When did Terra launch as a blockchain protocol?
Terra launched in 2018 as a blockchain protocol designed to power algorithmic stablecoins. The system relied on a proof-of-stake consensus mechanism to validate transactions across the network.
Terra launched in 2018 as a blockchain protocol designed to power algorithmic stablecoins. The system relied on a proof-of-stake consensus mechanism to validate transactions across the network.
Do Kwon and Daniel Shin co-founded Terraform Labs in Seoul, South Korea during 2018. The startup raised more than $200 million from major investment firms including Arrington Capital and Coinbase Ventures.
UST began breaking its peg to the U.S. dollar on the 9th of May 2022. Over the next week, the price of UST plunged to 10 cents while LUNA fell to virtually zero.
Terraform Labs filed for Chapter 11 bankruptcy in the United States on the 21st of January 2024. The company listed assets and liabilities ranging from $100 million to $500 million during the filing process.
Regulators charged both Terraform Labs and Kwon with fraud in February 2023 after a Manhattan court ruled in favor of the SEC's right to investigate in February 2022. Jump Trading agreed to pay a $123 million settlement to the SEC in October 2024 for manipulating markets to maintain UST's peg artificially.