Terraform Labs
CryptoSouth KoreaClosed 2022
Total Raised
$200M
Peak Valuation
Undisclosed
Employees
—
Year Collapsed
2022
Business model
Issued the algorithmic stablecoin TerraUSD (UST) and its sister token LUNA, paying high yields to depositors via the Anchor Protocol.
In brief
Built an algorithmic stablecoin designed to hold its $1 peg through a token-minting mechanism rather than real cash reserves, while paying unsustainably high yields to attract deposits. A wave of large withdrawals in May 2022 broke the peg, erasing roughly $45 billion in value wi…
See the What Happened tab for the full account.
Key facts
- Founded
- 2018
- Closed
- 2022
- Headquarters
- Seoul, South Korea
- Industry
- Crypto
- Employees
- —
- Revenue
- Undisclosed
- Founders
- Do Kwon, Daniel Shin
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Often compared with: MakerDAO (DAI), Circle (USDC).