United

Terra Classic

Terra

Phoenix

Terraform Labs has <a href="https://x.com/terra_money/status/1838821914397315501" rel="noopener noreferrer nofollow">informed</a> its users of a potential shutdown of some of its products and services. In a September 25 post on X, the beleaguered cryptocurrency exchange claimed that it is still discussing with a third party that will be willing to take over operations on some of these products and services.&nbsp;
If they do not progress with these discussions in the next few weeks, a wind-down is imminent. The listed products to be shuttered by October 30 include Station Wallet, Enterprise DAO, Alliance Hub, and Warp Protocol. For the services, Finder Block Explorer, Foundation, IBC Relayers, Mantlemint, FCD, and API services will all fold up.
<h2 id="b-community-reacts-to-news-of-product-abd-service-shutdown-b">Community Reacts to News of Product Abd Service Shutdown&nbsp;</h2>
The announcement attracted backlash from the crypto community on X, with many followers accusing the firm of greed. Most of the responses to the post pointed to the fact that many customers still have strong connections to these products and services. One X user wrote, “You have not released all my Luna airdrop yet and how can you shut down station wallet???”
“Still some vested Luna on my station wallet. How would that be handled, is there another compatible wallet to import the account?” Another user asked on X.
A category of users believes that handing these offerings to the Terraform Labs community would be a better option than shutting them down.&nbsp;
<h2 id="b-terraform-labs-considers-shutting-down-operations-b">Terraform Labs Considers Shutting Down Operations&nbsp;</h2>
For more than three months, Terraform Labs has <a href="https://thecoinrise.com/terraform-labs-mulling-shutting-down-post-sec-settlement/" rel="noopener noreferrer nofollow">considered shutting down its operations</a> following a settlement with the United States Securities and Exchange Commission (SEC). At the time, CEO Chris Amani announced that the firm plans to dissolve and sell off its projects within the Terra ecosystem, including Pulsar Finance, Station Wallet, and Enterprise DAO.
Amani even emphasized that the Terra and Terra Classic blockchains have the potential to continue under community control.&nbsp;
<h2 id="b-terraform-labs-put-control-in-the-hands-of-the-community-b">Terraform Labs Put Control in The Hands of the Community&nbsp;</h2>
By the end of August, the exchange began to implement measures to <a href="https://thecoinrise.com/terraform-labs-to-wind-down-operations-amid-sec-settlement/" rel="noopener noreferrer nofollow">finally shut down,</a> including the implementation of Proposal 4818, which marks the final chain upgrade from Terraform Labs. The Terra blockchain’s future will now be shaped by a community-driven initiative. It’s the beginning of a new chapter in which the community assumes control.&nbsp;
Among these initiatives is the Phoenix Directive, which has emerged as a leading framework designed to take over maintenance and operational responsibilities.
The post <a href="https://thecoinrise.com/terraform-labs-hints-at-product-and-service-shutdown/" rel="noopener noreferrer nofollow">Terraform Labs Hints at Product And Service Shutdown Timeline</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Terraform Labs Hints at Product And Service Shutdown Timeline

Table of Contents

TheCoinrise Media

Other articles published on Sep 25, 2024

Hamster Kombat's $HMSTR Airdrop: Is it a Boon or Bane?

Micron Technology Set to Report Q4 Results Amid AI Boom

Congressman Criticizes Gary Gensler, Calls Him “Most Destructive” in SEC’s History

Top Analyst Explains Why Holding 14,000 Ripple’s XRP Tokens Could Be Life-Changing

Analyst Says XRP Is Ready to Tear Last Weekly Ichimoku Clouds. Here’s the Impact

OpenAI Launches Advanced Voice Feature for ChatGPT Users

Join our free newsletter for daily crypto updates!