Terraform Labs, founded by Do Kwon and Daniel Shin, is the development company behind the Terra blockchain protocol. Launched in 2018, its mission was to create a price-stable cryptocurrency ecosystem to power global payments. Its core innovation was an algorithmic stablecoin, TerraUSD (UST), which was designed to maintain a 1:1 peg with the U.S. dollar through a mint-and-burn mechanism with its native governance and staking token, LUNA. After a period of rapid growth, the Terra ecosystem suffered a catastrophic collapse in May 2022 when UST lost its dollar peg, wiping out over $40 billion in market value. Following the collapse, the original blockchain was rebranded to Terra Classic (LUNC), and a new chain known as Terra 2.0 (LUNA) was created without the algorithmic stablecoin component. The company and its founder now face significant legal and regulatory challenges worldwide.

Founded in

South Korea