2 years ago
The Luna Foundation Guard (LFG) and Terraform Labs (TFL), some organizations supporting the Terra blockchain, announced they had collectively acquired $200 cardinal worthy of Avalanche’s AVAX tokens from the Avalanche Foundation.
LFG purchased $100 cardinal worthy of AVAX tokens utilizing its UST stablecoin successful an OTC commercialized with the Avalanche Foundation, according to a spokesperson from Ava Labs.
Additionally, TFL, the institution supporting improvement of the Terra blockchain, has executed a $100 cardinal LUNA to AVAX token swap to “strategically align ecosystem incentives,” according to a Terra tweet.
The Avalanche Foundation present holds $100 cardinal worthy of UST and $100 cardinal worthy of LUNA aft the 2 deals.
LFG has been connected a crypto buying spree of late, adding implicit $1.6 cardinal of bitcoin to its treasury reserves to backmost Terra’s UST stablecoin. Last month, Terra co-founder Do Kwon pledged LFG would acquisition up to $10 cardinal worthy of bitcoin for its treasury.
The Avalanche concern marks the 2nd layer-1 token LFG has added to its treasury.
“AVAX is an fantabulous reserve plus to complement Bitcoin successful the LFG treasury,” Ava Labs President Jon Wu told CoinDesk via Telegram. “This is conscionable the opening for these 2 communities together. We’ll spot much assets, applications, and caller subnet collaborations flourish retired of this caller connection.”
The news, announced midday Thursday, sent the price of AVAX up from $84 to $87 per coin, a summation of astir 4% arsenic of property time.
LUNA, the autochthonal token of Terra, was changing hands astatine $104.32, per CoinGecko data.
Terra besides announced that it would beryllium collaborating with Avalanche connected a caller gaming subnet with details to beryllium released “at a aboriginal time.”
Avalanche laminitis Emin Gün Sirer tweeted that helium was expecting much autochthonal Terra applications to grow onto Avalanche arsenic a effect of the partnership.
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Tracy Wang is simply a elder newsman astatine CoinDesk. She owns BTC, ETH, MINA, ENS, assorted stablecoins, and immoderate NFTs.
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