Introduction
During a July 20 Twitter Space titled “A Terra Community Talk,” Amani, the new CEO of Terra, along with several Terra employees, discussed the challenges and prospects for the future of the platform. This discussion took place shortly after Amani’s appointment as the CEO, while the former CEO, Kwon, was facing legal issues.
Impact of Accusations on Progress
Amani highlighted that the frequent allegations against former CEO Kwon have been detrimental to Terra’s recent progress. Kwon is currently in a jail cell in Montenegro and is facing possible extradition to South Korea or the United States, which has significantly disrupted the momentum Terra had been building.
“Every time we would make a little progress, there would be some accusation or something that would derail us,” Amani expressed.
On June 19, Cointelegraph reported that Kwon was found guilty of attempting to leave Montenegro using a false Costa Rican passport. Despite reportedly claiming that he wasn’t aware the passport was allegedly forged, he was sentenced to four months in prison.
Amani empathized with Kwon’s situation, saying it is “incredibly hard” to watch what he is going through right now and expressed hope for Kwon’s name to be cleared so he can “come back and participate” as soon as possible.
Upcoming Developments
Regarding Terra’s current developments, Amani revealed that there are “maybe nine” different projects at various stages of development set to be released over the coming months.
He declared that no new tokens will be launched with these developments, as the focus is to “drive utility” back to Terra’s native token, Terra.
Challenges in the Crypto Industry
Amani emphasized that the path ahead would be challenging, but not unique in the cryptocurrency industry.
“This is not going to be easy rebuilding; I mean, nothing is easy in crypto right now,” he said.
He explained that the scarcity of liquidity is a result of decentralized finance applications having to compete with risk-free rates of returns that are “fairly compelling right now.”
He further acknowledged that Terra currently faces difficulties competing with other layer 1 blockchain projects, as it “doesn’t even have a treasury of Luna.”
“Despite the lack of activity in crypto, despite the bear market, it’s still incredibly competitive from a layer 1 perspective. There are still teams with very big treasuries that can pay developers a lot of money to come build on their blockchain,” Amani added.
Employee Dedication Despite Controversies
Despite the controversies Terra has faced, Amani mentioned that most employees have chosen to stay with the company.
“We have been able to hold a large portion of the team that was here before the depeg,” he stated.
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