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Terraform Labs Announces Acquisition of Cross-Chain Protocol Pulsar Finance
Terra blockchain’s leading developer Terraform Labs announced the acquisition of the cross-chain portfolio management and analytics startup Pulsar Finance.
This development arises as Terraform grapples with ongoing legal challenges arising from the demise of the algorithmic stablecoin TerraUSD in May of 2022. A notable legal conflict involves a lawsuit from the United States Securities and Exchange Commission (SEC), filed against Terraform in February.
The SEC alleges the sale of unregistered crypto asset securities and defrauding of investors. Both Terraform and the SEC have recently sought a summary judgment, indicating the potential for a verdict without a complete trial. Terraform’s legal representation has asserted the SEC’s inability to substantiate claims of offering or selling securities.
Earlier this year in June, authorities arrested Do Kwon over multiple charges concerning the collapse of Terraform Labs. Chris Amani, who succeeded Kwon as Terraform’s former Chief Operating Officer (COO) in July, expressed in a written statement that the acquisition of Pulsar provides the company with an instant advantage.
This strategic move enables Terraform to efficiently introduce cross-chain applications to the market. Commenting on the recent development, Amani said:
“Integrating Pulsar not only enriches our technology stack but also adds an incredibly talented team led by three innovative entrepreneurs with a proven track record of success building and launching successful applications”.
About the Pulsar Platform
Established in 2021, Pulsar’s analytics platform currently provides support for 96 networks and over 700 protocols, as outlined in today’s announcement. The startup presents users with a user-friendly method to monitor performance across various tokens, DeFi positions, and NFTs.
The flagship product Portfolio will undergo integration into Terraform’s Station, a cross-chain wallet. Additionally, Pulsar’s Data product will be consolidated with Terraform’s infrastructure tools.
Amani added:
“Terraform Labs never stopped building, but we needed to take some time after Do’s departure to adapt our strategy. The core principle behind TFL has always been utility. We are now focusing on applying that principle to the development of a blockchain ecosystem.”
Terra Classic (LUNC) Price Rally
Amid the recent altcoin market rally over the last month, the price of Terra Classic (LUNC) also witnessed a substantial surge of 50%. Last week, the LUNC price also surged all the way to $0.000090, however, it has corrected 10% since then.
Several factors contribute to this resurgence. Also, a significant factor is a recent adjustment made by Binance, where leverage and margin levels for various crypto perpetual contracts, including the 1000 LUNCUSDT, were modified. This decision has also played a role in influencing LUNC’s performance in the market.
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Terraform Labs Announces Acquisition of Cross-Chain Protocol Pulsar Finance