Terra Labs has unveiled “Terra Expedition”, a new proposal for the revival of the Terra-Luna ecosystem within the next 4 years.
The plan is a revised iteration of the Developers Mining and Alignment program which was defined at the launch of the Terra blockchain.
The recently unveiled program which will run for 4 years will be overseen by a committee elected by the community and will be evaluated every year.
“Terra Expedition” will be funded with 9.5% of the total Luna supply that was reserved at the launch of the new Terra chain.
The proposal aims to better align incentives across the network and to attract developers, get new users onboard and promote liquidity.
“The Terra Expedition is a 4-year program aimed at growing the Terra ecosystem through a series of initiatives with 3 main objectives, namely: Incentivising developers to build on Terra, Deepening liquidity on Terra, and Onboarding users to Terra,” the proposal read.
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Is this a Second Chance for Luna?
As per the proposed plan, 20 million Luna tokens are reserved for the incentive programs, however, the program will give exclusive rewards, including prize money of $40K to developers for successfully building a project with smart contracts on the LUNA network.
Decentralized apps, lending protocols, stablecoin issuers, and derivatives protocols amongst others are network projects that can be developed. The revival plan stated that the LUNA tokens would be circulated quarterly in the network.
Also, another 50 million Luna tokens have been proposed for the mining incentive program, which will be distributed over the next four years. This fund will be used to fulfill the initial liquidity of projects built on the network.
Terra developers have also proposed another 5 million tokens to be given to users as an incentive for using projects on the network and minting NFTs on the platform.
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