Binance Integrates LUNA As Terra Announces The LFG

Terra’s growth has been strikingly extraordinary considering the network’s performance as well as the price performance of LUNA. But Luna does not seem to want to stop just here as its latest plans of ‘LFG’ seem to be hinting towards something bigger.

LUNA On Binance

In an announcement today, Binance completed LUNA’s integration into the exchange and activated deposits for the altcoin.

Although withdrawal for the asset is yet to be activated sometime in the future, at the moment investors can deposit their LUNA and begin trading at once.

Considering how rapid Terra’s growth has been over the last few months this announcement only adds more fuel to the fire.

The network on the DeFi front destroyed records with its fleeting advancement as Terra beat all other top DeFi chains to place itself on the mantle of the second biggest DeFi chain by TVL (Total value locked), holding $18.6 billion.

Despite having merely 17 active protocols Terra managed to surpass even the Binance Smart Chain (BSC) which hosts more than 291 protocols on the chain. The exclusivity of dApps on Terra has a lot to do with the network making headway.

But There is a Catch…

Terra isn’t willing to stop just now and seems to be pretty confident in their plan considering the announcement of the Luna Foundation Guard (LFG).

As described by 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)

Their initial target is, to begin with spreading awareness of blockchain technology and to eventually build out educational programs relevant to it.

This will be followed by allocating grants for product development as well as providing transparency about the ongoing activities to the community.

Furthermore, the LFG aims to prioritize DeFi projects, particularly those which focus on the peg stability and sustainability of TerraUSD, the network’s stablecoin.

Terra also stated that the LFG will be governed independently by an international Council of leaders and experts. This will in due course include more members of the Terra ecosystem.

Effects On LUNA?

No immediate effect can be observed on the altcoin since it is following its bullish pattern of persistent rallies. This has allowed the altcoin to rise by over 229% in 4 months, with indications of a continued rally going forward.