Recently appointed Terraform CEO Chris Amani embraces the possibility of Do Kwon returning to the company, acknowledging the formidable task he faces in revamping the failed Terra coin (UST).
In a candid session recently via Twitter SpacesAmani has publicly acknowledged Terraform’s past mistakes in communicating its current endeavors to the public effectively. The new CEO humbly acknowledged the importance of addressing these shortcomings.
When asked about the potential return of Terra’s founder, Do Kwon, to the company, Amane’s response exuded warmth and apparent openness.
Of course, he’s welcome back; he quipped. “It could be 10 years from now.”
The CEO’s words underscore a willingness to embrace Kwon’s potential comeback, regardless of the time frame involved.
Amane faces challenges amid Kwon’s legal troubles
After Kwon was arrested in March on charges of forging travel documents in Montenegro, Amani rose to CEO. Amani initially joined Terra as Chief Operating Officer in January 2022, roughly four months before the unfortunate collapse of UST, the stablecoin associated with the project.
As the Terra community strives to rebuild, Amane acknowledged the challenges ahead. The aftermath of the underground reservoir collapse has left the community grappling with difficulties such as scarcity of liquidity and competition with the attractive risk-free rates of return offered by DeFi applications.
These conditions represent a major hurdle that Amani and his team must overcome to promote the project’s revival.
LUNC market cap currently at $521 million. Chart: TradingView.com
despite doubts, Amani remains committed To a focused approach to the development of the Terra ecosystem. He emphasized that all upcoming developments will revolve around enhancing the utility of LUNA, the platform’s native token. There are no plans to introduce new tokens at this point, ensuring focused efforts to enhance LUNA’s value and functionality.
Ongoing Terra initiatives
There are several projects currently underway within the Terra ecosystem, each contributing to the expansion and diversity of the platform. Among them is Necropolis, the NFT marketplace. Eris Protocol, which offers a range of DeFi products, including staking liquid derivatives; and the Enterprise Protocol, which is intended to simplify the creation and management of DAOs (Decentralized Autonomous Organizations).
Before the big downturn, LUNA and UST were huge players in the cryptocurrency market, ranking in the top 10 cryptocurrencies by market capitalization with a combined value of around $40 billion. However, in the current scenario, the original tokens suffered a significant loss in value, now amounting to less than $700 million.
On the other hand, the Newly re-released LUNA The cryptocurrency is valued at around $200 million. Unfortunately, none of these tokens have been able to consolidate significant gains over the past year, reflecting the challenges the Terra ecosystem has faced in recent times.
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Featured image by Savo Prelevic/AFP via Getty Images
