Terra buys $200M in AVAX for reserves as rival stablecoins emerge
The two main organizations behind the development of the Terra blockchain have purchased a combined $200M in AVAX while Near Protocol is rumored to release a new stablecoin. Terraform Labs (TFL) and the Luna Foundation Guard (LFG) have announced they have purchased a combined $200 million worth of AVAX tokens from the Avalanche Foundation. TFL, the company responsible for the development of the Terra blockchain, swapped $100 million worth of Terra’s native token, LUNA for AVAX tokens, in order to “strategically align ecosystem incentives”, according to Terra’s twitter. LFG, a non-profit....
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NEAR rallied by over 25% on Friday, as speculation grew that Near Protocol was set to create a rival stablecoin to Terra’s UST. LUNA fell on the news, as Terra labs plans to purchase around $100 million worth of AVAX, in order to strengthen its own reserves.
Near Protocol (NEAR)
NEAR was the biggest gainer during today’s session, climbing by over 25%, as traders reacted to two recent fundamental developments.
The price surge began yesterday, after it was announced that NEAR had raised $350M in funding from the likes of Tiger Global and FTX Ventures.....
Terra co-founder Do Kwon reveals that the firm will be buying Bitcoin "in perpetuity" to back new mints of its UST stablecoin. Bitcoin (BTC) is the collateral asset of choice for the world's biggest decentralized stablecoin, and one of its top executives says there was no other.Speaking to Bloomberg on April 4, Do Kwon, co-founder of Blockchain protocol Terra, pledged to continue buying BTC to back the firm's stablecoin, TerraUSD (UST).Kwon: BTC buys will continue "in perpetuity"Terra has made waves inside and outside the crypto community in recent weeks thanks to its massive Bitcoin....
Terra has been making waves in the stablecoin and staking space for its features and returns. However, with the success of the network, there have been other blockchains that have sprung up with similar offerings to try to get a piece of the pie from Terra. This has led the network to take steps to […]
The Bitcoin wallet belonging to Terra amassed a further $139 million in Bitcoin, bringing its total coffers up to 31,000 BTC or $1.47 billion. Watch out Michael Saylor! Do Kwon, CEO of Terraform Labs, is hot on the heels of MicroStrategy’s CEO. The Terra wallet has now amassed almost $1.5 billion in Bitcoin (BTC) following another huge BTC purchase. The wallet address thought to belong to Terra (while not officially confirmed) received another 2,943.00002511 BTC ($139 million) on Wednesday. Wallet alert accounts on Twitter have been tracking the wallet.The wallet began amassing colossal....
Luna Foundation Guard is emptying its crypto reserves to bring its stablecoin back to its $1-peg, risking a massive AVAX selloff. Avalanche (AVAX) is paying the price for being one of the collateral assets that maintain Terra's native stablecoin TerraUSD's (UST) peg with the U.S. dollar.Major AVAX dump ahead?AVAX's price dropped about 30% to reach $32.50 on May 11, its lowest level since September 2021. Its massive intraday decline coincided with UST dropping to as low as 23 cents, which effectively dented its stablecoin status among traders and investors alike.The de-peg incident....