Terra Announces Non-Profit ‘Luna Foundation Guard’
January 21 2022 - 2:42AM
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Terra Luna’s ‘lunatics’ have had their sights set on a multi-part
announcement that is set to unveil, and this week the first piece
of the puzzle has come to life. This week, Terra announced the
formation of a new non-profit organization, the Luna Foundation
Guard (LFG), that is “dedicated to supporting the advancement of
open-source technology, facilitating the growth of the Terra
ecosystem, and improving the sustainability and stability of
Terra’s algorithmic stablecoins.” Terra Says “LFG” Terra has
launched a dedicated landing page, lfg.org, outlining the team,
mission, and funding & grants around LFG. The new non-profit
will emphasize a number of major pillars that they see as core in
advancing the ecosystem. Founder and CEO of Terraform Labs, Do
Kwon, also released a recent tweet thread highlighting the major
pillars behind LFG: 1/ 1 out of 3 💎 https://t.co/PcxKtGhpeT is
born: – a non-profit foundation – governed by top builders in
@terra_money eco– dedicated to $UST stability and adoption–
decentralizing core teams behind @terra_money
https://t.co/p6PkN4cWE0 — Do Kwon 🌕 (@stablekwon) January 20, 2022
In all, the Foundation will serve as a mechanism to continue
driving engagement and adoption of Terraform Lab’s growing
stablecoin, UST. Adoption of UST has continued to grow as the
token, seen broadly as one of the most decentralized yet mainstream
stablecoin options currently available, approaches an $11B market
cap. The aforementioned Do Kwon will lead the charge for the Luna
Foundation Guard, alongside founding member Nicholas Platias and
several governing council members. The team will deploy foundation
grants, starting at the end of the month, to blockchain projects in
the ecosystem that address open-source development, research and
education, and community growth within the Terra network. Related
Reading | TA: Bitcoin Dives Below $40K, Why Bulls Could Struggle In
Near Term Luna, the tradable token that arguably serves as the
'backbone' of the Terra ecosystem, has performed exceptionally well
over the past year. | Source: LUNA-USD on TradingView.com One Of
Three… What’s To Come? As mentioned previously, this announcement
is slated to be the first of three, from what started as a teaser
image of the cover photo used here. That photo led many ‘lunatics’
to speculate on what could be coming – the two intersecting circles
led many to believe that an incoming MasterCard partnership could
be coming, and many Terra fanatics believed that some sort of
Bitcoin-related support could be brought to life as well.
Speculation aside, the Terraform Labs-created blockchain continues
to shine, recently becoming the first decentralized stablecoin to
achieve a $10B market cap as well as launching a new automated
market maker (AMM), Astroport. For now, the LFG webpage still has a
“{redacted}” section, so don’t be surprised if the coming two
announcements, which could likely be unveiled over the weeks to
come, are extensions or supplementary pieces of the non-profit.
Related Reading | TA: Ethereum Nosedives, Indicators Show Signs Of
Larger Downtrend Featured image from medium.com/terra-money, Charts
from TradingView.com The writer of this content is not associated
or affiliated with any of the parties mentioned in this article.
This is not financial advice.
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