Do you know who owns the 19th most Bitcoin in the world? The Luna Foundation does — after they bought $173 million worth of BTC this weekend. So why does Luna need 40,000 BTC? Find out here 👇
at heart, UST is backed by LUNA. If it de-pegs, LUNA is used to restore the peg. If UST overshoots its peg, LUNA is burned to return prices to an equilibrium. Put simply, more adoption of UST raises trust in LUNA, which leads to more adoption of US — a virtuous circle.By adding Bitcoin to the Luna Foundation's reserve, Do Kwon aims to increase trust in UST. If UST de-pegs, the Luna Foundation — and its war chest full of BTC — can act as the buyer of last resort.
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