Terraform Labs faces a "big hill to climb" as progress on its various development projects is constantly hampered by frequent allegations against Do Kwon, according to Terra's new interim CEO Chris Amani.
During a Twitter on July 20 spacestitled A Terra Community Talk, Amani joined several Terra employees to discuss the challenges Terra faces in the future. This happened shortly after Amani was named new CEO of Terrawhile the former CEO, Do Kwon, continues to battle legal issues.
He pointed out that the frequent complaints against Do Kwon, who is currently in a prison cell in Montenegro and facing possible extradition to South Korea or the United States, has shattered whatever momentum Terra has been building recently.
โEvery time we got a little further there was some accusation or something that derailed us.โ
Cointelegraph reported on June 19 that Kwon was found guilty of attempting to leave Montenegro using a fake costa rican passport. He was sentenced to four months in prison despite the fact that he reportedly told the court that he did not know that the passport had allegedly been forged.
Amani commented on Kwon's situation saying that it's "incredibly difficult" to see what he's going through right now, expressing his hope that Kwon's name will be cleared so he can "come back and participate" as soon as possible.
Regarding the current Terra developments, Amani revealed that there are "maybe 9" different projects at various levels of development that will be released in the coming months.
He stated that no new tokens will be released with any of these new developments, as he will focus on "driving utility" back to his native token, Luna (MOON).
We have 3 projects on the shelf, nearing completion, looking for teams to finish and launch on Terra. If you have a team to take one and want to learn more, let us @mc_ust know.
โChris Amani (@fleece_cannon) July 20, 2023
Amani stressed that it will be a โbig hill to climb,โ but believes that it is not a unique situation within the cryptocurrency industry.
โThis is not going to be easy to rebuild; I mean nothing is easy in crypto right now,โ he said.
He explained that the liquidity shortage is because decentralized finance (DeFi) applications have to compete with a risk-free rate of return that is โquite compelling right now.โ
Related: Start of Legal Proceedings for Co-Founder of Terraform Labs in South Korea: Report
Furthermore, he acknowledged that Terra is currently facing difficulties in competing with other layer one blockchain projects as it "doesn't even have a Luna treasury."
โDespite the lack of activity in crypto, despite the bear market, it's still incredibly competitive from a layer one perspective. There are still teams with deep pockets that can pay developers big bucks to build on their blockchain.โ
However, he claims that most employees have chosen to stay with the company, despite the controversies it has faced.
โWe have been able to maintain a large part of the equipment that was here before the depeg,โ he stated.
Magazine: SEC reviews Ripple ruling, US bill seeks control over DeFi and more: Hodler's Digest, July 16-22
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