The month of May witnessed the dramatic fall of Terra collapse. Big investors of LUNA and UST started selling these stocks. As a result, their prices started declining, eventually leading to a “death spiral.” The collapse initiated a crypto winter whose chills were faced by big crypto entities. Be it flagship currencies such as Ethereum and Bitcoin, or prominent crypto firms like Three Arrows Capitals. Bitcoin and Ethereum experienced steep declines in their prices. Three Arrows Capitals followed by Celsius and Voyager filed for bankruptcy. Now, it looks like Terraform is planning a comeback.
The official Twitter handle of Terraform Labs has followed an account with username entreprise_DAO. It is a new account whose bio reads as: “Building a new standard for DAO on Terra.” A source close to the matter revealed that the “Entreprise Protocol” is adopted as a new infrastructure for developing DAOs on Terra.
As per the data from CoinDesk, the dramatic Terra collapse triggered by a series of liquidations has washed off approx. $30 billion from its ecosystem. Crypto hedge fund giant Three Arrows Capital was among the major investors in LUNA. After the collapse, it soon went bankrupt. Shortly, Celsius and Voyager Digital, digital lenders, followed the footsteps of 3AC and filed for bankruptcy.
Terra’s CEO Do Kwon, once known to deride LUNA skeptics as “poor,” has stayed mostly quiet this summer. In a rare tweet, he signaled his support for the developers creating the Terra 2.0 ecosystem: “Let’s leave them alone to build.”
In late May, Do Kwon, the CEO of Terra, in his efforts to revive the ecosystem launched a new chain called Terra 2.0. But just after the launch it started dropping. At the time of writing, it was trading at $1.94, down by 2.64% in the past 24 hours.
On Friday, Terra also started following a new account on Twitter dubbed @Entropic_Labs. Currently deployed on Terra, it is a “decentralized and secure on-chain randomness source.” The Enterprise Protocol will be responsible for testing whether the Terra’s builders will bring back Terra’s ecosystem llost reputation. Meanwhile a brand new website and documentation is on the way, according to a source.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.