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Terraform Labs (TFL) and the Luna Foundation Guard (LFG) have announced that they have bought Avalanche (AVAX) tokens from the Avalanche Foundation for a total $200 million.
According to Terra's Twitter, TFL, the firm responsible for the Terra blockchain's creation, traded $100 million worth of Terra (LUNA) for AVAX in order to "strategically align ecosystem incentives."
LFG, a nonprofit corporation tasked with the responsibility of establishing reserves for Terra's algorithmic stablecoin TerraUSD (UST), utilized its own UST holdings to acquire an extra $100 million in AVAX from the Avalanche Foundation.
These purchases are intended to bolster the stability of Terra’s native stablecoin, which had a market valuation of $16.7 billion at the time of writing.
According to Do Kwon, founder of Terraform Labs, LFG chose AVAX for its UST reserves because to the blockchain’s robust growth and the steadfast allegiance of its users.
“Avalanche is still a growing ecosystem — a lot of it is fueled by loyalty to the AVAX token and users feel a lot of affinity with an asset that aligns itself with AVAX […] whereas for the average Ethereum user, aligning yourself with Ether doesn’t really mean that much.”
As Terra continues to bolster UST’s position, opponents are devising new strategies to dethrone the stablecoin. Near Protocol, a layer-1 blockchain that competes with both Ethereum and Terra, is said to be producing a stablecoin called USN that will also include a decentralized finance (DeFi) protocol capable of paying users a 20% annual percentage yield (APY) on their USN deposits.
This is analogous to the Anchor protocol in the Terra ecosystem, which presently pays customers a 19.49 percent annual percentage yield on UST deposits.
Zoran Kole, founder of the Crypto Insiders Telegram channel, contended in a Substack article that Near Protocol was superior to both Ethereum and Terra, citing statistics from Electric Capital demonstrating Near Protocol’s significant progress in terms of development.
Kole concluded that Near Protocol’s network expansion, in conjunction with its soon-to-be-released USN stablecoin and following DeFi protocols, might potentially allow its $11.7 billion market cap to catch up to and then overtake Terra’s $37.2 billion market cap.
“This will lead to a comparison of Near to Terra ($LUNA) as the narrative for attractive stablecoin yields proliferates.”