$AVAX $350M→$5.25B
What's going on? Ava Labs seeking to raise $350M. The announcement still hasn't been made public by the company.
What does this mean? Avalanche has the potential to become one of the highly valuated projects in the crypto industry if the round is successful.
Avalanche has been making noise since the past month and introduced a $290M fund for Avalanche's subnets.
What's Avalanche? Avalanche is a Layer-1 EVM-Compatible blockchain looking to solve scalability and composability issues in DeFi.
His main feature? Subnets. Subnets are subnetworks underlying the Avalanche mainnet with a dynamic set of validators working together to achieve consensus within the own subnet.
Source:
Ava Labs Raises $350M to Build Out Avalanche at $5.25B Valuation: Report
Avalanche developer raising $350 million at $5.25 billion valuation: report
The 1INCH Fantom
What's going on? The DEX 1INCH is expanding to Fantom.
Why? This will let 1INCH traders reach better execution through Fantom cheap fees across Curve, Saddle, SushiSwap, and other liquidity avenues compatible with Fantom.
This, after a recent expansion to Polygon during May.
Source:
Still Not Christmas, Santa: $880 more for LFG
Terraform Labs, the company behind Terra's treasury gifted another $880M in $LUNA to the Luna Foundation Guard (LFG), a non-profit organization in charge of maintaining the $UST peg.
This, to increase the LFG reserves to maintain $UST peg.
How? $UST peg works by the dual coin system. This is where a secondary coin, $LUNA absorb the market volatility and helps $UST to maintain its $1USD value.
$UST isn't backed by $LUNA. $LUNA is only used to control supply and affect the demand of $UST.