Thursday, June 20, 2024 – The price-stable crypto operating company Terraform Labs announced its termination of operations, selling its projects Pulsar Finance, Station Wallet, and Enterprise DAO within the Terra blockchain protocol, according to Chris Amani, the CEO of Terraform Labs.1
“TFL always intended to dissolve at some point and that point is now. We will be winding down operations completely. Special thanks to those who supported us through this process and thanks to the TFL team. I’m incredibly proud that we were able to hold this company and ecosystem together and continue to build innovative products through all of this. We were well positioned to accelerate things if we had won the trial, but unfortunately we lost and as a result, can no longer operate,” Amani posted on X.
A community proposal would be implemented to burn all unvested TFLs, while those remaining vested in the TFL wallets would be burned by TFL.
The products of TFL will continue.
The ownership of the chain that will be handed over will be announced soon, and now the TFL team is waiting for the approval of TFL winding down by the courts.
- X.com: https://x.com/fleece_cannon/status/1800962168659247432[↩]
