Introducing Santa: Terra Validator Community Initiative
As the biggest validator of the Terra network, we are very excited to propose the Project Santa, a strong example of the decentralized community rallying together to defend the security of the network and ensure sufficient funding in the development of the Terra ecosystem.
Since our previous update on Terra, Do, Dan and the team have continued to execute on the original vision at an exceptional speed and quality. Terra is now a blockchain payment network backed by a $40B GMV Asian eCommerce alliance and Chai (Terra based payment app) is one of the most widely used blockchain apps with 240k+ purchasing users and is processing more than $1M USD every day (consumers buying coffee and baby wipes).
It takes an immense amount of patience, intellectual resources, and infrastructure costs from the community to support such growth. We have been consistently improving operational security working with several architects and auditors to prevent slashings and hacks for our delegators.
In June, we proposed on-chain changes to smooth and extend the Terra vesting schedule for the main investors. As Mike at Floodgate has put it, we also believe that the high liquidity can be more of a “bug” than a “feature” in the bootstrapping phase of networks. Thanks to all the supportive co-investors, the Terra team was able to implement the change in an effective manner and augment confidence and stability in the market.
Today, we propose The Project Santa to further cement Terra’s value-centric reward scheme and growth model. Terra focuses on allowing stakeholders to capture a part of the value delivered to the end-users of the network. The Project Santa will make their participation even more profitable. Project Santa is a bot that distributes donations to network stakeholders in order to subsidize block rewards. This results in an approximate 10% staking yield on the 216 million tokens currently staked. Like other block rewards, these tokens will be distributed pro-rata to the amount of Luna staked.
The Santa bot is alive starting today and will remain operational until such time that it is no longer needed by the Terra community.
Hashed is excited to continue to work together with the community of high-quality validators in re-building the money from the ground up.
Terra Santa — Motivation: https://github.com/terra-project/santa/blob/master/MOTIVATION.md August 9, 2019
