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- Terra, a decentralized stablecoin issuer, has proposed expanding the interchain deployment of its TerraUSD (UST) stablecoin. Particularly, five projects based on Ethereum, Polygon, and Solana.
- Currently, The LFG is putting the finishing touches on its grants structure.
- Terra would provide more than $139 million in UST and LUNA to DeFi initiatives over the following six months. Such techniques would aid the ecosystem’s path within the stablecoin sector.
Here’s the most recent effort to help this cause.
The LUNA Foundation Guard
The Luna Foundation Guard (LFG), a Singapore-based non-profit organization, announced its creation and mission aim today. Its goal is to encourage and sustain the growth and development of open-source technologies, therefore helping the realization of a decentralized economy.
The effort focuses on critical elements for mainstream expansion in this fast-paced business. “LFG’s fundamental mandate is to support the stability of the UST peg and promote the expansion of the Terra ecosystem,” according to the blog post.
The LUNA Foundation Guard received an initial donation allocation of 50 million Terraform Labs LUNA tokens. ‘The transaction hash will be disclosed publicly once processed in the following days for transparency,’ according to the thread.
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The LFG’s operation
The LFG’s operation will be controlled by an International Council, and it will continue to add new builders to the Terra Ecosystem. One of the founding members, Nicholas Platias of Chronos Finance, stated:
According to Terraform Labs Co-Founder and CEO Do Kwon, “The LFG mission to consistently support the foundation stability of Terra’s stablecoins and ecosystem development led by Terra’s finest builders opens a new path for the growth and sustainability of decentralized money.”
“LFG’s objective will change the way the industry perceives algorithmic stablecoins and their long-term stability.” The LFG provides an additional lever for completing the demanding loop for Terra stablecoins, creating a dynamic economy around their use across Web 3 apps, and offering more powerful peg defenses during instability.”
The LFG is putting the finishing touches on its grants structure at the time of writing. It is expected to be made public in the following weeks. ‘The establishment of the LFG prepares the scene for, which will be announced shortly now that the LFG is ready to begin its mission,’ the article said.
UST market figures
UST is the market’s leading decentralized stablecoin, ranking fourth overall after Tether, USDC, and BUSD. At least for the time being. It just crossed $10 billion in market capitalization; at the time of writing, that figure was hanging around $11 billion.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
