Terraform Lab CEO Chris Amani Reveals His Backup Plan if Negotiations Fall Through
Terraform Labs (TFL) has announced its plan for shutting down operations and divesting its products and services in the event that negotiations with third parties fail. The company, led by CEO Chris Amani, has received a court order to wind down operations following a settlement with the U.S. Securities and Exchange Commission (SEC).
Terraform Labs Backup Plan
Terraform Labs has made progress in discussions with third parties to take over some of its products and services, but CEO Chris Amani has confirmed that the company’s products and services will be shut down on October 30, 2024. However, it appears that discussions with third parties are not progressing as expected, possibly due to the SEC’s scrutiny and limited interest in the products. The company is looking to sell four businesses: Enterprise Protocol, Warp Protocol, Station Wallet, and Alliance Hub.
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Additionally, Terraform Labs is considering the takeover of services such as Finder Block Explorer, Foundation, IBC Relayers, and Mantlemint, FCD, & API services. Although these services offer industry advantages, their infrastructure requirements pose a challenge for potential parties. In light of this news, the community is planning to burn tokens, coinciding with the shutdown of the Shuttle Bridge interface for burning crypto assets like wLUNC in the contracts. Furthermore, TFL has completed its final update and will no longer be able to support future chain upgrades, with community-driven initiatives set to manage the chain’s maintenance and operation.
Regarding price action, the Terra Luna Classic (LUNC) community is anticipating a Binance burn mechanism, as the exchange has likely revised its LUNC burn mechanism by sending more tokens to the burn address. The LUNC price has risen nearly 2% in the last 24 hours and 10% in a week, currently trading at $0.00008775.
Market Trends and Performance
The 24-hour high and low are $0.00008553 and $0.00008943, respectively, with a 30% increase in trading volume over the past 24 hours, indicating heightened interest among traders. Coinglass data show that 1000LUNC open interest on Binance has increased by more than 5% in the past 24 hours, signaling active buying by derivatives traders.
The LUNA price has also climbed 1% in the last day, trading at $0.39, with a 41% increase in trading volume over the past 24 hours. The price has increased by more than 8% in a week amid positive sentiment from traders as Terra’s bankruptcy plan progresses.
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