Terraform Labs is facing a “huge challenge” as the progress of its various projects in development continues to be hindered due to the continuing allegations against Do Kwon, according to Terra’s new interim CEO Chris Amani.
During July 20 Twitter empty spaceTopic One Terra Community TalksAmani was joined by several Terra employees to discuss the challenges ahead for moving Terra forward. This comes shortly after Amani was appointed as the new CEO of Terra while the former CEO, Do Kwon, is battling legal issues.
He said the continuing allegations against Do Kwon, who is currently in a prison cell in Montenegro and facing possible extradition to South Korea or the United States, have destroyed any momentum Terra has been building recently.
“Whenever we make a little progress, there will be some allegation or something that will derail us.”
Cointelegraph reported on June 19 that Kwon had pleaded guilty to attempting to leave Montenegro using a false Costa Rican passport. He was sentenced to four months in prison, despite reportedly telling the court that he did not know the passport was allegedly forged.
Amani commented on Kwon’s condition, saying that it is “incredibly difficult” to see what he is going through at the moment, adding that he hoped Kwon’s name would be cleared so he could “come back and participate” as soon as possible.
In regards to Terra’s current development, Amani revealed that “maybe 9” different projects at various stages of development will be released in the coming months.
He announced that no new tokens would be launched alongside any of these new developments, as it would focus on “driving utility” back to its original token, Luna (LUNA).
We have 3 projects on the shelf that are nearing completion, we are looking for teams to complete and launch on Terra. If you have a team to pick one up and want to learn more, come @mc_ust Know.
— Chris Amani (@fleece_cannon) 20 July 2023
Amani emphasized that this is going to be a “huge hill to climb,” but believes that this is not a unique situation in the cryptocurrency industry.
“This rebuild will not be easy; I mean nothing is easy in crypto right now” he said.
He pointed out that the lack of liquidity is due to decentralized finance (DeFi) applications, which have to compete with a risk-free rate of return that is “quite attractive right now”.
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He further admitted that Terra is currently having difficulty competing with other Layer One blockchain projects, as it “doesn’t even have Luna’s treasury.”
“Despite the lack of activity in crypto, despite the bear market, it is still incredibly competitive from a level playing field. There are still teams with huge coffers that can pay developers a lot of money to build on their blockchain.
However, he claims that despite facing controversies, most of the employees have opted to stay with the company.
“We have been able to detain a large part of the team that was here before Depeg,” he said.
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