In an interview for The Wall Street Journal, Do Kwon highlighted that they are working to make Terra 2.0, a much more robust network than its predecessor. The leader firmly believes that it will recover its previous status.

The CEO of Terraform Labs, Do Kwon, highlighted that despite everything that has happened in recent weeks with the project he leads, he still feels very confident that the Blockchain network will recover and once again be one of the most prominent platforms out there.

Do Kwon Believes in Terra 2.0

This information got highlighted by Kwon during an interview for The Wall Street Journal. He claimed to have great confidence that his team will recover the Blockchain and make it much more solid than its previous version, which they are currently working on.

The team hopes to awaken the interest of a considerable number of projects to carry out their activities on the new network.

Regarding his expectations with Terra 2.0, Kwon explained that they are currently waiting for many teams and developers to re-release their services which some of the most solid entities on the old network now implement.

Kwon also expressed his commitment to the project, so he will carry out all the measures under his power so that the new version of the Blockchain regains the lost glory that its predecessor had.

Kwon and his team presented the proposal to release the Terra network with a new token, which received a green light last May. After this event, Terra 2.0 got released, while the old Blockchain got renamed Terra Classic, which is still working today.

Those Impacted After the Crashdown in Terra Ecosystem

However, the new boost of Terra does not seem to have been enough for the public to regain trust in the project. Consider that the most affected were the users of LUNA and the stable coin UST, tokens that faced losses of more than 99% of their value.

Regarding the fall of Terra, Kwon highlighted that he got emotionally crushed after what happened with the previous version of the network and expressed the following words to those affected:

“I hope that all the families who have been affected find comfort for themselves and their loved ones.”

Kwon also said that the network and the token crash also impacted him as he was also an investor in the UST-based programs. In this regard, he said he encouraged these offers because he believed in [UST’s] resilience and its value proposition.

Effects beyond Terra

According to experts, the fall of the Terra ecosystem caused significant damage to the crypto space, leading the market to experience a fall in the price of many of its most significant exponents.

For their part, both Kwon and the Terra team are currently facing a lot of lawsuits, legal complaints, and investigations. Some members have a legal measure that stops them from abandoning the South Korean region.

By: Jenson Nuñez


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