The organization behind the Terra blockchain announced it had “donated” ten million LUNAs to the Luna Foundation Guard organization to carry on setting up a reserve fund for the UST stablecoin.
On the afternoon of April 14, Terraform Labs, the organization that builds and operates the Terra (LUNA) blockchain, mentioned it had sent ten million LUNAs to the Luna Foundation Guard (LFG), which is acquiring Bitcoin (BTC) as an asset reserve. for UST stablecoins.
TFL donated a different ten million $ LUNA good the @LFG_org. https://t.co/tNirkgGGm0
– Terra (UST) Powered by LUNA (@terra_revenue) April 14, 2022
The new revenue will most probable carry on to be made use of by the Luna Foundation Guard to more broaden the pool of assets made use of to assistance the UST stablecoin. As of April 14, Luna Foundation Guard holds in excess of $ two.four billion in cryptocurrencies, together with BTC, LUNA, USDC and USDT.
The @LFG_org now cease the $ US peg with $ two,482,379,633 USD.
Broken down:
BTC 42.41K (one.74B USD)
MOON two.25M (192.96M USD)
USDC 398.66 million ($ 398.58 million)
USDT 151.28M (USD 151.33M)– Reserve_LFG (@Reserva_LFG) April 14, 2022
Meanwhile, the capitalization of the UST stablecoin exceeds $ 17 billion.
Luna Foundation Guard and Terraform Labs also not too long ago purchased $ 200 million in Avalanche’s AVAX token to diversify the reserve fund, but this coin was not integrated in the organization’s statistics.
This is not the 1st time Terraform Labs has “pumped money” for LFG. In March, Terraform Labs transferred twelve million LUNA (at the time well worth $ one.one billion) to Luna Foundation Guard to acquire Bitcoin.
Terraform Labs CEO Do Kwon confirmed that in the quick phrase, LFG will make a $ three billion reserve fund for UST, with a potential vision to deliver it to $ ten billion. Mr. Do Kwon also announced that he would transform LFG into the 2nd biggest Bitcoin “whale” in the planet, following founder Satoshi Nakamoto.
The romantic relationship in between Terra (LUNA) and UST stablecoins from December 2021 to the current has been a hotly debated subject in the cryptocurrency local community, when there are several allegations that this is just a ponzi scheme when the LUNA ecosystem is absolutely nothing exclusive except UST and Anchor Protocol undertaking paying out twenty% interest / yr. Some have even advised that Terraform Labs is carrying out anything, together with the creation of the Luna Foundation Guard, to preserve charges for each LUNA and UST. The act of placing BTC into the UST escrow fund can now be witnessed as taking Bitcoin “hostage” to make Earth “too big to fail”, triggering the local community to preserve pouring revenue right here to stay clear of possibility. The total ecosystem collapses.
Someone even bet up to $ eleven million with Mr. Do Kwon that LUNA’s rate in March 2023 will no longer include the present $ 88 threshold, which was accepted by the CEO. After peaking ATH at $ 119 on April 5th, the rate of LUNA is now corrected by the marketplace at $ 84.
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