| Developer(s) | Terraform Labs |
|---|---|
| Initial release | 24 April 2019[citation needed] |
| Website | terra |
Terra is a blockchain protocol and payment platform used for algorithmic stablecoins. The project was created in 2018 by Terraform Labs, a startup co-founded by Do Kwon and Daniel Shin. It is best known for its Terra algorithmic stablecoin and the associated LUNA reserve asset cryptocurrency.
In May 2022, the Terra blockchain was temporarily halted after the collapse of the algorithmic stablecoin TerraUSD (UST) and the cryptocurrency LUNA, an event that wiped out almost $45 billion in market capitalization within a week.[1][2] On January 21, 2024, the company filed for bankruptcy.[3]
- ^ Miller, Hannah (13 May 2022). "Terra $45 Billion Face Plant Creates Crowd of Crypto Losers". Bloomberg News. Retrieved 15 May 2022.
- ^ Melinek, Jacquelyn (12 May 2022). "Terra resumes blockchain production after halting to prevent hacks amid UST crash". TechCrunch. Retrieved 17 May 2022.
- ^ "Terraform Labs files for bankruptcy protection in the US". Reuters. 21 January 2024. Retrieved 21 January 2024.