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, , 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 💎 is born:
– a non-profit foundation
– governed by top builders in eco
– dedicated to stability and adoption
– decentralizing core teams behind— Do Kwon 🌕 (@stablekwon)
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:
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.