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- Despite ongoing legal battles and a recent SEC lawsuit, has acquired Pulsar Finance, a cross-chain portfolio management and analytics startup.
- This acquisition is expected to provide Terraform with immediate advantages, allowing for the swift introduction of cross-chain applications.
On Monday, November 13, Terraform Labs announced the acquisition of cross-chain portfolio management and analytics startup Pulsar Finance.
This noteworthy development comes in the midst of Terraform’s persistent legal challenges, particularly in the aftermath of the breakdown of its algorithmic stablecoin, TerraUSD, in May of last year.
Even in the face of ongoing legal disputes, which notably involve a high-profile case with the U.S. Securities and Exchange Commission (SEC), Terraform remains committed to its corporate transformation. The SEC’s lawsuit, filed in February, alleges Terraform’s involvement in the sale of unregistered crypto asset securities and investor fraud. In recent weeks, both Terraform and the SEC have pursued summary judgments, potentially leading to a resolution without the need for a full trial.
Assuming the role of Terraform’s former COO in July, Chris Amani, in a written statement, expressed that the acquisition of Pulsar provides the company with an instant advantage. Thus, this strategic move enables Terraform to promptly introduce cross-chain applications to the market. Amani added:
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 Finance Platform
Established in 2021, Pulsar’s analytics platform currently provides support for 96 networks and over 700 protocols, as stated in today’s announcement. The startup also offers users a user-friendly method to monitor performance across various tokens, DeFi positions, and NFTs.
The integration plan involves incorporating Pulsar’s flagship product, Portfolio, into Terraform Station, a cross-chain wallet. Additionally, Pulsar’s Data product will be amalgamated with Terraform’s infrastructure tools. Amani said:
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.
Additionally, the Terra Luna Classic community has collectively approved a proposal to halt USTC minting and reminting by elevating the Tobin tax to 100 percent. The community and developers are actively engaged in various initiatives to readjust USTC, contributing to the revitalization of the Terra Luna Classic chain and the LUNC token. Earlier this week, there has been a substantial surge in the values of LUNC, USTC, and even LUNA.
However, the LUNC price has retraced by over 5 percent in the last 24 hours and is currently trading at $0.00007941. Even as of date, the LUC price is still up by more than 35 percent over last month’s altcoin market rally.
Some of the biggest market players have been already giving ambitious price targets for LUNC hinting at the possibility of reaching $1.0.
