The Luna foundation Guard (LFG) hosted one of the biggest private token sales in the crypto world, raising $1 billion from several VC companies to create a UST stabilization fund.
The reserve, that will be stored in the form of
, will be used by the foundation in times when the natural stability mechanisms of the token fail due to extreme market conditions, such as caused by a hypothetical bank run on the native coins of the Terra ecosystem.that the Luna Foundation Guard has plans to scale this decentralized reserve to even larger numbers in the future.As these events unfold, the market cap of UST keeps growing.
The second most-valuable decentralized stablecoin by market cap, the ethereum-based DAI, has a current
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Luna Foundation Guard raises $1B to form UST reserve denominated in BitcoinSingapore-based Luna Foundation Guard raises $1 billion in a round led by Jump Crypto and Three Arrows Capital to found a Bitcoin-denominated UST reserve.
Read more »
Luna Foundation Guard Raises $1B for Bitcoin UST Stablecoin ReserveThe Luna Foundation Guard (LFG) has secured a $1 billion private token sale to establish a decentralized reserve denominated in Bitcoin for its UST stablecoin.
Read more »
Teen earns $1.8k from mom in challenge to avoid social media for six yearsA Minnesota mom promised her son $1,800 if he managed to stay social media-free for six years. On his 18th birthday last week, he did exactly that.
Read more »
Austin cops charged with excessive force released on just $1 bondThe eight cops are part of a group of 19 Austin Police Department officers who have been charged with aggravated assault by a public servant for their interactions with protestors.
Read more »
OpenSea faces $1 million lawsuit over stolen Bored Ape NFTs | EngadgetA man who unknowingly sold his Bored Ape NFT for a pittance is suing OpenSea, claiming it knew about a flaw in its platform..
Read more »
Doug Mastriano now says he raised $1 million after his initial report had few detailsMastriano, widely seen as a front-runner for the GOP nomination for governor, reported spending $215,000 in 2021 — 15 times as much as previously disclosed.
Read more »