Terraform Labs & LUNA Foundation buy $200 million in AVAX tokens
UST stablecoins were used to buy $100 million in AVAX by the Luna Foundation Guard. Terraform Labs exchanged an additional $100 million in LUNA for the AVAX equivalent.
UST stablecoins were used to buy $100 million in AVAX by the Luna Foundation Guard. Terraform Labs exchanged an additional $100 million in LUNA for the AVAX equivalent.
The two Terra blockchain supporters, Luna Foundation Guard (LFG) and Terraform Labs (TFL), have announced that they have collectively acquired $200 million worth of Avalanche’s AVAX tokens from the Avalanche Foundation,expanding crypto reserves beyond Bitcoin.
A spokesperson for Ava Labs says LFG purchased $100 million worth of AVAX tokens using its UST stablecoin in an over-the-counter (OTC) trade with the Avalanche Foundation.
Further, according to a Terra tweet, TFL, the company supporting development of Terra’s blockchain, has swapped $100 million in LUNA tokens for AVAX tokens in order to “strategically align ecosystem incentives.”
1/ Thrilled to reveal the blossoming collaboration between @avalancheavax and Terra will also be further solidified with a $100 million Treasury Swap between TFL and the Avalanche Foundation of $LUNA <> $AVAX to strategically align ecosystem incentives!https://t.co/z9A86CWZDs
— Terra (UST) 🌠Powered by LUNA 🌕 (@terra_money) April 7, 2022
UST and LUNA are now held by the Avalanche Foundation at $100 million each.
From the YFarmX archive · originally published on the previous site
