This week, Terra developers offered a fresh idea in an effort to resurrect the once-powerful network, despite the fact that Do Kwon, the contentious platform’s co-founder, is wanted for arrest on fraud-related charges.
The plan, known as the “Terra Expedition,” is an updated version of the developer mining program and developer alignment program that was set up when the Terra network first launched.
This updated plan focuses on enticing developers, onboarding users, and fostering deep liquidity with the goal of better aligning incentives throughout the ecosystem.
Do Kwon’s Take On The Proposal
However, as of today, Do Kwon, the man himself replied to the ongoing governance discussion stating the proposal to be futile. He urged the community to consider a better alternative, or at the very least do nothing.
Hi – Do here. I believe the expedition proposal is a subpar spend of the community pool, and I urge the community to consider better alternatives (including doing nothing).
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He provided several explanations in a lengthy piece, one of which being trust, since developers could be reluctant to build on Terra unless there is a compelling reason to. He categorically outlined the reasons as to why he thought the proposal won’t work & even suggested various ideas on how the community pool should be used.
His three primary focus points were Interchain Alliances, Project Feather and Interchain Station & Finder. He further went on to state:
I think by solving security/tooling entry costs & solving for user fragmentation, it will be more attractive to launch blockchains vs launching smart contracts for a wide array of use cases.
Project Feather Finally Revealed
The key takeaway from his post was Project Feather, which has been teased by Do, for some time now. The project aims to make “launching blockchains as easy as a feather” as it still takes a lot of time and money to launch and L1. Feather wants to make it as simple as deploying a smart contract.
🛠️ Some thoughts on expedition: https://t.co/Rf6dtufqKg
— Do Kwon 🌕 (@stablekwon) November 3, 2022
The original proposal suggested that 9.5% of the total LUNA supply be distributed based on TVL, but given the current state of the Terra ecosystem, TVL-based allocation would mainly benefit a few protocols and would not have the intended effect of kick-starting the Terra ecosystem. Before the proposal can be approved, it must receive a majority of the LUNA tokens’ votes.
Do Kwon’s Recent Updates
Do Kwon, Terra’s controversial co-founder, faces multiple warrants on charges of fraud. In fact, very recently, a $57 Million lawsuit was slapped against him from his investors. Authorities have been searching for Kwon since last month, but he has denied of absconding. As reported earlier by CoinGape, Korean prosecutors have finally been able to track him down at this particular location.
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