Singaporebased luna foundation terrastablecoin 100m

Terra will be launching native versions on Avalanche as part of the ongoing collaboration. The first example is Anchor Protocol, Terra’s flagship money market and savings protocol with more than $19.4 billion in TVL, which recently launched xAnchor – a cross-chain implementation of Anchor on other major layer ones, beginning with the Avalanche version that is already live.

Further details of AVAX’s inclusion in the UST Reserve, such as the precise mechanism of the UST Reserve functions, plans for provisioning more AVAX to the UST Reserve, and the UI flow for Avalanche users, will be released at a later date.

About the LFG The Luna Foundation Guard (“LFG”) is a non-profit organization dedicated to creating and providing greater economic sovereignty, security, and sustainability of open-source software and applications that help build and promote a truly decentralized economy.

In fact, Avalanche achieves finality by having three interconnected blockchains instead of the usual one, making the network one of the most, if not, the most reliable and secure blockchain platform available today.

Terra also uses a new consensus algorithm called “Tendermint” that is claimed to be more energy efficient than Ethereum’s.

In an interview with Bloomberg News, the founder of Terraform Labs (LUNA), Do Kwon, who last month said TerraUSD would be backed by at least $10 billion worth of Bitcoin (BTC), explained that the foundation chose Avalanche over smart contracts network Ethereum due to the former’s impressive growth and vast fan base.

“Avalanche is still a growing ecosystem…a lot of it is fueled by loyalty to the AVAX token and users feel a lot of affinity with an asset that aligns itself with AVAX,” Kwon said.

The Luna Foundation Guard (LFG), a Singapore-based nonprofit building reserves for the stablecoin Terra (UST), announced Thursday that it will buy $100 million worth of AVAX tokens from the Avalanche foundation to augment its reserves.

LFG had bought$231 millionin bitcoin the day prior to also boost its UST reserves, but this appears to be the first time LFG is buying into another cryptocurrency. With the AVAX market share significantly smaller than bitcoin’s, LFG is now a significant market buyer of AVAX.

“Welcoming $AVAX as the second major layer one crypto asset next to $BTC as part of the $UST Reserve,” LFG wrote on Twitter.

Additionally, the inclusion of Avalanche in the foundation’s UST reserve is a vote of confidence in the project and its long-term prospects. The move also marks the beginning of a diverse pool of Layer-1 (L1) digital assets supporting the UST peg.

Both Avalanche and Terra are L1 blockchains that aim to provide high scalability and security.

They are similar to Ethereum (ETH) in many ways, but also have some unique features. For example, Avalanche uses a new consensus algorithm called “Snowman” that is supposedly more secure and scalable than Ethereum’s soon to be phased out Proof of Work algorithm.

According to Caras, there hasn’t been a meeting with the advisers since May 7, when UST began depegging from its (what was supposed to be) stablecoin value, Caras said.

LUNA has fallen over 99% from its peak to $0.0001398, or less than one-hundredth of a cent, while UST fell 92.1% to $0.079 from its $1 peg, according to CoinMarketCap data on Friday. UST’s market capitalization collapsed from all-time highs nearing $19 billion to less than $1 billion.

“There were a lot of brainstorming and conversations [that day], but since then there hasn’t been much of a conversation, or at least one that I’ve been invited to,” Caras said.

The relationship of the advisers at LFG was more a role of being “thought leaders” than operators for UST, Caras noted.

Avalanche (AVAX) tokens. Earlier in the year, the Terraform Labs CEO, Do Kwon, announced that it is planning to build a reserve …Digital Assets: LFG to Acquire $100M in AVAX Tokens to “Strategically” Align Terra, Avalanche Ecosystems – CrowdFundInsider

The Luna Foundation Guard (LFG), a recently formed non-profit to support decentralization, economic sovereignty, and foster the growth of the Terra ecosystem, “will add AVAX to its new UST Decentralized Forex Reserve.” By diversifying the base of non-correlated assets “to major assets like BTC and.

Terra (LUNA) Acquiring $100,000,000 of Top Ethereum Competitor After Selecting Bitcoin As Primary Reserve Asset – The Daily Hodl

Public blockchain Terra (LUNA) is buying $100 million worth of Avalanche (AVAX) tokens to boost its Terra USD (UST) stablecoin reserves.

Through community stewardship, fostering innovation, and supporting the research and development of various aspects enveloping open-source software and applications, LFG serves as a vital nexus of resources and guidance for an emerging DeFi technology stack.

About Avalanche Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low cost, and green. Any smart contract-enabled application can outperform its competition by deploying on Avalanche.
Don’t believe it? Try Avalanche today.

SINGAPORE (PRWEB)April 07, 2022

LFG has announced a deal with the Avalanche Foundation to acquire $100 million of the Avalanche network’s native AVAX token to help bolster its UST Decentralized Forex Reserve and strategically align the two ecosystems. The move comes after the original $1 billion private token sale by LFG to bootstrap its UST Reserve with BTC – a separate transaction announced last month.

The LFG and the Avalanche Foundation agreement is for an OTC token purchase of $100 million in AVAX, which will add AVAX as the second non-correlated asset in the UST Reserve after BTC.
The Avalanche Foundation will receive UST in return.

“The premise of the UST Reserve is to provide a backstop against UST peg deviations in instances of sharp contractions of UST demand exogenous to Terra’s algorithmic model,” says Nick Platias, a Governing Council Member of LFG.

Whereas for the average Ethereum user, aligning yourself with Ether doesn’t really mean that much.”

Kwon also said that while Bitcoin will remain the “main backing” of UST stablecoin, the deal with Avalanche “buys a lot of user familiarity” for UST and Terra from Avalanche.

Price Action

AVAX was last changing hands at $87.83, up 3.93% in the last 24 hours. The native token of the Avalanche blockchain has a total market capitalization of $23.5 billion.

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The post Terra Expands Stablecoin Reserves to Include Avalanche appeared first on BeInCrypto.Luna Foundation to Add $100 Million in AVAX to the UST Decentralized Forex Reserve – Bitcoin

Following the Luna Foundation Guard’s (LFG) purchase of 5,040 bitcoin on Wednesday, the following day the Singapore-based non-profit announced it will be acquiring $100 million avalanche (AVAX) tokens. LFG detailed on Thursday that the purchase is meant to strategically align the Terra network with Avalanche ecosystems.
LFG to Add $100 Million in Avalanche Backing to

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Crypto Insiders founder Zoran Kole revealed the possible launch of a Near Protocol native stablecoin.

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