Chris Amani, CEO of Terraform Labs, the developer of Terra blockchain, asked the community to take the reins as the firm plans to dissolve its operations. The firm, according to Amani, plans to sell its projects in the Terra ecosystem including Pulsar Finance, Station Wallet and Enterprise DAO.

This follows Terraform's massive $4.47 billion settlement with the U.S. Securities and Exchange Commission related to the UST algorithmic stablecoin, which dramatically collapsed in 2022.

"TFL always intended to dissolve at some point, and that point is now,” Amani stated on X, signaling the end for Terraform Labs. “We will be winding down operations completely.”

Amani stated the firm plans for a community proposal that would lead to the burning of all unvested Luna, Terraform’s native token. …