Community Spend Proposal for Creation of Terra Developer Fund

In the last few days, the Terra CosmWasm-based smart contract network has suffered a potentially catastrophic attack. Though the full implications are unclear, there is likely irreversible damage to Terra's user and developer base.

The Juno Network consists of a strong community of passionate users and developers, and like Terra shares the mindset that the true value of a network lies in the protocols and applications built upon it. This proposal is an endeavor to enable Terra developers to continue building and innovating. Furthermore, this aims to be a lifeline for their existing users to continue to benefit from these developers’ platforms.

Several Terra projects have reached out and expressed interest in migrating to and developing on Juno Network. It is expected that many more innovative projects and teams will follow with the passing of this proposal.

Background

On May 9th, 2022 the Terra chain appears to have suffered a financial attack that resulted in the insolvency of the network, and a crash in both UST and LUNA.

The combined market cap of LUNA/UST prior to the attack was in excess of 39.1 billion dollars. There are many hugely successful CosmWasm applications on Terra. These applications and protocols will need a home going forward.

Juno, as a firmly established CosmWasm chain, can provide a platform and considerable community support for these developers to continue building their projects - a new home.

This will also benefit Juno by bringing in a wave of new users, developers and applications.

Proposed Use of Funds

The Community Fund contains roughly 16,248,583 JUNO, or approximately $75,880,883 in USD equivalent / €72,845,647 in EUR equivalent at the time of writing.

This proposal would allocate a total of 1,000,000 JUNO (700,000 JUNO from the Juno Community Pool & 300,000 JUNO from the Juno Development Fund) to a Terra Developer Fund Multi-sig for project migration and continued development in the Juno ecosystem. It is worth approximately $4,670,000 in USD equivalent / €4,483,647 EUR equivalent at the time of writing.

Via governance, the funding could be further expanded with additional disbursements, if development accelerates, or returned back to the respective community and developer fund pools from the Multi-sig, if development wanes. A proposal will be put up 60 days from the passing of this proposal to decide.

Proposed Management of Funds

If this proposal passes, 1 million total JUNO will be sent to the treasury of a newly-formed Terra Developer Fund Multisig on DAODAO. Multi-sig members can vote on project funding on a case-by-case basis.

The Multi-sig will be structured as a 5 of 9 Multi-sig managed by:

• Jack Zampolin (Core-1, Strangelove) juno130mdu9a0etmeuw52qfxk73pn0ga6gawk4k539x
• Max (Juno Community Lead) juno1az0ehz2e5emudyh8hx2qwtfely0lstzj08gg9j
• Jake Hartnell (Core-1, Stargaze) juno18qw9ydpewh405w4lvmuhlg9gtaep79vy2gmtr2
• Dimi (Core-1, Stakefish) juno1s33zct2zhhaf60x4a90cpe9yquw99jj0zen8pt
• The Frey (Core-2, Needlecast) juno17dn5e2n6w60pzyxeq79apr05r6jzfw7wha8558
• Pupmos (Juno Validator & Relayer) juno1njyvry0t3j5dy4rr6ar5zfglg3cy2e8u745hl7
• Kevin Garrison (Oni Validator, Proposer) juno1jwxjzpwdtglf7a35sackv0dn0hr9nk6h6ctsh4
• Ben 2x4 (DAODAO, Developer) juno1ewq9l5ae69csh57j8sgjh8z37ypm3lt0jzamwy
• Orkun (Deus Labs, JunoTools, Dev) juno17skjxhtt54prnpxcs7a5rv9znlldpe5kwmn2nc

Multisig Address: juno1lgnstas4ruflg0eta394y8epq67s4rzhg5anssz3rc5zwvjmmvcql6qps2

Vote:

By voting YES, you agree that 1,000,000 JUNO in total should be utilized, as described within the context of this proposal, for a Terra Developer Fund (700,000 JUNO from the Juno Community Pool & 300,000 JUNO from the Juno Development Fund).

By Voting NO it means you do not believe these Community & Developer Funds should be utilized to facilitate this migration of Terra Projects and Developers to Juno.

By voting ABSTAIN, you formally decline to vote either for or against the proposal.

Voting NOWITHVETO expresses that you would like to see depositors penalized by revocation of their 500 JUNO deposit, and contributes towards an automatic 1/3 veto threshold.