As the Curve wars heat up Terra is pulling out the big guns
Terra, who firmly grabbed the attention of the cryptocurrency and DeFi world by committing to buy $10 billion in bitcoin to build a reserve for its native UST stablecoin is now diversifying that strategy. In an announcement on April 7, the Luna Foundation Guard said they will acquire Avalanche tokens worth US$100 million from the Avalanche Foundation to boost the stablecoin reserve.
Summary
- Luna Foundation Guard, a Singapore-based nonprofit organization built to support Terra, will acquire Avalanche tokens worth US$100 million from the Avalanche Foundation.
- TVL in Terra has increased to over $32 billion putting Terra in second place overall
- Avalanche users can now trade UST for Avalanche tokens directly on the Avalanche blockchain
- At writing, no significant price movements for either AVAX or LUNA
The native token of the Avalanche blockchain has a total market cap of $22.1 billion at writing. This purchase will…
