Terraform Labs faces a “huge hill to climb” as the progress of its various projects in development is constantly being hampered by frequent allegations against Do Kwon, according to Terra’s new interim CEO Chris Amani.
During a July 20 Twitter FACILITIESwith title A conversation in the Terra community, Amani joined several Terra employees to discuss future challenges for Terra moving forward. This came shortly after Amani was appointed as Terra’s new CEO, while former CEO Do Kwon continues to battle legal issues.
He noted that the repeated accusations against Do Kwon, who is currently in a prison cell in Montenegro and faces possible extradition to South Korea or the United States, have destroyed any momentum that Terra has built recently.
“Every time we would make a little bit of progress, there would be some accusation or something that would derail us.”
Cointelegraph reported on June 19 that Kwon was found guilty of trying to leave Montenegro using a fake Costa Rican passport. He was sentenced to four months in prison, although he reportedly told the court he was unaware the passport was allegedly forged.
Amani commented on Kwon’s situation saying that it is “incredibly difficult” to see what he is going through right now, expressing his hope that Kwon’s name will be cleared so that he can “come back and participate” as soon as possible.
Regarding Terra’s current developments, Amani revealed that there are “probably 9” different projects in various stages of development that will be released over the next few months.
He stated that no new tokens will be launched with any of these new developments, as he will focus on “driving services” back to his native token, Luna (LUNA).
We have 3 projects on the shelf, nearing completion, looking for teams to complete and launch on Terra. If you have a team to get one and want to learn more, let @mc_ust I know.
— Chris Amani (@fleece_cannon) July 20, 2023
Amani stressed that it will be a “huge hill to climb,” but believes it’s not a unique situation within the cryptocurrency industry.
“This will not be easy to rebuild; I mean nothing is easy in crypto right now,” he said.
He explained that the lack of liquidity is due to decentralized finance (DeFi) applications that have to compete with the risk-free rate of return that are “pretty compelling right now.”
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He further admitted that Terra currently faces difficulties to compete with other first-layer blockchain projects, as “it doesn’t even have a Luna treasure.”
“Despite the lack of activity in crypto, despite the bear market, it is still incredibly competitive from a tier one perspective. There are still teams with very large coffers that can pay developers a lot of money to build on their blockchain.”
However, he maintains that most employees have chosen to stay with the company despite the controversy it has faced.
“We’ve been able to keep a lot of the squad that was here before depeg,” he said.
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