- Backbone Labs and Eris Protocol have jointly announced a proposal aimed at revitalizing the Terra ecosystem and enhancing the value of $LUNA tokens.
- Their proposal entails allocating 20 million $LUNA tokens to key platforms.
In a tweet, Backbone Labs and Eris Protocol announced a proposal to revitalize the Terra ecosystem and enhance the value of $LUNA tokens. The proposal involves injecting 10 million $LUNA tokens into the network, with an equal distribution between Backbone Labs and Eris Protocol. This infusion aims to invigorate the platform and generate returns for the Terra community pool fund.
New Agora post: “Revitalizing Terra: A Backbone Labs and Eris Protocol Collaboration”.
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Preview: Introduction and Proposal
We, the combined forces of Backbone Labs and Eris Protocol, submit this propos…
— Terra Governance Alerts (@terra_agora) June 21, 2023
This proposal aims to enhance the value and utility of $LUNA tokens while revitalizing the once-dominant Terra network. Despite the recent arrest of Do Kwon, the co-founder of Terra, Backbone Labs, and Eris Protocol remain committed to advancing the platform and its ecosystem. By leveraging the strengths of Backbone Labs and Eris Protocol, this initiative aims to create a vibrant and thriving environment for Terra’s community.
Catalysts for Change: Backbone Labs and Eris Protocol’s Visionary Approach to the Future of Terra
Backbone Labs and Eris Protocol have emerged as key players in the Terra community, showcasing resilience and dedication to the platform’s growth and recovery. In the wake of Terra’s crash, both entities stepped up to support the community and embarked on a mission to revitalize the ecosystem.
Furthermore, Backbone Labs, a trailblazer in the web3 space, concentrated its efforts on delivering innovative decentralized finance solutions infused with non-fungible tokens (NFTs). They aim to address multichain collaboration and interoperability challenges, providing users with enhanced opportunities and unlocking new potentials within the Terra blockchain.
On the other hand, Eris Protocol established itself as a prominent force in liquid staking derivatives and yield optimization strategies. Their expertise and contributions became instrumental in the recovery of the Terra ecosystem, offering stability and growth avenues for the community.
Backbone Labs and Eris Protocol have played crucial roles in fostering innovation, restoring confidence, and solidifying the community’s belief in the Terra blockchain. Through their dedication and groundbreaking solutions, they have paved the way for a resilient and thriving ecosystem that continues to attract new participants and drive the advancement of the Terra blockchain.
Major $LUNA Injection: Boosting Liquidity in Gravedigger, WhiteWhale DEX, Astroport DEX, and Eris Protocol
According to their proposal, 20 million $LUNA tokens will be allocated to key platforms, including Gravedigger, WhiteWhale DEX, Astroport DEX, and Eris Protocol. Additionally, the purpose of this strategic injection will be to bolster liquidity and support the growth of the LSTs (LUNA Synthetics Tokens).
The allocation of the $LUNA tokens will be divided as follows: 5 million $LUNA will be deployed into the bLUNA-LUNA LP on WhiteWhale, and another 5 million $LUNA will be deployed into the bLUNA-LUNA LP on Astroport. Additionally, 5 million $LUNA will be allocated for the ampLUNA-LUNA LP on WhiteWhale, and the remaining 5 million $LUNA will be deployed into the ampLUNA-LUNA LP on Astroport
This strategic move aims to enhance LSTs’ liquidity and trading volume, providing users with more seamless and efficient trading experiences. The injection of $LUNA tokens into these platforms contributes to the overall stability and growth of the Terra ecosystem.
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The return of the funds is expected to occur within nine months, ensuring that the allocated resources generate desirable outcomes and fulfill the objectives set forth by the community. This milestone represents a significant step forward in the ongoing development and maturation of the Terra blockchain network.
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