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. This new nonprofit will focus on several pillars which they believe are essential to advancing the ecosystem.
Do Kwon is the founder and chief executive officer of Terraform Labs. He also posted a tweet about recent developments in LFG.
1/
1 out of 3 💎 https://t.co/PcxKtGhpeT is born:
– a non-profit foundation
– governed by top builders in @terra_moneyeco
– dedicated to $USTStability 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. The token has seen a steady increase in adoption as it approaches $11B. It is widely considered to be one of most mainstream and decentralized stablecoin options available.
Do Kwon (as well as founding member Nicholas Platias, and other members of the governing board) will take charge of the Luna Foundation Guard. Starting at the end the month, the team will distribute foundation grants to Blockchain projects within the Terra ecosystem. These include open-source research, education and development.
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Luna, the tradeable token which arguably acts as the "backbone" of Terra's ecosystem has done exceptionally well in the last year.Source: LUNAUSD at TradingView.com | Source: LUNA-USD on TradingView.com
One Of Three… What’s To Come?
The announcement will be the first in a series of three. This was the teaser image from the cover photo. 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.
The speculation aside, Terraform Labs’ blockchain is still shining. It recently became the first stablecoin decentralized to reach a $10B market capital and launched an 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.
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Featured image from medium.com/terra-money, Charts from TradingView.com This content was not written by or associated with the mentioned parties. This article is not meant to provide financial advice.