In-depth analysis of Terra and its founder’s construction philosophy and path

The Generalist recent interview with Terra CREATEWIN beginning Do Kwon people, and he had a detailed description of the history and development of Terra, which also involves a number of Do Kwon analysis of personal spiritual beliefs and values, as well as Terra variety of risks and routes exist Analysis, I believe it will be helpful for readers to have a deeper understanding of Terra ecology.

 This is the largest TAM (market size) in the encryption field. 

I consulted an expert in my early research. What people often overlook when researching Terra. This is his answer.

At the time, I didn’t fully understand his explanation, but after several hours of research, discussions with Terra leadership, and conversations with many other encryption professionals, I suddenly realized it.

Terra is raising more funds. Not only that, it also creates, continuously improves and reorganizes the infrastructure to support other projects, giving it new capabilities and uses. It is a blockchain, a bank, a payment processing institution, and a technological nation-state. Terra’s contributors are likely to compare it to Y Combinator, just as they compare it to Singapore.

However, although Terra has the potential to completely change the financial industry and mainstream cryptocurrency adoption, some people believe that it is doomed to failure and doomed to collapse.

01 The formation of Terra

No entrepreneurial success can be attributed to one person, with too many forks and turning points. However, if you have to condense Terra’s story into two characters, you can’t surpass its two founders: Do Kwon and Daniel Shin. They are the yin and yang of the Terra ecological project, the earth and the moon that belong to Terra.


Do Kwon and the pursuit of decentralization

A two-and-a-half hour drive from Seoul will arrive at Everland in South Korea. Every year, nearly 6 million people visit this most popular theme park in South Korea to explore its various amusement park areas. Everland is unlikely to be an early success site for one of the most important founders of the crypto world.

However, Do Kwon at the time must be very happy. In the years after obtaining a computer science degree at Stanford University, he not only started his career, but also gained clients from large enterprises like Everland.

For those who know him, he will not be surprised to have started running a startup at such a young age. In all respects, he is a person with a strong motivation. After graduation, he was disappointed to find that his first employer, Microsoft, lacked such  motivated  . In our conversation, he recalled that he was surprised to find that of the 40 engineers in his team, only 4 were  real work 

Bored and disturbed, Kwon decided to do something worthy of his efforts, he wanted to create it himself. So Anyfi was born.

The company’s mission is noble: “a free connected world  . For Kwon, this means that anyone in the world can access the Internet and telecommunication networks for free. Anyone is trying to achieve this goal through the  mesh network  , using the power of the crowd to start a peer-to-peer service.

By installing Anyfi’s software, users can relay bandwidth to those who cannot access it, acting as a new node in the network. For example, if you are within Wi-Fi range and set up Anyfi, your phone can extend the range of the signal and unlock access for those who are out of range. In fact, it is a truly decentralized Internet.


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This is a very novel idea, especially when Kwon founded the company in 2016. His idea aroused people’s interest and raised $1 million in funding from the Korean government, Angel Foundation and early customers. Everland is also one of them, because it hopes to provide better Wi-Fi service to a large number of tourists in the park through Anyfi.

Over time, perhaps Anyfi has achieved success with its own capabilities. But now, it is important only because of what it has precipitated. In order to build the world’s greatest mesh network service, Kwon began to learn blockchain. After all, many of the concepts applied by his startup are related to the emerging cryptocurrency industry. While researching topics such as decentralization and peer-to-peer networks, Kwon accidentally fell into the rabbit hole. Soon, he began to penetrate into the world of Bitcoin and Ethereum.

Kwon turned his attention to the blockchain. In 2017, he and his university friend Nicholas Platias began to actively research this field, watching the booming development of ICOs. Many people seem to be building applications on top of existing cryptocurrency projects such as Bitcoin, even though Bitcoin itself can hardly be used as a reliable medium of exchange. Maybe there will be such a space to create a project that operates as real money?

Kwon and Platias were inspired by the potential of the industry and realized that there was a gap, they began to write a white paper explaining some of their ideas. In this system, a stable currency can be easily held and used as an online and offline payment method. In many ways, this was a return to Satoshi Nakamoto’s ideology, but the nauseating volatility of Bitcoin at the time showed that it was far from the ideal  peer-to-peer version of digital cash 

In the process of exploring this concept, Kwon and Platias led a frugal life, eating ramen all in one meal, and renting at Airbnb in Seoul. After the house expired, the two moved to another place.

Perhaps, the  moving  experiment during this period will eventually show something tangible. It was during the meeting with Daniel Shin that the early ideas of Kwon and Platias began to become more real.

Daniel Shin’s business intuition

Although Kwon has just started his entrepreneurial journey, Shin’s entrepreneurial journey seems to be over.

In 2010, the Wharton graduate founded Ticket Monster (TMON), one of Korea’s earliest e-commerce platforms, and even defeated Coupang in the market. To finance it, Shin raised $11 million from companies such as Insight Venture Partners and Greenspring Associates.

TMON’s products were inspired by companies such as Groupon and LivingSocial, and found an instant product market suitable for South Korea. In less than a year, thanks to TMON’s popular  lightning promotion  mechanism, Shin has successfully achieved an annual revenue of US$288 million. About 18 months after the company was established, Shin sold TMON to a US company. Two years later, in 2013, LivingSocial withdrew from South Korea and TMON was acquired by Groupon again. The price disclosed at the time was US$260 million.

Shin is a young man with money and time. For several years, he has provided consulting and incubation services for Internet companies in South Korea and Southeast Asia. But it was after meeting with Kwon that he discovered the real  Second Act  .

Despite the ten-year difference, the two got along very quickly, discovered common interests, and established a harmonious relationship. Shin is very interested in Kwon’s work. Although he has not spent any meaningful time in the field of cryptocurrency, his experience in establishing TMON has allowed him to understand online payment and deal with its various problems and defects.

In Kwon’s theory of a better, decentralized monetary system, Shin not only saw an offensive idea, but also saw a solution to a practical problem. What if instead of using outdated, rent-seeking payment processors to manage transactions, online retailers use a well-designed decentralized solution?

Kwon did not really consider commercializing his early inventions. As he explained,  I didn’t really think about this project like building a company organization. The original purpose was just to write an agreement…see what happens. 

The partnership was reached and Shin began to use his contacts to carry out work. As Kwon explained in our conversation, Rolodex, the founder of TMON, allowed this fledgling blockchain project to condense a product discovery process that may take months or weeks or even years. He also brought a different way of thinking to this project. Kwon said he ” used to be a very theoretical and abstract man ” , while Shin is ” a more practical focus on digital executor ” .

Together with Platias and other early contributors, Kwon and Shin began to study their solutions more specifically and received feedback from South Korean e-commerce companies. They call it Terra.

Thanks to Shin’s popularity, the Terra team quickly attracted funding. By the end of the summer of 2018, it attracted $32 million in investment from well-known cryptocurrency exchanges, including Binance, OKEx and Huobi. Other supporters include TechCrunch founder Michael Arrington, Polychain Capital and Hashed.

In this round of financing announcement, Shin outlined a bold vision: ” to establish a platform Alipay can compete in the block chain  . The comparison with China’s super application cleverly summarizes the team’s desire to build an intuitive and widely used financial product to provide services for consumers and merchants. It also expresses the desire to build secondary applications on top of Terra’s framework.

Even at that early stage, the project successfully proved that this bold vision is not just a matter of fact. At the time of the announcement, Terra had signed 15 e-commerce companies, including Woowa Brothers, Pomelo and Tiki. These first customers have an annual operating volume of $25 billion, and Terra may also get a share of it.

Investor Baek Kim, who participated in the first round of financing through Hashed, pointed out that this appeal makes Terra particularly special, even though the financing of the project is at a time when the cryptocurrency market is stagnant.

Regardless of the timing, Terra has entered the game. With millions of funds and an impressive list of investors, it is time for this team to test their expertise. Of course, neither Kwon nor Shin can imagine the next journey.

02 UST: A ” more useful dollar 

Without a better understanding of what Terra is and how it works, we can only go so far. Yes, this is a cryptocurrency project. Yes, it improves payment methods for e-commerce companies. Yes, in a sense, it is creating  better money (currency)  .

But what does this mean? Answering this question is not easy. The complexity of Terra’s backend makes it attractive and intuitive to users. It is elegant and complicated in a certain way, but completely logical. A financial watch with hundreds of gears working together to ensure punctuality.

The meaning of stablecoins

Making money is hard enough. But creating currency from scratch is even more difficult. Terra’s entire system is built on the latter, the production of currency and the financial system surrounding it.

Now, it has been quite difficult to create a cryptocurrency to be used as a medium of exchange. Although the original premise of Bitcoin was to create a true digital currency, the volatility of the asset made it an ineffective payment method. Who wants to buy something with a currency that may appreciate 20% in 24 hours?

This kind of turbulence is common in crypto assets, which is why there are a series of projects that do not seek to increase their value but maintain their stability as much as possible. These stablecoins are not adjusted every minute, but are as close as possible to the price of the fiat currency they track. They are usually pegged to the U.S. dollar.

Stablecoins play an extremely important role in the crypto ecosystem. Not only do they open up cryptocurrency as a medium of exchange, but they also provide a place for investors to store assets during periods of volatility without turning to legal tender.

The DeFi movement is also a huge beneficiary of stablecoins. If the value does not have a certain degree of stability, then there will be much fewer people willing to use their equity in exchange for income.

Terra and Luna

In our conversation, Terra founder Do Kwon briefly described his mission: to create “the most useful dollar possible 

Terra’s attempt to do this started with a series of stablecoins linked to different fiat currencies. For example, TerraUSD (UST) tracks U.S. dollars and TerraKRW (KRT) tracks South Korean won.

Unlike Tether, USDC or Dai, UST does not use legal currency or on-chain assets as collateral. Instead, its peg is maintained by Terra’s other currency, Luna. 

Although UST should stay at the price of $1, the price of Luna varies greatly. In the past 24 hours at the time of writing, its price has risen by 5%. To be clear, Luna is not a stable coin by design. 

Luna fundamentally represents very different functions and assets in the Terra ecosystem. Specifically, it is a governance and pledge token. This means that Luna’s investors can weigh Terra’s decision. If they pledge Luna tokens, they will also receive a certain percentage of fees earned through processing activities. 

There is one last problem with Terra’s stable method. Every time Luna is burned to create an UST, a fee is charged. As Kwon said in a recent tweet, “All costs for the destruction of Luna will be paid to the Luna pledger within 2 years.” As a result, the pledger receives stable compensation for absorbing network fluctuations.

It is worth noting that this fee is paid in UST, which creates a unique relationship. According to Kwon, if Luna’s price drops, “the return on pledge will rise linearly.” 

Terraform Labs: Seeding Ecosystem

Both Kwon and Shin’s  creation  are based on the parent company Terraform Labs. It is responsible for the creation of stable currency groups such as the Terra blockchain, UST, and the payment system Chai. This entity raised venture capital funds in 2018 and is still raising funds. Earlier this year, Terraform raised $25 million from Galaxy Digital and other companies.

Terraform plays a vital role in the success of Terra products. It not only provides financing, but also actively builds the solutions it believes the ecosystem needs.

Before delving into them, it is worth noting how unusual this method is. The underlying blockchain like Terra is usually more willing to allow the ecosystem to emerge organically, rather than deliberately building one. In this regard, Terra seems to be building a product that allows it to act as its first and best customer. These strategies are reminiscent of a Web2 giant: Amazon.

As Ben Thompson clarified, many expansions of the Bezos Empire can be viewed through this perspective. Amazon uses these products on its own and may subsequently open these products to other people (users).

Terraform’s products have the same logic. Although the Terra blockchain first benefits from products built with its technology and currency, its projects will be able to adopt these  original uses  and push them further.

03Understanding Terra: YC or Singapore?

We now have a good understanding of Terra as a product and platform. We have outlined how Terra seeks to make better money and what features its innovation unlocks. 

But what should we think of what Terra is doing? What is the correct way to structure its work? Let’s synthesize our knowledge of Terra and move up one level to improve our mastery. 

Money lego

The first way to understand Terra is as a supplier of  Money Lego Bricks  . 

As Shigeo and others mentioned, Terra fundamentally creates a composable financial infrastructure. UST is the  media of exchange  block, Anchor is the  savings  block, Mirror is the  comprehensive investment  block, Prism is the  interest rate derivatives  block, and Ozone is the  insurance  block. 

Others can add their own blocks to Terra’s collection, or use existing blocks to create new things. For example, Alice used the UST and Anchor blocks out of the box and established a new bank; Angel pursued the same pairing but added new features to create charitable donations; Spar added the Mirror block to support its asset management solution. 


This shot helps us understand the way the Terra team develops basic products internally-if you don’t have at least a few different types of blocks to start with, you won’t be able to build anything. By planting these primitive elements in the ecosystem, Terra creates conditions that make it easier for others to build their own products. 

Encrypted version of YC

Another popular description of Terra is as an encrypted version of Y Combinator (YC). This well-known incubator has played a leading role in the development of the entrepreneurial ecosystem, nurturing some of the most influential companies in the past fifteen years. 

Some people think Terra can play a similar role for web3. The $150 million Ecosystem Fund is a step in this direction. As mentioned earlier, many early projects have shown promise. There is still a long way to go before Terra can reasonably claim to have achieved the equivalent on-chain functionality that YC manages for startups, but this shot captures Terra’s bottom-up spirit. 

When asked where they hope Terra will be in 1, 5 and 10 years from now, 0xwagmi said: “The most important thing is that we will see a wave of founders in the ecosystem (a bit like YC… now 100 founders support the development of YC and YC nation-states). We are just getting started. 

replubic nation

In our discussion, Do Kwon mentioned Singapore time and time again. In particular, he often mentioned Lee Kuan Yew (LKY), the founder of this city-state, and called him an  idol  . 

Kwon seems to admire LKY most for his effectiveness in setting incentives for Singapore’s prosperity. He pointed out that the city is not suitable for becoming a commercial center: it has natural enemies, a hot tropical climate and little tourist traffic. As compensation, LKY has created favorable conditions, including a strong, business-friendly rule of law, a fair bureaucracy, and a favorable tax structure. 

 One thing Singapore has done very well is to understand that Singapore is a platform,  Kwon said. ” Empire does not consider how to attract users. 

Kwon has similar views on Terra. Although Terra is keen to promote grassroots revolution, its early  policy ” is inevitably top-down. The way the project talks about its monetary mechanism, market modules, and finances is usually in the national language. In many cases, Terra appears to serve a similar purpose as the central bank, stimulating progress in the way it considers the most beneficial. 

Kwon will keenly point out that Terra has no political impetus to do so. When discussing how the government sets the savings rate, he commented: “The political interest rate setting is not only a huge mistake in the characteristics of dollar savings, but also unethical. 

In addition, Kwon recognizes the need to create ideal conditions to attract users and promote progress. 

Part of the reason is that the Terra team is committed to helping any project built on this system. Kwon recalled how he previously announced a plan that allowed anyone building on Terra to call him day or night for free advice. 

Another element is Terra’s own mission, which is to continue to rapidly improve its platform. Kwon said:  We will always be the fastest shipping person in the entire industry as a rule. 

Obviously, at least, Terra considers itself a modern  country ” This framework seems to reflect its priorities, culture and future path. 

04 Death Spiral: Risk and Regulation

Like every crypto project, it operates under the relationship of technical complexity, erratic behavior, and regulatory uncertainty. Nevertheless, even with these local risks in the industry, Terra feels like a special case, and at the same time particularly fragile and particularly robust. 

Let’s start with a negative case. 

How algorithmic stablecoins fail

In late May this year, the crypto market quickly collapsed. On the 19th of the month, Bitcoin fell by 30%, and the market also fell. In the next few days, Luna was hit, and the price fell to $4.10. This is a 75% decrease from the transaction price a week ago. 

As investors lost confidence in Luna, demand for UST also fell. This caused the price of UST to fall below its pegged $1, prompting holders to exchange their UST for Luna. By doing so, UST holders effectively cast more Luna when their demand for Luna dries up. This caused prices to fall further and exacerbated the vicious circle. Many people worry about a total collapse. 


This risk is often referred to as the  death spiral  and is a common risk of algorithmic stablecoins. In fact, some scholars believe that they are  made for defeat  of. They are not formally backed by other assets, but are implicitly guaranteed by secondary tokens. UST is not mortgaged by Luna, but there must be a feeling that the latter supports the former (and vice versa). As confidence in pseudo-reserve tokens disappears, bank runs may follow. 

According to CoinGecko’s data, UST’s lowest drop in May this year was $0.96, but other sources indicated that it fell further. In any case, UST successfully regained its anchor status, which shows that Terra’s system can withstand the test of a sharp decline. The Luna  price slide stopped and Terra’s algorithm corrected the spacecraft.

Of course, there will be further tests. For Kwon, the greatest protection of UST is the needs it establishes. Thanks to Chai, memeChat, Anchor, Mirror, and many other products that utilize it, UST has a solid and fast-growing user base. Even if Luna declines, the mature demand for UST will not disappear. 

Luke Saunders, CTO of Delphi Digital, summarized this point, ” Utilities built around UST have a huge stabilizing effect that other stablecoins lack. 

Although Kwon is dismissive of those who cause death spiral fear, he does seem to be taking steps to add more support to UST. In a recent tweet, he said that reserve assets are coming in.

In the end, many people may feel that this risk seems to have been accounted for in Terra. If it is completely safe, Luna’s value may be orders of magnitude higher. 

Regulatory crackdown

Kwon’s rude demeanor is not limited to Terra’s unbelievers. As Baek Kim pointed out,  He likes to point fingers at regulators. 

Kwon’s decision to sue the SEC in response to the paper he received at the Mainnet conference best illustrates this point. The counterattack was designed to save Kwon from complying with the entity’s subpoena. 

At least from the outside, this seems to be a true act of Kwon’s character, but it may be unwise. In our conversation, the creators of Terra were optimistic about the possibility of legal compensation.  I’m sure we may be punished… In the current regulatory environment, this may happen. 

He continued:   I’m in this army, so if I go to jail, it’s no big deal… If they send me to court, I won’t make changes to the Terra network. That would violate my code of ethics. You try to disrupt the existing system to this degree… you will face regulatory challenges. These are challenges that supporters must deal with. 

Without two clear reactions, it is difficult not to hear this position: 1) This is very bad; 2) Please have an excellent supervisory team. 

Although it is mentally contrary to Terra’s decentralization, Coinbase should be a model here. The cryptocurrency exchange has established a team of experts who can cleverly deal with its destruction, thus creating a real regulatory moat. 

In many ways, Terra should be prepared to benefit from regulatory actions. Saunders explained:   It seems that at some point, U.S. dollar-pegged centralized issuers will be subject to certain regulatory constraints, which forces them to only allow transfers in a compliant manner, and decentralized protocols will be incompatible with this approach. Compatible. However, decentralized stablecoins are more difficult for regulators to impose compliance requirements and are therefore more suitable for DeFi. 

Saunders added that whether UST can flip USDC and Tether and become the largest stablecoin depends largely on the actions taken by regulators against these centralized competitors. 

Perhaps this, together with his status as a South Korean national, is why Kwon feels that he has the right to refer this issue to the SEC. But even if Terra cannot really be censored due to its decentralization, it will definitely be disrupted. 

The most destructive way that can happen is to cut off the mainstream access channels. If users cannot buy or sell Terra, its ability to mainstream cryptocurrency may be severely hampered.

Given the team’s relationship, even in this case, Terra seems unlikely to be contained in South Korea. This provides a degree of protection even if the worst happens. 

Throughput lag

As Terra grows, it risks slowing down. Given Terra’s mainstream ambitions and existing widespread use, this may become a particular concern. With many new projects about to start, this concern may become the focus. 

Terra seems to be above this potential risk. On the one hand, Terra is built using Cosmos’ proof-of-stake mechanism (called Tendermint). This allows 10,000 transactions per second-Terra is unlikely to reach this number in the short term. Kwon previously stated that Terra currently processes up to 1,000 transactions per second. 

Second, Terra is investing real money to make improvements.   Project Dawn  announced that the team intends to spend $1 billion or more on upgrading the infrastructure through recruitment, partnerships, and other initiatives.

Limited sharing of ideas

Terra feels as if it did not attract the discussion it deserves. After all, this is the 13th largest crypto project in the world in terms of market capitalization. It surpasses Uniswap, Axie Infinity, Stellar, Aave, Filecoin, Helium, Sushi, and many other products that sound more familiar. It has a truly tangible mainstream use, a charismatic leader and a series of products. 

Why is there no more discussion about Terra in the industry? 

Part of the reason is its origin. Terra has always focused on the Asian market, which means that Westerners are not familiar with its influence. Over time, as Terra develops—one of its biggest hubs is now in Poland—this should change. 

Another reason is that Terra does not do marketing . Instead, it hopes to build a community through the value it creates. Although focusing on construction seems the right move, there are reasons to doubt whether Terra can be less dogmatic in the way it spreads the word. 

At a critical moment in our interview, 0xwagmi said:  I think we need to have more talented people in the ecosystem. 

Dave Balter made a relevant comment. He said: “There is a shortage of Rust developers, which may slow down the expansion of the ecosystem. 

Although not a panacea, publicity can successfully attract developers and other valuable contributors. Although it feels a bit exaggerated to call it  risk,  if Terra sees an opportunity to meaningfully attract outstanding talent, especially when supply is scarce, it shouldn’t shut down marketing. The compound impact will offset any expenses.  

05The encrypted version of Jobs?

We have highlighted many reasons that make Terra special and interesting. But there are other topics worth discussing to help the Terra Bull case. Perhaps the most important is Do Kwon himself. 

Do Kwon

Encryption technology tends to attract theorists. Some people who insist on decentralizing the gospel may be considered uncompromising and unthinking, unable to consider other advantages. 

Do Kwon is not one of these people. Although he has the loyalty of true believers and seems to think that most governments are fundamentally evil, he has extraordinary wisdom, composure and vision. He also seems to be an exceptionally talented leader who can inspire Terra’s contributors and articulate the project’s vision in a magnetic way. This skill is not without cost-Do Kwon seems to be a highly nervous person with strict standards, reminiscent of one of the great inventors of the past 100 years.

0xwagmi said:   Do Kwon is an absolute force of nature. I have not seen anyone like him. In many ways, I regard him as the encrypted digital figure of Steve Jobs. The team made an incredible request.  

Although too strict control certainly has many disadvantages, Kwon seems to fall on the right side of this line. He is Terra’s heartbeat, and his ferocious motives should be seen as a great addition. In addition, while he may be quite ruthless in pushing Terra forward, he has adopted a more gentle attitude towards the community, welcoming newcomers and helping them get started. 

Finally, it is worth noting that Kwon is clearly not only driven by money. In our conversation, he said,  We are not going to embark on the journey of becoming billionaires. 


More than once, sources I spoke to cited Terra’s community as one of its main advantages.

Stargazer stated that Terra has a very active community. This may be the most important thing. Compared with other ecosystems, lunatics seem to have a very cohesive culture. I think this kind of community attraction will be the key to its success.

At the beginning of this year, Terra also announced  Project Surge  , a plan to develop the ecosystem. Specifically, Surge inspires community members to spread Terra to different chains. Encourage members to join the long tail of DeFi projects and agreements, learn about them, and then propose to include Terra. Drives like this show how Terra activates its community and the meaningful work it provides.

Perhaps because of this, Terra’s community seems to have grown. Looking at the number of individual contributors and code submissions in the past year, we can see that these two indicators have increased significantly: 


Although the trend is impressive, there is still room for improvement. For example, Solana has 7.5 times the number of code submissions. 

Built for a multi-chain future

Although Terra operates its own  tier 1  infrastructure, the project can flourish even if other chains replace it. In fact, Terra is built in many ways for the existence of multiple public chains and receiving meaningful traffic in the future. 

This is because Terra’s most important product is not its core infrastructure, but its stablecoin. The adoption of UST is Terra’s top priority, and the team actively hopes to spread it to other chains.

Terra team member 0xwagmi explained: “We are the first layer that supports the native experience, and any protocol/project on any chain can use UST. In the long run, we hope that most USTs can bridge to other chains and platforms; We are leaning towards a multi-chain future in many ways. Just as the team will have Android and iOS teams, we hope that the team will build cross-platforms in the future. 

In order to promote this behavior, Terra is investing resources to build bridges between different public chains.

Perhaps compared to any other project, Terra is positioned to mainstream cryptocurrency. Its new product opens up a dizzying array of possibilities, which is an infinite and ever-expanding way to arrange the  money Lego blocks ” of the platform .

Where will this lead us? who knows. 

But the fact that many, millions of people can use Terra to maintain their financial lives is not an unimaginable fact, which shows that such a world is closer than we think. We may promptly pay our local store at UST, deposit through Anchor, and then trade on Mirror—and don’t know what makes it effective. Isn’t it nice to think so?

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