After the LUNA and UST meltdown, many crypto investors have been curious about the project’s rise in popularity and people wonder about the background of Terra’s co-founder Do Kwon. Moreover, it is not commonly known that Terraform Labs was also founded by Daniel Shin, the founder of a payment firm called CHAI. After Shin left the company, the startup saw significant growth and Kwon became the main face of Terra’s ‘Lunatic’ movement.
Do Kwon — A Stanford Graduate That Became the Face of the Terra Money Project Following His Partner’s Departure
The Terra blockchain fiasco will go down in crypto history as one of the craziest events during the last 13 years. It all started during the second week of May, when the once-stable coin terrausd (UST) lost its peg from its $1 parity. This caused a massive bank run-like event where billions of dollars worth of crypto was withdrawn from Curve Finance, Lido, and the decentralized finance (defi) lending app Anchor Protocol.
Terra blockchain’s native token (LUNA) fell significantly in value as well, as the network’s LUNA/UST swapping mechanism drove the coin toward a death spiral. Terra’s entire ecosystem was wiped off the top crypto projects list, and now it is placed at the bottom of the barrel, among a litany of failed digital currencies.
However, for quite some time Terra was considered one of the hottest blockchain projects out there, and LUNA reached an all-time high at $119.18 per unit on April 5, 2022. Today is a different story, as a single LUNA is now exchanging hands for $0.00018000 per unit. While many disliked Terra’s co-founder Do Kwon, a great number of people enjoyed his attitude.
The 31-year-old South Korean native Do
