TFL Announces Closure: Community to Take Ownership of Terra Blockchain
In a surprising turn of events, Terraform Labs (TFL), the company behind the Terra blockchain and the algorithmic stablecoin UST, has announced its dissolution. This news comes following the public release of a proposed settlement agreement.
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The announcement confirms TFL’s long-held intention to dissolve at some point. With the settlement details finalized, the company will initiate a complete shutdown of its operations.
Gratitude to Supporters and Team
TFL expresses its appreciation to the community members who have supported them through this challenging period. They also acknowledge the dedication of the TFL team, highlighting their efforts in maintaining the company and its products amidst the controversy surrounding UST’s de-pegging.
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Lost Lawsuit Hinders Growth Plans
The news reveals that TFL had plans to significantly accelerate its projects if it had emerged victorious in the ongoing lawsuit. However, the adverse outcome has forced their hand, rendering continued operations unsustainable.
Burning Unvested Luna: Community Takes Over
A crucial aspect of the announcement involves the burning of all unvested Luna tokens held by TFL. This move aims to return control of the Terra blockchain to the community. Additionally, any vested Luna remaining in TFL wallets will be burned.
Community Leadership and Product Continuity
The news assures users that existing TFL products will continue to function during the wind-down process. Furthermore, plans are underway to sell Pulsar Finance, Station Wallet, and Enterprise DAO. While specifics are still being formulated, the announcement hints at potential involvement from existing development teams within the community.
Looking Ahead: Transparency and Collaboration
TFL emphasizes its commitment to a smooth transition. The coming weeks will involve finalizing plans, which require court approval. Ongoing communication with the community is promised, ensuring transparency throughout the wind-down process.
Evan’s Continued Support
Evan acknowledges the challenges ahead but remains committed to ensuring a seamless shutdown. His presence throughout the wind-down period signifies his dedication to the Terra ecosystem’s well-being.
This announcement marks a significant turning point for the Terra ecosystem. The community’s ability to navigate this transition and assume ownership of the blockchain will be a crucial factor in determining its future success.
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