he company behind Terra, Terraform Labs has recently sent around 1,000 Bitcoin which accounts to approximately $62 million dollars to a new unknown address. This transfer is associated with the ongoing settlement between the company and the SEC after the collapse of Terra back in 2022.
Final Blockchain Upgrade
The company currently holds only $ 2 million dollars distributed in multiple crypto assets mainly in Convex finance (CVX). This procedure is preparing the company to integrate its final chain upgrade and proposal (Proposal 4818) for its toke’s blockchain.
Transition to Community Management
Due to the fact that TerraForm Labs filed for chapter 11 bankruptcy when it settled with the SEC, it is said that this will be their last upgrade, and the future of Terra Blockchain will be in the hands of the community only through Phoenix Directive.
Impact on Terra Ecosystem
There is no doubt that this huge change will have a huge impact on the future success of the terra ecosystem as well as its community. However it is important to note that in the past 2 years Terra has been hit by a massive decline and loss of confidence in the project since its Stable coin collapsed.
Terra's Future Under Community
The crypto community and especially those supporting Terra, are keeping a very close eye on the situation and how it will evolve. However there is a lot of uncertainty and contradicting thoughts if Terra will be able to come back and recover fully after everything that occurred the past 2 years.
