Terra’s Final Chapter: Community Takes Charge After $4.5B SEC Settlement
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- Terraform Labs will debut the final upgrade to the Terra ecosystem soon.
- The company’s announcement comes amid a $4.5 billion settlement with the SEC.
- After the upgrade, community-driven initiatives will take over the network.
Terraform Labs, the company behind the Terra ecosystem’s rollercoaster ride and the UST stablecoin’s collapse, has revealed the final upgrade to its blockchain network in the wake of the $4.5 billion settlement with the U.S. Securities and Exchange Commission (SEC).
Proposal 4818 will be the last chain upgrade on the Terra network, after which community-led initiatives will take the reins.
In an X post, Terraform Labs confirmed that as part of carrying out its proposed Chapter 11 plan, it will finish the integration of Proposal 4818, and then hand over control of the blockchain network to community-driven projects like Phoenix Directive.
As TFL begins winding down its operations, Proposal 4818 will be the final chain upgrade that we implement. Pursuant to TFL’s settlement with the SEC and implementation of its proposed chapter 11 plan, TFL will no longer have the ability to support future chain upgrades.
— Terra
Going…Power…
The post Terra’s Final Chapter: Community Takes Charge After $4.5B SEC Settlement appeared first on Coin Edition.
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