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Terra

Back To Terra? Interim CEO Welcomes Do Kwon’s Potential Return

Christian Encila
by Christian Encila
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Terraform’s recently appointed CEO, Chris Amani, embraces the possibility of Do Kwon’s return to the company, recognizing the colossal undertaking he faces in rejuvenating the failed stablecoin Terra (UST).

In a recent candid session via Twitter Spaces, Amani openly acknowledged Terraform’s past lapses in effectively communicating its current endeavors to the public. The new CEO humbly admitted the importance of addressing such shortcomings.

When asked about the potential return of Terra’s founder, Do Kwon, to the company, Amani’s response exuded an unmistakable warmth and openness. 

“Of course, he’s welcome back; that’s not even a question,” he quipped. “It could be 10 years from now.” 

The CEO’s words emphasize a willingness to embrace Kwon’s potential comeback, regardless of the timeframe involved.

Related Reading: DeFi Disaster: How Hackers Pilfer $3.26 Million From A Major Protocol

Amani Faces Challenges Amidst Kwon’s Legal Troubles

Following the arrest of Kwon in March for falsifying travel documents in Montenegro, Amani has stepped into the role of CEO. Amani initially joined Terra as the chief operating officer in January 2022, approximately four months before the unfortunate crash of UST, the stablecoin associated with the project.

As the Terra community strives to rebuild, Amani acknowledged the challenges ahead. The aftermath of UST’s collapse left the community grappling with difficulties such as a scarcity of liquidity and competing with enticing risk-free rates of return offered by DeFi apps.

These circumstances present a significant obstacle that Amani and his team must navigate to foster the project’s revival.

LUNC market cap currently at $521 million. Chart: TradingView.com

Despite the uncertainties, Amani remains committed to a focused approach to developing the Terra ecosystem. He confirmed that all forthcoming developments will be centered around enhancing the utility of LUNA, the native token of the platform. There are no plans to introduce new tokens at this stage, ensuring a concentrated effort to bolster LUNA’s value and functionality.

Ongoing Terra Initiatives

Several projects are currently in progress within the Terra ecosystem, each contributing to the platform’s expansion and diversity. Among them are Necropolis, an NFT marketplace; Eris Protocol, which offers a range of DeFi products, including liquid staking derivatives; and Enterprise Protocol, dedicated to simplifying the creation and management of DAOs (Decentralized Autonomous Organizations).

Related Reading: Crypto Craze Sweeps France: Survey Proclaims It As The Defining Future

Before their significant downturn, LUNA and UST were once formidable players in the cryptocurrency market, ranking among the top 10 cryptocurrencies by market capitalization with a combined value of approximately $40 billion. However, in the present scenario, the original tokens have suffered a substantial loss in value, now amounting to less than $700 million. 

On the other hand, the newly reissued LUNA cryptocurrency holds a valuation of roughly $200 million. Unfortunately, none of these tokens have managed to solidify significant gains over the past year, reflecting the challenges the Terra ecosystem has faced in recent times.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Savo Prelevic/AFP via Getty Images

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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