The Avalanche team announced via Twitter on Thursday that Luna Foundation Guard (LFG) purchased 1.97M AVAX to be used for the Terra reserve pool. The acquisition represents around 0.9% of the past week’s AVAX volume. The Avalanche team added that due to the proposed Terra chain fork, LFG has disclosed no plans to use the AVAX.
Avalanche is an open-source platform for launching Decentralized Finance (DeFi) applications and enterprise blockchain deployments in an interoperable, highly scalable ecosystem.AVAX is up by more than 2% so far today and currently trades at $29.76 per coin.