Terra announces Luna Foundation Guard; Binance integrates LUNA

Namrata Shukla
Source: Coinpedia

The cryptocurrency market has been seeing an extended phase of consolidating prices, however, Terra’s LUNA remained out of the bear’s reach. The digital asset was among the few digital assets noting the price appreciate even as Bitcoin and other major crypto assets tumble. As per data, LUNA was trading 4% higher in 24 hours and was exchanging hands at $83.15.

One of the reasons the value of LUNA was trending upwards could be the formation of the Luna Foundation Guard [LFG] to the launch of RoboHero, a metaverse game for smartphones based on the LUNA token.

As per Terra,

“LFG is a non-profit organization mandated to build reserves supporting the $UST peg amid volatile market conditions and allocate resources supporting the growth and development of the Terra ecosystem.” (sic)

The foundation aimed to begin with spreading awareness of blockchain technology as its initial goal and eventually build out educational programs relevant to it. The foundation will also be allocating grants for product development as well as providing transparency about the ongoing activities to the community.

Apart from this, the foundation will make decentralized finance [DeFi] projects a priority, mainly the ones that focused on the peg stability and sustainability of TerraUSD, the network’s stablecoin.

In order to keep things decentralized, the foundation will be governed independently by an international council of leaders and experts.

LUNA’s stream of good news doesn’t just stop here. Binance also announced completing LUNA’s integration into the exchange and activating deposits. This enables users to use one of the largest exchanges to trade LUNA. Meanwhile, the competition was heating up on the DeFi corner as Terra registered the second-highest total value locked of $18.6 billion recently.

With the ecosystem filled with positivity, Terra [LUNA] could be waiting to absorb the market reaction which could result in a short-term rally.