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

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.

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).

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