Terraform Labs Provides 10 Million LUNA ($880 Million) to Luna Foundation Guard to Help Boost Stablecoin UST
To fund the goal of providing additional collateral, Terraform Labs, the development company behind the Terra blockchain and UST Stablecoin, founded Luna Foundation Guard, a Singapore-based non-profit in January. and tasked with stabilizing Terra’s Stablecoins algorithm.
Currently, the Luna Foundation Guard has built a large cryptocurrency treasury as collateral for UST. 42,406 BTC worth 1.7 billion dollars It also announced plans to acquire AVAX for $100 million, the original token of the Avalanche blockchain.
Do Kwon, Terraform Labs CEO and director of the Foundation, said last month that Foundation wants to buy bitcoin in the near term. 3 billion dollars And in the long term, Kwon is aiming to reserve $10 billion in bitcoin, both through manual market purchases and Terra’s seigniorage process, where part of the protocol fee will continue to accumulate bitcoin.
transactionToday saw 10 million LUNA ($880 million) change hands.Terraform wallet address (on Terra blockchain) to beaddress crypto owned by Luna Foundation Guard, and thentransfer moneyMost of the amount of 7.8 million LUNA ($660 million) goes to other wallets.
This is not the first time Terraform Labs has provided LFG in bulk with LUNA, in March 2022 Terraform Labs has sent a token. LUNA amount 12 milliontoken ($1.1 billion) to LFG at the time, Terraform CEO Do Kwon. sayThat 12 million LUNA tokens are burned to UST and the rest will be added to stablecoin reserves.
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