• Advertise
  • Submit a Press Release
  • About Us
NewsBTC

Bitcoin & cryptocurrency news

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF

Terra (LUNA) Holders Approve New Sports Sponsorship Deal

Taylor Scott by Taylor Scott
2 years ago
in Cryptocurrency Market News
Reading Time: 3 mins read

It’s not often that we see a DAO vote on a multi-year, $40M protocol spend on a sports sponsorship. Terra holders have been voting on just that this week, however, in what’s seemingly a first-of-its-kind event.

Terraform Labs founder Do Kwon presented a new proposal to the Terra community this week, allowing LUNA holders to vote on a new five-year, $38.5M sponsorship with an unnamed team across one of the ‘big four’ sports leagues in the U.S. (MLB, NBA, NFL, NHL). It is seemingly the first time in sports sponsorship history that a DAO (or similarly structured organization) has had a collective vote to engage in a sponsorship.

The proposal is the second of three major announcements that have fallen under the latest campaign for Terra, referred to as “[REDACTED].”

Terra & It’s Three Serialized Announcements… What We Know

The first piece of the three-part announcement came just a couple weeks ago, with Terra’s ‘Luna Foundation Guard,’ or LFG, announcement.

The proposed funding is from the community pool, and the proposal itself pillars it’s pitch on a few major pieces: the first being the narrative, the idea that the leading decentralized stablecoin machine securing a sponsorship of this pedigree is emblematic of a broader “DeFi to the masses” movement. The second being the idea that being bold is essentially for growth. And the final justification is arguably best stated in the proposal itself: “inspiring the creativity of DAO governance to realize its full potential.”

A club in the NBA is the likeliest target, with the MLB and NHL certainly being possibilities, and the NFL being a non-zero, but slim chance of featuring the team that this deal is with.

Related Reading | McDonald’s Marks Local Bitcoin Bottom With Crypto Tweet

Luna is the mechanic behind the UST stablecoin, and now looks to chew a big piece of exposure with the latest sports sponsorship deal. | Source: LUNA-USD on TradingView.com

Decentralization Discussion

The proposal has led to a heightened debate about the degree of centralization between the Terra network and the Terraform Labs team. The Terraform Labs wallet holds a substantial amount of LUNA, however Do Kwon and the TFL team has been doxxed, giving the community strong reason to believe that Kwon’s eventuality of full decentralization is a vision well on it’s way.

Kwon has mentioned a ‘killswitch,’ commonly known as ‘Armageddon,’ that can send the Terra ecosystem into a fully-decentralized mode with no attachment from Terraform Labs required. It’s generally believed that these remaining funds in the aforementioned TFL wallet will be burned once that mode is in place. While today’s state of Terra might not be “as decentralized” as other players in the space, it’s clearly on it’s way – and it will be interesting to see how moves like this one impact this decentralization in the long run.

Related Reading | Dave Portnoy Is Now A Bitcoiner, Thinks You’re An Idiot If You Don’t Hold Any

Featured image from terra.money, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
Tweet123Share196ShareSend
Taylor Scott

Taylor Scott

Taylor specializes in crypto activity across sports and entertainment. With nearly a decade of engagement with cryptocurrency, Taylor has spent several years working in talent representation with musicians, comedians, and speakers, and achieved a Sports Business MBA in 2020.

Related Posts

Dogecoin jump Small

Crypto Analyst Predicts Dogecoin Price Pump Of Epic Proportions To $0.7, Here’s When

9 mins ago
Best Online Casinos Australia – Top 7 Real Money games sites

Best Online Casinos Australia – Top 7 Real Money games sites

54 mins ago
Bitcoin whales Small

Bitcoin Bull Rally Is Far From Over According To These Large Whales

3 hours ago
XRP

XRP Greed Index Soars, Backed By Robust $1.3 Billion Volume – Good For Price?

5 hours ago
Spot Ethereum ETF timeline

Bloomberg Experts Forecast Timeline For Spot Ethereum ETF Approval

7 hours ago
Bitcoin

Bitcoin Bulldozes Past $44,000 – Is $45K Next This Week?

8 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit
Inmerion

Inmerion

Review · Visit

Press Releases

  • Bitcoin Blasts Towards $50K as This New Presale Eyes $500K

    2 hours ago
  • Market Buzz: Could This Newcomer Surpass Dogecoin and PEPE...

    3 hours ago
  • VC Spectra’s Stage 5 Launch Rockets Past...

    9 hours ago
  • Beyond Ethereum (ETH): Crypto Enthusiasts Whisper About the...

    1 day ago
  • Three Reasons to Get Positioned in Charitable Passive...

    1 day ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best Crypto Casino

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.