The global payment systems blockchain protocol Terra Classic’s L1 Team has proposed creating a LUNC Station wallet with community ownership and governance management. The proposal was submitted by Steve, known as LuncBurnArmy on Twitter, who announced that an independent team responsible for managing updates to the wallet would be introduced.
LuncBurnArmy tweeted about the proposal for establishing the “L2 team, community-owned wallet, browser extension, and iOS / Android app”:
#LUNCArmy Please see the following proposal for the establishment of an L2 team, community-owned wallet, browser extension, and iOS / Android app.https://t.co/9vMzQnzL9Q
— 🔥LuncBurnArmy🔥 (@luncburnarmy) June 21, 2023
Various L2 wallet dApp providers and forked Station versions exist for the Luna Classic blockchain. But the Terra Classic L1 Team has still floated the proposal reportedly to offer extra client wallet diversity, enable Station codebase enhancements, simplify TFL for testing L1 upgrades, and Station maintenance after Luna Classic blockchain upgrades.
As per the commonwealth.im discussion thread, the L2 team-managed wallet would have to ensure stringent release management and maintenance windows for updates and decrease end-user downtime in software patches and regular maintenance. In early Q3 2023, the community-owned wallet is reported to be developed free of cost by the L1 team.
Notably, for managing, maintaining, and upgrading the wallet, allocating a monthly budget of $3,000 is recommended in Q3 in an additional governance proposal. The incidental domain registration costs and hosting fees are proposed to be reallocated from the compute budget of the L1 Task Force to avoid a small community spend proposal.
Further, the two costs reportedly associated with the wallet are hosting / load balancing cost and labor for maintenance. As per the proposal, community governance would shape decisions pertaining to new major wallet feature changes, those that are distinct from the existing features deployed on TFL’s Station wallet.
Notably, if the community approves the proposal, the L1 Task Force would offer a fully functional version of the community-owned wallet to the L2 team. If the community rejects the proposal, the community-owned Station wallet’s creation would be stalled.
