LUNA, the native token of Terra, was changing hands at $104.32, per CoinGecko data. The news, announced midday Thursday, sent the price of AVAX up from $84 to $87 per coin, a gain of about 4% as of press time. The price of AVAX, the token of the Avalanche smart contracts platform, has doubled this week, reaching a recent high of 33.7 early. We’ll see more assets, applications, and novel subnet collaborations flourish out of this new connection.” AVAX is returning more than 40 over the past 24 hours. “This is just the beginning for these two communities together.

“AVAX is an excellent reserve asset to complement bitcoin in the LFG treasury,” Ava Labs President Jon Wu told CoinDesk via Telegram. The Avalanche partnership marks the second layer 1 token LFG has added to its treasury. Last month, Terra co-founder Do Kwon pledged LFG would purchase up to $10 billion worth of bitcoin for its treasury. Because validator rewards are based on Proof of Uptime and Proof of Correctness, staking AVAX is highly incentivized, which creates a system where the circulating supply of AVAX remains relatively low even when demand for the token is high. FIREPIN Token (FRPN) will be limited to 100,000,000,000 tokens across all protocols and will be offered to users with a pre-sale of 30,000,000,000 tokens. The remaining tokens are to be generated by the minting process in the form of staking rewards. LFG has been on a crypto buying spree of late, adding over $1.6 billion of bitcoin to its treasury reserves to back Terra’s UST stablecoin. Considering that the token is overseen by Certik, which is known for providing blockchain security, it is clear that FRPN is a legitimate cryptocurrency. The Avalanche Foundation now holds $100 million worth of UST and $100 million worth of LUNA after the two deals. Previously, AVAX withdrawals from an exchange would involve sending assets to an Avalanche Wallet and then bridging the tokens a second time to access the AVAX C-Chain. Additionally, TFL, the company supporting development of the Terra blockchain, has executed a $100 million LUNA to AVAX token swap to “strategically align ecosystem incentives,” according to a Terra tweet. Binance is developing a bridge that will allow AVAX holders to deposit and withdraw their tokens directly to their Metamask or Web3 wallet.

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