PANews reported on August 27 that Terra posted on the X platform that as Terraform Labs (TFL) begins to phase out operations, Proposal 4818 will be the last chain upgrade they implement. According to the settlement agreement reached between TFL and the U.S. Securities and Exchange Commission (SEC) and the implementation of its proposed Chapter 11 bankruptcy plan, TFL will no longer be able to support future chain upgrades. Terra said that in the future it will seek community-driven initiatives such as the Phoenix Directive to take over the maintenance and operation responsibilities of the Terra blockchain.
