Terraform Labs plans to dissolve its business.

Chris Amani, the CEO of Terraform Labs, the developer of the Terra blockchain, has requested the community to take over the project as the company plans to dissolve its business. According to Amani, the company plans to sell its projects within the Terra ecosystem, including Pulsar Finance, Station Wallet, and Enterprise DAO. The company will propose a community proposal to burn all unallocated Luna tokens.

Amani stated that the Terra and Terra Classic blockchains could continue to operate under community control and suggested adopting a community-led governance model.

Previous news, Terraform reached a settlement agreement of $4.47 billion with the U.S. Securities and Exchange Commission.