kwon played no role in subsequent re-drafts of the original proposal.
As the members of the slate had reviewed the document and came to mutual agreement on all items, the drafts were also shared with @ItsAlwaysZonny, who spoke on behalf of the current MultiSig owners. Zonny only suggested that the tokens be held for yield instead of liquidated (i.e., stake the tokens for rewards) as the liquidation impact would be significant, there was no reason to liquidate a large percentage of the holdings immediately, and the tokens possessed significant strategic value and yield potential.
SIGNER SELECTION PROCESS
Members of the MultiSig were mutually selected based on several key criteria:
- Significant, consistent proof of technical work towards resuscitating the LUNC chain
- Mutual respect and trust
- A track record of working together productively, without being afraid to stand up for what they thought was right
- A meaningful profile in the LUNC community
RESULTS OF VOTING
YES - Delegate control of ~$4.15M of community-owned Ethereum assets to an expanded 9-person MultiSig committee of Kim, Andersen, Forshaw, Bryan, StrathCole, Etienne, Ian, Coach Bruce, and Jack Zampolin to manage on behalf of the Terra Classic Community. This shows that the LUNC Community accepts a need for the existing core dev/quant team to be paid for their work, and trusts their judgment to delegate work to other devs and community members who submit credible Proposals to create additional proof of work for the LUNC Community. Extract and burn all USTC as it becomes available in the Fuse and Aave lending pools.
NO - Reject the proposed multisig ownership transfer to the new ownership slate. This shows that the LUNC Community does not trust the proposed slate of 9 to manage community funds.
Note: This proposal would be separate from, and concurrent with, Edward Kim’s grant program (proposal 8813), in which Kim would oversee grants across a wider range of potential initiatives, including specific dApp development teams.
Marius Burkard (StrathCole)