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Terraform Labs (TFL), a Terra (LUNA) blockchain developer, has given the Luna Foundation Guard 10 million LUNA, which is worth roughly $820 million at current pricing.
The Luna Foundation Guard (LFG) is a Terra-affiliated foundation entrusted with collateralizing Terra USD (UST), the network’s algorithmic stablecoin, in order to maintain it linked to the US dollar.
Terraform Labs’ most recent announcement was made on Twitter on April 14, however, it did not specify what the funds will be used for. However, Terra Finder transaction data suggests that the LFG’s reserve wallet was quickly depleted of 7.8 million LUNA (about $630 million) yesterday.
Where is funding used in?
The Luna Foundation Guard has received another 10 million LUNA tokens from Terraform Labs, following a $1.1 billion gift last month.
Following a $1.1 billion pledge last month, Terraform Labs has given the Luna Foundation Guard additional 10 million LUNA tokens, which is currently valued at $820 million.
Terra USD (UST), the network’s algorithmic stablecoin, is collateralized by the Luna Foundation Guard (LFG), a Terra-affiliated foundation tasked with keeping it connected to the US dollar.
The most recent announcement from Terraform Labs was published on Twitter on April 14, however, it did not indicate what the funding will be utilized for.
The LFG’s overall reserve balance, according to its accounting records, is $2.44 billion at the time of writing, with BTC accounting for around 70% of that figure at $1.71 billion.
Despite all of Terra’s recent positive events, the price of LUNA has dropped 7% in the previous 30 days to $81.65 at the time of writing.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
