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How was Terra once a giant ecosystem before it collapsed?

The effects of the collapse of Terra LUNA) and Stablecoin TerraUSD (UST) have spread throughout the cryptocurrency market. In this article, we will go back to the past, to see how Terra has experienced successful milestones, before dying.

Do Kwon is the founder of Terra (LUNA), a DeFi ecosystem with $29 billion worth of total value locked (TVL) in its protocols. Its stablecoin, UST, is currently the third largest stablecoin in the world with a market capitalization of $15 billion. Whereas a year ago, UST’s market capitalization was just $1 billion.

But recently, several lawyers advising the US Securities and Exchange Commission (SEC) told Kwon’s lawyer that the watchdog should file a coercive action against Mirror (MIR), a U.S. stock-based trading service connected to Terra.

As the head of TerraForm Labs, Korean businessman Kwon beneficially controls billions of USD in equity and tokens in the entire Terra ecosystem: LUNA, UST, MIR, Anchor Protocol (ANC) money market, automated market maker Astroport (ASTRO) and the MARS credit protocol.

Tokens in the Terra ecosystem
Tokens in the Terra ecosystem

Timeline

To understand the importance of Kwon in the crypto industry, here are some notable milestones in his career.

Undoubtedly, market participants and observers will be watching the development of this billionaire as the Terra ecosystem develops.

Early stage

2010 – 2015: Do Kwon attended Stanford University, majoring in Computer Science. He graduated with a Bachelor’s degree.

January 2016: Kwon founded a networking startup, Anyfi. Anyfi soon raised $1 million from venture capitalists and a Korean government office.

October 2017: Kwon steps down as CEO of Anyfi.

January 2018: Terraform Labs launches with plans to develop an e-commerce platform called Chai.

Year 2019

Forbes lists Kwon in the 30 Under 30 list for the “VC and Finance” category.
Forbes lists Kwon in the 30 Under 30 list for the “VC and Finance” category.

2019: Forbes lists Kwon in the 30 Under 30 list for the “VC and Finance” category.

February 2019: Terra conducts an offering of its support and governance token, LUNA. From an initial supply of 1 billion LUNA, 30% was given to the founders and projects and 26% was sold to venture capitalists. If venture capitalists could participate in the seed round, they would have entered at $0.18 per LUNA. And if they participate in the private sale, they pay 0.80 USD per LUNA.

June 2019: Terraform Labs rolls out mainnet upgrade “Columbus-2”, which replaces “Columbus-1”.

November 2019: Terraform Labs deploys the next iteration, Columbus-3, in the testnet.

Year 2020

 GDAC launches a staking derivative for Terra's main governance and token, LUNA.
GDAC launches a staking derivative for Terra’s main governance and token, LUNA.

February 2020: GDAC launches a staking derivative for Terra’s main governance and token, LUNA.

September 2020: Terra.Money, Kwon’s main website, launches TerraUSD (UST) with plans to make it an cross-chain Stablecoin. It initially launched on the Ethereum and Solana blockchains.

December 2020: Terraform Labs launches Mirror protocol (MIR), on which digital representations of real stocks can be traded.

Year 2021

Terraform Labs raises $25 million in a funding round led by Galaxy Digital, Coinbase Ventures, and Pantera Capital.
Terraform Labs raises $25 million in a funding round led by Galaxy Digital, Coinbase Ventures, and Pantera Capital.

January 2021: Terraform Labs raises $25 million in a funding round led by Galaxy Digital, Coinbase Ventures, and Pantera Capital. (According to Crunchbase)

February 2021: Delphi Digital, a Manhattan-based research service for Wall Street investors, begins covering Terra. Delphi will eventually advise Terra companies and receive tokens in their various projects as compensation.

May 24, 2021: SEC enforcement sends Kwon an official email about Mirror Labs, conducting an investigation into Terraform Labs and Kwon.

May 2021: The law firm Dentons US LLP notifies the SEC that Terraform Labs and Kwon have hired their advisors to represent them in matters related to SEC requests.

July 2021: SEC interviews Kwon via videoconference.

September 9, 2021: Kwon introduces “Project Dawn,” a funding scheme for infrastructure development and core technology for the Terra ecosystem.

September 15, 2021: SEC attorneys notify Terraform Labs that enforcement action may be warranted against Terraform Labs. And cooperation from Terraform Labs could lead to reduced penalties. Terraform Labs later chose to sue the SEC, alleging that the SEC’s requirements for documentation and cooperation were vague and flawed.

September 17, 2021: An attorney for Dentons contacts the SEC attorney again to request more information and clarification on what Terraform Labs can do to address the SEC’s concerns. SEC.

September 20, 2021: SEC serves Kwon papers related to his Mirror protocol investigation at a conference in New York, Mainnet. Indiegogo Founder, Slava Rubin

September 26, 2021: Dentons attorneys request a copy of the SEC order to serve documents against Kwon. It alleges in a court filing that the SEC never issued that order.

October 2021: Terraform Labs and Kwon file a lawsuit against the SEC, alleging that the SEC improperly served Kwon documents at the Mainnet event.

November 1, 2021: The Terra community discovers that Kwon personally received approximately 88 million LUNA (worth over $3 billion) of ecosystem funds into a wallet he controls. He assured the community that “stealing $3 billion is not the best point in the game, so I won’t.” To date, he has not misappropriated those funds.

November 12, 2021: The SEC asks Terraform Labs and Kwon to comply with the conditions of his subpoena for his Mirror protocol-related documents and testimony.

November 18, 2021: Platform mobile game developer Gamevil Com2us announces a strategic partnership for development on the Terra blockchain ecosystem.

November 21, 2021: Another DeFi ecosystem, Aave, proposes to add support for UST. Delphi Digital expressed support for this proposal.

November 22, 2021: Saber adds new CASH pools with a stablecoin that supports wrapped UST tokens.

November 24, 2021: Pyth adds Terra to its market data platform.

November 24, 2021: Mirror Protocol stakeholders reject Coinbound‘s proposal to “start a professional marketing campaign“. Kwon called the proposal a “scam” in his November 18 tweet.

November 25, 2021: Kado Pay launches Terra-based e-commerce platform.

December 3, 2021: Orne.io announces Terra-based NFTs representing real tree ownership.

December 6, 2021: Flexa payments network adds support for UST and LUNA.

December 8, 2021: Risk Harbor announces an audit of Ozone contracts.

December 8, 2021: VC company Chiron raises 50 million USD to invest in Terra ecosystem development.

December 17, 2021: Attorney Douglas W. Henkin files a document with New York federal court detailing the service of allegedly inappropriate documents against Kwon by a workflow server for the SEC. The document argues that the SEC violated rule 150(b) about fair service of legal documents.

December 21, 2021: Terra Bites submits a crowdfunding proposal for Terra Bites v2.

December 26, 2021: Terra hits a $10 billion market cap.

December 20, 2021: Kwon’s attorneys argue in a New York court hearing that the SEC violated its own rules by serving papers on Kwon at a conference in New York City inappropriately.

December 20, 2021: Natalie Luu joins Terraform Labs as Head of Ecosystem Development.

December 23, 2021: Binance lists UST for trading.

December 30, 2021: Outlet ships its debit card with support for the Terra ecosystem.

December 30, 2021: Risk Harbor launches algorithmic risk management system on Terra Mainnet.

Year 2022

Terra becomes the world's second largest DeFi ecosystem after Ethereum with over $20 billion in total value locked
Terra becomes the world’s second largest DeFi ecosystem after Ethereum with over $20 billion in total value locked.

January 1, 2022: Terra becomes the world’s second largest DeFi ecosystem after Ethereum with over $20 billion in total value locked.

January 5, 2022: Terraform Labs staff “TheIntern” proposes to reduce Terra’s tax rate to zero.

January 18, 2022: Terra sponsors blockchain developer Confio.

January 19, 2022: Legal compliance specialist Larry Florio joins Terra as the company’s Chief Counsel.

January 19, 2022: Terra establishes Luna Foundation Guard, a Singapore-registered non-profit organization to support the Terra ecosystem.

January 24, 2022: Anderson Kill shareholder Noah Axler joins Terra as Chief Legal Counsel and Litigation.

January 31, 2022: Kwon proposes to raise 40 million UST to partner with an American sports club.

February 3, 2022: Avalanche-sl-Ethereum Pangolin Decentralized Exchange makes UST the default token on the token swap service.

February 15, 2022: The Passport Protocol launches an open analytical framework for generating incentive models, to inspire the continuity of action powered by Terra.

February 21, 2022: Terra’s MARS Protocol (MARS) begins accepting deposits and locking Terra.

February 22, 2022: Luna Foundation Guard raises $1 billion to create a Bitcoin-backed reserve fund to protect the UST’s $1 peg.

February 23, 2022: Terraform Labs petitions New York federal court to halt enforcement of SEC subpoenas.

February 23, 2022: Outlet will launch a debit card for the Terra ecosystem in the first week of March 2022.

February 25, 2022: The SEC files a petition in a New York court to deny Terraform Labs’ bid to continue halting subpoena enforcement efforts.

February 28, 2022: solUST launches staking for Terra on Solana’s Blockchain.

March 1, 2022: A New York court denies Terraform Labs’ request to continue halting the SEC’s effort to enforce its subpoena.

March 9, 2022: Terra updates its cross-blockchain bridge to support sending UST and LUNA to the fledgling Secret Network, Injective, Osmosis, and Axelor Core networks.

March 11, 2022: Terraform Labs donates 12 million LUNA to the Luna Foundation ($1.3 billion).

March 13, 2022: Twitter user “Sensei Algod” opens a $1 million discount bet on LUNA.

March 14, 2022: Popular crypto influencer Cobie offers escrow services for a bet between Kwon and trader nicknamed “Sensei Algod” on the price of LUNA for a year. (Escrow wallet contains Tether (USDT) and USD Coin (USDC) worth $22 million.)

March 14, 2022: To bet on the future price of LUNA, Kwon donates $1 million to Terra-based Angel Protocol charity.

March 14, 2022: Kwon announces plans to increase LFG’s Bitcoin vault to $10 billion.

March 15, 2022: Luna Foundation Guard Council votes to burn 4 million LUNA and mint 372 million UST.

March 15, 2022: Reactor launches Terra-optimized yield platform.