Terraform Labs has appointed Chris Amani as its new CEO, following the resignation of the previous CEO, Do Kwon, who is currently imprisoned and facing legal issues. Chris was the former CFO and CCO of the firm, and former CEO of Humanity, a computer software company.
Terraform Labs is a blockchain company founded in 2018 by Do Kwon and Daniel Shin. The company is headquartered in Singapore and has raised over $200 million in funding from investors such as Lightspeed Venture Partners, Galaxy Digital, and DeFiance Capital.
Terraform Labs’s main product is the Terra blockchain, which is a proof-of-stake blockchain that is designed to support algorithmic stablecoins. Stablecoins are cryptocurrencies that are pegged to a fiat currency, such as the US dollar and are designed to be less volatile than other cryptocurrencies.
The most popular stablecoin on Terra is TerraUSD (UST), which was the third-largest stablecoin by market capitalization before its collapse. UST is an algorithmic stablecoin, which means that its peg to the US dollar is maintained through a complex system of smart contracts.
In May 2022, the Terra blockchain was temporarily halted after the collapse of UST and Luna, in an event that wiped out billions of dollars in market capitalization from the crypto market. The collapse of Terra has raised questions about the viability of algorithmic stablecoins and the future of Terraform Labs.
The collapse also led to the arrest of its former CEO, Do Kwon, who is now facing imprisonment. Over a year after the tragic incident of the blockchain firm, it has asked for the expertise of a new CEO.
Amani plans to lead the company’s products in a different direction that will not include offering algorithmic stablecoins. Speaking about his appointment and the future of the firm, he expressed best wishes for Kwon but stated that it makes sense for Terraform Labs to continue without him.
“The process won’t be easy, but we have a clear vision of where Terra fits within the broader Web3 ecosystem and are hyper-focused on executing against that vision. We look forward to sharing more on this soon,” he stated.
