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Terra enters strategic alliance with “Turkish” crypto project Avalanche (AVAX)

 


Terraform Labs (TFL) and Luna Foundation Guard (LFG) have jointly invested $200 million in altcoin Avalanche ( AVAX ), the crypto project of Turkish computer science professor Emin Gün Sirer.


Accordingly, TFL, which is primarily driving the development of the Terra blockchain, has converted $100 million of its proprietary cryptocurrency Terra ( LUNA ) into AVAX in order to "strategically align the incentive systems of the two ecosystems".


LFG, which is responsible for building the reserves of related stablecoin TerraUSD (UST), has also converted $100 million in UST into AVAX to bring the total to $200 million.


Such investments are intended to increase the value of the Terra stablecoin by securing it with other cryptocurrencies. The crypto project had already caused a stir with massive purchases of Bitcoin ( BTC ), which are also intended to serve this purpose .


Do Kwon, the founder of Terraform Labs, explains to Bloomberg why Turkey's blockchain project AVAX has now been chosen as the next investment target. Above all, Kwon praised the strong growth of the blockchain network and the high level of loyalty among its users.


“Avalanche is still growing, but thanks to the high level of user loyalty towards the proprietary cryptocurrency AVAX, they also feel connected to other crypto projects that are partnering with AVAX. In contrast, the average Ethereum user does not necessarily feel connected to a project that allies with Ether.”

Originally from Turkey, IT professor Emin Gün Sirer is the mastermind behind Avalanche. Sirer not only stirs up the crypto industry with sharp formulations , but has also set a real milestone for the crypto industry with his own work .


Sirer considers “ 95% of all altcoins to be rip-offs ” that bring no real innovation to the crypto industry, just looking for a quick buck. In order not to have to make this accusation himself, the Avalanche boss relies on an alternative consensus process that is intended to make his blockchain far more efficient and faster than all other networks.

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