Terrnado Update

Dear Terrnadors,

A lot of you were asking what’s the current situation here at Terrnado Labs and where are we heading next, after the recent unfortunate events on our home blockchain — Terra. Although we’re still struggling to find peace after the crash, we don’t want to leave you without any answers, and we would like to provide you with more insight on why we haven’t already moved on as some of the other Terra-based projects.

First of all, our IDO happened at, probably, the most unfortunate time, preceding the crash just by days. Before this event, we were at a point of building community and our project had just started gaining momentum. We put a lot of resources such as time, work, and effort into building this project on Terra, and we were really excited about where it was heading. We had a lot of plans for after the TGE including the anonymous ‘Black Hole’ NFTs that we started to work on, more educational YouTube videos, and our own mobile wallet connected to the Terrnado App. Unfortunately, we were unable to predict this situation and so, our plans needed to be revised.

The funds we’ve managed to raise with StarTerra, which was 1.08M $UST, were put to good use to help us develop the project. From that amount, 500k $UST was used to add liquidity on TerraFloki Dex and Terra Swap, and 200k $UST was allocated to the Anonymity Pool. The additional raise with Atlo, which was also successful, was to bring us 200k $UST, however, the funds haven’t been sent to us yet, and they are worth a lot less at this point in time. What’s more, we didn’t manage to salvage our treasury which remained in $UST. Although some funds on our App are stored in $aUST tokens, we didn’t receive the support from LFG, and we were not fortunate enough to receive the airdrop. Which brings us to our current situation — we do not have enough funds to go forward. We have to regretfully admit that we can’t afford to continue to pay adequate salaries to our team, for them to be able to build the App from the ground up on another blockchain.

What we can do is to assure you that we wish we could still operate on Terra Classic and show all of our supporters and investors what we were capable of. Maybe if we were still before the IDO when the incident happened, the situation would look different and we would still be able to proceed with the fund-raising on another blockchain. Maybe if our project was already well-recognized and strong enough to survive the crash, we would already be on another chain, working hard on our roadmap goals.

But, we are where we are. We felt like this article needs to be published and that our supporters deserve to know the details of our current situation and the reasons behind what’s going on right now. We hope that now you understand more where we’re coming from, and why Terrnado is unable to move on at this point. Of course, the $TND vestings remain untouched, as the object of the investment is still in place.

All members of the Terrnado Cash team are extremely proud of what we’ve managed to build, and we can assure you that we will still remain engaged in the crypto sphere. Maybe one day we will manage to return to this project with new motivation, and Terrnado App will be reborn, or maybe you will be able to find us on another chain working on new exciting things.

Thank you all for being there for us.