In 2018, Terra was co-founded by Do Kwon. Terraform Labs is the company behind Terra and Kwon holds the CEO position.
Do Kwon, formerly a founder of a wireless mesh network startup constructing decentralized applications, defined how Terra can flip those issues into a possibility to build cash from the ground up. One part of Terra’s cost contributions, bills, in essence, replaces the complicated payments value chain, including credit card networks, banks, and charge gateways, with a single blockchain layer. It could provide merchants with a substantially cheaper transaction fee, saving them money that they can reinvest in something else.
Besides, in concert with the efficiencies that Terra has supplied payment channels for both merchants and clients, it maintains to steadily provide infrastructural improvements and tools for the foundations of laying down a credibly impartial, distributed, and significantly transparent ecosystem.
On May 8th, 2022, UST lost its fixation on the dollar, erasing billions of dollars from Terra’s ecosystem and dragging the cryptocurrency market down.