Retrieve the assets of the Terra Classic Community Ethereum Crosschain Multisig , holding +- $4.17 million dollars of non-Terra assets, to the Terra Classic Community pool.
The Terra Classic Community votes to recover possession of the funds inside the ethereum crosschain multisig wallet [0x9538D438d506Fc426dB37fb83daC2a0752A02757] (“TC Community MultiSigs”) , by proposing for the actual owners of the multisign wallet to sell the funds and buy back lunc and after that sending that lunc to the community wallet.
is my believe that this funds belong to the community itself, so they should go directly to the community pool.
regarding the mechanism that can be used for distribution of this funds to the devs etc , well that is already in place , on the governance is a option for community pool spend.
this mechanism if follow the guidelines it works very well.
I will give one example : lets say that a group of devs is working on, lets say updating the tendermint and this is crucial for the success of the chain, but they need founds to keep working.(I don’t blame them working for free sucks) , so following the guide lines they will open a agora forum for discussion ,detailing the update that they are working on, and explaining the budget that they need. after that they will apply for a community pool spend ,linking the agora forum topic ,they will then whitelist the proposal for reaching the all community.
We can add a level of security on top of all of this that is the propose by Prof. Ed Kim on 8813 that is the Terra Grants Program . lets say that we need to keep the endpoints on , and we need live cash every months, it can be propose like I sate on the top ,and instead of the need of every month taking x, this could be done as a annual budget, by just sending x amount to a multisign wallet, ( in my view this multsig can be controlled by the team of the proposal 8813 the Terra Grants Program , or it can be elected by governance vote), after that a smart contract can be created , were it states that no more than x/12 on the end of each month can be taken from that wallet. A emergency wallet can as well be created after passes governance proposal , with the same mechanism that I already stated , this funds should only be moved in extreme cases , like a need of live cash to patch a specific vulnerability.it can as well be created a suggestion of annual budget for the chain, like 25% of community pool is always for the layer one developing , 25% can be for allocation of reserves in case of emergency , 25% can go to pay devs that are maintain the chain and the rest can be for marketing , and second layer projects.
this is just a example not to be taken in full, I believe that the community can organize them self’s to take care of there own funds. I trust the community, like I always did. This being said I understand the need of creation of a agile mechanism for the funds to be moved in clear cases like maintaining the chain , emergency’s etc, that is way I give the previous example.
In case of the current owners of the multisign wallet decline swapping the funds to lunc and sending them to the community pool, than we will have the need to create a team to be the new signatures for the wallet. this new team will have as unique goal to send the funds to the community pool, I personally believe that this can be done by Ed ( if he accepts )and is team of the Terra grant program but if the community prefers, I can be done by directly nominees from the community.in this case because of the nature of this funds is advise to have some sort of assurance of legal protection
Some money set aside for protection.
related to the topic , DK says what ever the community decides should be fine. the currents owners stated The current multisig won’t be doing any swapping and market buying LUNC.
if they don’t change there minds it seems that a new team will need to be nominated to do this for them. This team will have the goal of swapping the assets to lunc and sending them to the community pool.