Luna Foundation Guard to send $372 million to guarantee UST strength

    The non-benefit association Luna Foundation Guard (LFG), related with the improvement of the Terra biological system, declared the consuming of 4 million LUNA determined to deliver $372 million in UST stablecoins for the resulting acquisition of “outer security.”

    LFG Council has casted a ballot to consume one more 4M luna to mint generally 372M ust, which will be utilized to secure exogenous insurance. When this consume is finished, LFG’s non-luna stores will generally sit at a worth of $2.2B, as well as 8M Luna staying for future development.

    LFG$Luna $ust

    LFG | Luna Foundation Guard (@LFG_org) March 15, 2022
    The drive is focused on additional working on the strength of UST to USD in a proportion of 1:1 in the states of disturbance on the lookout. After its execution, LFG stores will add up to ~ $2.2 billion, notwithstanding 8 million LUNA.

    Before the formation of the arrangement, the limiting of the “steady coin” was kept up with only utilizing the LUNA burning component.

    A few cynics accept that against the foundation of a negative market, the cost of the resource will unavoidably go down, which might prompt the deficiency of UST solidness. Walk 15 CEO Terraform Labs Do Kwon, made two wagers adding up to $11 million on the way that this won’t occur.

    Review that in March, Terraform Labs moved $1.2 billion to Luna Foundation Guard to LUNA to keep up with the soundness of UST. In February, a non-benefit association raised $1 billion for a similar reason.

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    You might also like...