Terra Interim CEO Discusses Progress and Accusations in Web 3.0 Crypto World

Terraform Labs Challenges

The progress of Terraform Labs’ various projects is being hindered by frequent accusations, according to its new interim CEO Chris Amani. During a July 20 Twitter Spaces titled A Terra Community Talk, Amani discussed the challenges ahead for Terra moving forward.

He noted that the allegations against the former CEO Do Kwon, who is currently in a jail cell in Montenegro and facing possible extradition to South Korea or the United States, have had a detrimental effect on the momentum that Terra had been building.

Cointelegraph reported on June 19 that Kwon was found guilty of attempting to leave Montenegro using a false Costa Rican passport. Despite reportedly telling the court that he wasn’t aware the passport was allegedly forged, he was sentenced to four months in prison.

The future of Terraform Labs is uncertain, as it faces a “big hill to climb” in the midst of the web 3.0 development and the emergence of blockchain and cryptocurrency such as Alchemix Crypto, Anchor Crypto, Alchemy Pay Crypto, Alchemy Crypto, AMP Crypto Reddit, and a list of crypto tokens.

Driving Utility Back to Native Token

Amani, Terra’s CEO, informed that they have “maybe 9” projects in the pipeline, set to be released in the coming months. These projects will not involve the launch of any new tokens, but will instead be focused on “driving utility” back to the native Luna (LUNA) token.

He acknowledged that it will be a “big hill to climb,” but noted that this is not an uncommon situation in the cryptocurrency industry. “This is not going to be easy rebuilding; I mean nothing is easy in crypto right now,” he said.

Liquidity Shortage Explained

He highlighted the fact that the lack of liquidity is due to many DeFi projects having to compete against a risk-free rate of return that is “fairly attractive right now.”

He further admitted that Terra is facing a challenge in comparison to other layer one blockchain projects, as it “doesn’t even have a treasury of Luna.”

Nevertheless, he mentioned that most employees have remained loyal to the company, despite the difficulties faced by the company.

“We have been able to keep a large portion of the team that was here before the depeg,” he said regarding the Alchemix Crypto, Anchor Crypto, Alchemy Pay Crypto, Alchemy Crypto, AMP Crypto Reddit, Web 3.0 Cryptocurrency, 000 Pieces Appeared First On Crypto Press Cryptocurrencies Network, Web 3.0 Development, Web 3.0 Crypto Tokens List, Blockchain vs Web 3.0.