Terraform Labs Is Creating Infrastructure To Build DAOs On Terra 2.0
Terraform Labs is preparing for its comeback by building a new standard for Dao on Terra 2.0.
Terraform Labs builds DAOs for Terra 2.0
According to Blockworks, Terraform Lab is showing signs of returning. On July 29, Terraβs main Twitter account followedΒ @enterprise_dao, a newly created account and a bio that reads, βBuilding a new standard for DAOs on Terraβ. A source close to the matter, granted anonymity to discuss private business matters, told Blockworks the βEnterprise Protocolβ is intended as a new standard infrastructure to build DAOs on Terra.
Terra’s collapse caused unprecedented damage to the crypto community in May 2022. This collapse was also one of the reasons why the crypto winter dragged on when a mass of funds began to fall investment, major crypto-currency lenders struggle because of liquidity problems.
In early May, a flurry of liquidationsΒ created a hyperinflationary βdeath spiralβΒ for Terraβs LUNA token and UST algorithmic stablecoin, erasing nearly $30 billion from the Terra ecosystem.
On May 28, Terra migrated to aΒ new chain, dubbed Terra 2.0Β – leaving the UST stablecoin behind.
Terra also followed the brand-newΒ @Entropic_LabsΒ on Twitter on Friday, a βdecentralized and secure on-chain randomness sourceβ now deployed on Terra.
The Enterprise Protocol launch will test whether Terraβs builders can rescue the ecosystemβs sullied reputation. A website and documentation for the DAO are forthcoming, a source said.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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