Avalanche releases a "transparency report" after massive community inquiry
One of the fastest smart contracts platforms in the blockchain industry, Avalanche, has released a "transparency report" on its Twitter account.
LFG has disclosed no plans
The entity behind the reserve fund to support the Terra blockchain's now-failed UST stablecoin, Luna Foundation Guard (LFG), has "disclosed no plans" for the 2 million AVAX tokens now in its treasury, according to Avalanche.According to the tweet, "Given the proposed Terra chain fork, LFG has disclosed no plans to use the AVAX." Avalanche Foundation added that in case LFG conducts any sale, it is ready to collaborate on a sound trading strategy.
AVAX is currently down by around 60%, while LUNA fell by 100%. The market value of the AVAX stockpile is around $60 million, with the token's price fluctuating at $30 per token. It is currently the second-largest holding in LFG's diminishing $240 million treasury.
The statement comes as companies with major relationships to the Terra ecosystem face community demands transparency after the last week's unfortunate market events. According to Avalanche, the update comes as some members of its community have "inquired about details around the $AVAX reserves." Crypto investors are speculating on the plans for the AVAX tokens and the potential market impact of any sales.
Terra and Avalanche have strong ties
In April, both Terra blockchain backers, the LFG and Terraform Labs revealed that they had collectively purchased $200 million worth of AVAX from the Avalanche Foundation. Terraform Labs and LFG gave $100 million in LUNA and $100 million in UST to the Avalanche Foundation, respectively.Notably, LFG wanted to diversify the reserve of its failed stablecoin, UST, so it invested $100 million in AVAX, making it the first major cryptocurrency other than Bitcoin to be added to the UST reserve.
At the time, LFG teamed with Avalanche to create a new game subnet that would bring the two ecosystems together.
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