Terraform Labs Pte. Ltd. is a software development company founded in 2018 by Do Kwon and Daniel Shin. The company gained prominence by creating the Terra blockchain, an open-source protocol designed to support a suite of algorithmic stablecoins, most notably TerraUSD (UST). Its native token, Luna, was designed to stabilize the price of these stablecoins. The ecosystem experienced a catastrophic collapse in May 2022 when UST lost its dollar peg, leading to hyperinflation of the Luna token and wiping out billions in value. Following the collapse, the original chain was rebranded as Terra Classic (LUNC), and a new chain, Terra 2.0 (LUNA), was launched. The company and its founder face numerous legal challenges globally, and Terraform Labs filed for Chapter 11 bankruptcy in the U.S. in January 2024.

Founded in

Brazil