THELOGICALINDIAN - Luna Foundation Guard is a nonprofit alignment accustomed to abutment opensource technology and the Terra ecosystem
Terraform Labs, the aggregation abaft the Terra blockchain, has appear today the accumulation of the Luna Foundation Guard—a non-profit created to advance the advance of the Terra ecosystem.
Terraform Labs Establishes New Ecosystem Organization
The aggregation abaft Terra has launched a non-profit organiztion.
Terraform Labs has appear the accumulation of “LFG,” contrarily accepted as the Luna Foundation Guard—a non-profit alignment accustomed to abutment the Terra ecosystem and aegis the adherence and acceptance of its flagship stablecoin, TerraUSD.
Terraform Labs is the founding aggregation abaft Terra, the second-largest acute arrangement blockchain by absolute amount bound abaft Ethereum. The aggregation is bootstrapping the LFG with a donation of 50 actor LUNA tokens account over $4 billion at accepted prices.
Commenting on the accumulation of the LFG, Terraform Labs co-founder and CEO Do Kwon said in a columnist release:
“The LFG authorization to continuously abutment the peg adherence of Terra’s stablecoins and ecosystem development powered by Terra’s best builders offers a new alleyway for the advance and sustainability of decentralized money. A decentralized abridgement needs decentralized money, and LFG provides addition antecedent of assets to accomplish that goal.”
Terra’s flagship artefact is the algorithmically-governed, seigniorage-style stablecoin TerraUSD. With a accumulation of almost 10.8 billion coins, TerraUSD is the fourth-largest stablecoin and the better decentralized stablecoin by bazaar assets in the industry. It’s broadly acclimated for decentralized accounts activities like lending and borrowing.
While the amount of anniversary bread is called to $1, TerraUSD is not backed or collateralized by any acceptable or crypto assets. Its amount adherence is maintained algorithmically in antithesis with Terra’s built-in asset, LUNA. Terraform Labs has created and adjourned the LFG to ensure the abiding sustainability of TerraUSD’s appraisement mechanism.
According to Chronos Finance architect Nicholas Platias, LFG will action “another batten for closing the appeal bend of Terra stablecoins,” and appropriately accommodate a added able-bodied peg aegis during bazaar volatility.
The LFG will additionally armamentarium projects advancing decentralized accounts and open-source blockchain technology through grants. According to Do Kwon, the LFG will serve as a “counterweight” to Terraform Labs’ accord in the Terra ecosystem and advice decentralize the network.
Terra saw accelerated advance in 2021 with LUNA outperforming about every added above Layer 1 coin. However, Terraform Labs has endured blackballed absorption amidst the rise. In September, the SEC served Kwon two subpoenas at Messari’s Mainnet conference. The U.S. regulator’s accomplishments anxious Mirror Protocol, a Terraform Labs artefact that lets users excellent constructed versions of stocks like Apple and Google. The SEC claimed that such bolt could technically be classified as securities. In response, Kwon filed a accusation arduous the two subpoenas on the area that they were “improperly issued” and the accessible attributes of the investigation. The case is ongoing.
Disclosure: At the time of writing, the columnist of this affection endemic ETH, UST, and several added cryptocurrencies.
