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Holders of Terra (LUNA) have approved a multi-year, multi-million dollar sports sponsorship agreement

It isn’t every day that the DAO accepts a multi-year, $40 million sports sponsorship protocol spend. Terra owners voted on a sports sponsorship contract this week, in what appears to be a first-of-its-kind event.

This Monday, Terraform Labs CEO Do Kwon submitted a new proposal to the Terra community, asking LUNA holders to vote on a new five-year, $38.5 million partnership with an unknown team in one of the United States’ ‘big four’ sports leagues (MLB, NBA, NFL, NHL).

It appears to be the first time in sports history that a DAO (or similarly structured company) has received a collective vote to engage in sponsorship. This is the second of three major announcements made as part of the new Terra campaign.

Terra’s introduction of the ‘Luna Foundation Guard’ occurred just a few weeks ago, and it was the first of a three-part statement.

The proposed money comes from the community pool, and the proposal is constructed around a few main elements: the first is the narrative, which is predicated on the premise that the premier decentralised Stablecoin machine gaining such high-level sponsorship represents a bigger ‘DeFi to the masses’ movement. The second idea is that bravery is required for growth. The proposal’s third crucial feature is arguably best expressed in its own words:’stimulating DAO governance innovation to realise its full potential.’

The NBA is the most likely destination, however the MLB and NHL are also realistic alternatives, and the NFL has a slim possibility of showing the team involved in this deal.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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