Terra founder explained the “Dawn Project” in detail: US$150 million is only the beginning and will invest up to US$90 million per month in subsequent follow-ups

September 10th, Terra co-founder Do Kwon announced the launch of “Project Dawn”, a new funding program aimed at improving core technologies such as Cosmos, node validators, and oracles to promote the Terra ecosystem. System growth.

Do Kwon mentioned that Terra will provide 5 million Luna (worth US$150 million) as the starting capital of the “Dawn Project”, after which up to 3 million Luna (worth US$90 million) will be unlocked every month to pay for all Operating costs, and transparently communicate the detailed information of each unlock to the community.

Terra founder explained the "Dawn Project" in detail: US0 million is only the beginning and will invest up to US million per month in subsequent follow-ups

The following is the specific content of Terra’s “Dawn Project”:

Terra has experienced rapid development in 2021. With the support of the amazing # LUNA tics community, Terra’s expanding TVL and jaw-dropping indicators such as social engagement have become the characteristics of a rapidly developing ecosystem. However, the amazing growth rate highlights the need for core technologies and infrastructure in the Terra ecosystem to expand with the explosive growth of the ecosystem.

The decline in user experience during market turmoil (Anchor, Pylon, and TWD) shows that there is still a lot of work to be done to mature Terra’s financial infrastructure.

We fund the “Dawn Project” with a starting capital commitment of 150 million U.S. dollars (5 million Luna), and we will use this money to do three things:

  1. Build a core Cosmos contributor organization;
  2. Invest in the node infrastructure of the ecosystem;
  3. Diversified validator/oracles infrastructure;

First, we will establish an engineering team within TFL to contribute to the core technologies of the Terra blockchain (Cosmos SDK, Tendermint and CosmWasm). This plan will add much-needed firepower to the development of Cosmos core technology.

We hope that this team, together with the creation core team of @tendermintHQ and @interchain_io, will become one of the main contributors to the Cosmos technology. We further invite other projects based on Tendermint and Cosmos to contribute to the ecology.

Second, we will cooperate with a number of industry-leading infrastructure partners to further enrich the node infrastructure of the ecosystem. Although we have made tremendous progress in expanding FCD and Mantle over the past 6 months, the increasing number of users and locked-in value in the Terra ecosystem have also increased the motivation for DDoS attacks. The community and TFL application services running on the Terra chain must rely on a diverse infrastructure.

Third, we will work hard to diversify the validator and oracle infrastructure. Currently, many Terra validators choose to host their nodes on mainstream cloud services such as AWS and GCP, although in general, this is not a problem. But this dependence has led to the ecosystem’s dependence on centralized service providers, which is unacceptable. We will work with existing validator sets to explore ways to reduce the cost of validators using self-hosted nodes or non-cloud data centers.

Given that the stability and redemption of UST depend on the chain’s correct understanding of Luna’s real-time price, it is essential that the Luna feed price used by the validator is resistant to fragility and manipulation. Currently, there are only a few price feed implementations used by validators-we will set up grants to diversify oracle price feed options so that important parts of the network do not depend on a single implementation.

The “Dawn Project” has started today, and the TFL Genesis wallet has been unlocked and distributed 5 million LUNA (market value of 150 million US dollars).

After the “Dawn Project”, TFL also promised to unlock up to 3 million Luna (worth US$90 million) per month to cover all operating costs and transparently communicate the details of each unlock to the community. This will cover all expenditures during the “Dawn Plan” period and all other TFL operating costs, such as employee token distribution. We will release further announcements regarding infrastructure improvements throughout the fourth quarter, and we believe that this will lead to more predictability of Luna token emissions.

Building a mature infrastructure requires long-term hard work. We are happy to work on solving the problems of LUNAtic and the Cosmos community.


Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/terra-founder-explained-the-dawn-project-in-detail-us150-million-is-only-the-beginning-and-will-invest-up-to-us90-million-per-month-in-subsequent-follow-ups/
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