Terra buys $200M in AVAX for reserves as rival stablecoins emerge
Cointelegraph
Published Apr 08, 2022 12:36AM ET
Updated Apr 08, 2022 02:20AM ET
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.
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Written By: Cointelegraph
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