Terra (LUNA), a blockchain protocol that uses fiat-pegged stablecoins to influence the price of stable global payments systems, has surged by 4.78% in the last 24 hours.
LUNA is currently the fourth largest stablecoin in the market.
It is currently trading at $82.69 with a 24-hour trading volume of $1.6 million.
Why the bullish momentum.
The current Terra (LUNA) bullish trajectory is associated with the latest news about the unveiling of the LUNA Foundation Guard (LFG), whose main objective is to sustain and support open-source technology.
From Terraform Labs, the LUNA Foundation Guard secured an initial gift allocation of 50 million LUNA tokens.
The Co-Founder and CEO of Terraform Lab, Do Kwon said:
“The LFG mandate to continuously support the peg stability of Terra’s stablecoins and ecosystem development powered by Terra’s best builders offers a new pathway for the growth and sustainability of decentralized money. A decentralized economy needs decentralized money, and LFG provides another nexus of resources to achieve that goal”.
The LFG will focus on fund allocation to the development of the Terra ecosystem and also safeguarding the UST peg in volatile market conditions and building reserves
Marketing the Terra economy
To market and boost the Terra economy LFG will fund the Defi projects that have a high demand for the Terra algorithm stablecoins as they pioneer the emerging decentralized finance solutions.
LFG will also be focusing on the sustainability and the peg stability of the Terra native stablecoin Terra USD (UST) under the international council which will be adding a new builder in the Terra Ecosystem.
Regarding this development, the founder of Chromos, Nicholas Platias said:
‘’LFG’s mission is going to reshape how the industry views algorithmic stablecoins and their long-term sustainability. The LFG offers another lever for closing the demand loop of Terra stablecoins, building a vibrant economy around their usage across Web 3 applications, and providing more robust peg defenses during volatility’’.
Terra LUNA has tirelessly worked its way through to the top ten crypto list and is currently ranked 9th according to data from Coinmarketcap.
The post Here is the reason behind the current Terra (LUNA) bullish trajectory appeared first on Coin Journal.
