Terraform Labs acquires cross-chain data provider as it pursues post-Kwon plans

Quick Take

  • As legal disputes involving Terraform Labs and its founders persist, the firm announced the acquisition of Pulsar Finance.
  • Chris Amani, who took over from Do Kwon as CEO, said Terraform “never stopped building” — and that a post-Kwon strategy is now coming into focus.

Terra LUNA + form Labs, leading developer of the Terra blockchain, today announced the acquisition of Pulsar Finance, a cross-chain portfolio management and analytics startup.

The news comes with Terraform still mired in legal disputes stemming from the collapse, in May last year, of the algorithmic stablecoin TerraUSD, which had been a mainstay of the Terra blockchain.

Chief among those is its dispute with the United States Securities and Exchange Commission, which sued Terraform in February for allegedly selling unregistered crypto asset securities and defrauding investors. Both parties have asked for a summary judgement in recent weeks, meaning a verdict could be cast without a full trial. Terraform’s lawyers claimed the SEC could not prove it offered or sold securities.

Do Kwon, the outspoken former head of Terraform Labs, was in June found guilty by a court in Montenegro of using a fake Costa Rican passport in an attempt to leave the country.

Chris Amani, Terraform’s former COO, took over from Kwon in July. In a written statement, he said the Pulsar acquisition gives the company an immediate boost, allowing it to quickly bring cross-chain apps to market. “Integrating Pulsar not only enriches our technology stack but also adds an incredibly talented team led by three innovative entrepreneurs with a proven track record of success building and launching successful applications,” he said.

The Pulsar platform


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Set up in 2021, Pulsar’s analytics platform today supports 96 networks and more than 700 protocols, according to today’s announcement. The startup offers users an easy way to track performance across a range of tokens, DeFi positions and NFTs.

Its flagship product, named Portfolio, will be integrated into Terraform’s Station, a cross-chain wallet. Pulsar’s Data product will be merged with Terraform’s infrastructure tools.

“Terraform Labs never stopped building, but we needed to take some time after Do’s departure to adapt our strategy,” Amani said. “The core principle behind TFL has always been utility. We are now focusing on applying that principle to the development of a blockchain ecosystem.”

Terms of the deal were not disclosed.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Ryan Weeks is deals editor at the The Block, focused on fundraising, M&A and institutional trends in the crypto space, among other things. He is particularly interested in investigative work — so please send tips! Ryan previously worked at Financial News, Dow Jones as a fintech correspondent in London. Prior to that, he wrote for several different publications, including Sifted, AltFi and Wired. Beyond journalism, Ryan is a keen reader and writer. He enjoys all things active, especially running, rugby, climbing and tennis.