Luna Foundation Guard Has Not Revealed Any Plans For AVAX Tokens
On Twitter, Avalanche reported that the Luna Foundation Guard (LFG), the organization behind the UST stablecoin reserve fund, has not disclosed any plans for the AVAX tokens that it holds in its treasury. LFG holds about 2 mln AVAX tokens in its treasury. Avalanche said it was posting the update because members of the Avalanche community were asking about the AVAX tokens held by LFG.
AVAX tokens are currently trading at around $30, making the value of LFG's AVAX tokens equivalent to approximately $60 mln and it is the second largest holding in the foundation's treasury. Avalanche also revealed that blockchain developer Terra Terraform Labs (TFL) owns 1.1 mln AVAX tokens. Tokens held by TFL are subject to lockup within one year. The tokens held by LFG and TFL account for 0.5% and 0.9% of AVAX's weekly volume.
In April, reports first emerged that the LFG and TFL had acquired $200 mln worth of AVAX from the Avalanche Foundation. Avalanche received $100 mln worth of LUNA tokens from TFL and another $100 mln worth of UST stablecoin from LFG in exchange for the purchase.
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