Do Kwon has ‘great confidence’ in rebuilding Terra blockchain: WSJ

Quick Take

  • Developers are working to relaunch apps in the new Terra blockchain following a relaunch in May, Kwon claims
  • Kwon rejected of being called a fraudster, saying he only lost bets during the recent collapse

Do Kwon, CEO of Terraform Labs, expressed confidence today in the latest efforts to rebuild the Terra blockchain following the collapse of its predecessor in May.

Terraform Labs CEO Do Kwon told The Wall Street Journal in an interview published Wednesday that he has “great confidence” in the company’s ability to “build back even stronger" than before.

Kwon’s proposal to relaunch the Terra blockchain and create a new token was passed in late May following majority votes among holders of Terraform Labs’ Luna governance token. The votes paved the way for the creation of the new blockchain called Terra, while the old version was renamed Terra Classic. 

“Many builders are in the process of relaunching their apps on the new chain,” Kwon said.

As previously reported by The Block, the Terra ecosystem dramatically imploded in early May as both the value of the UST stablecoin as well as Terra's native asset, Luna, fell sharply in value. The resultant market chaos took place amid broader macroeconomic turmoil and set the stage f