$1 billion? It's yours. The Luna Foundation Guard is getting gifted a nice chunk of change to continue to grow reserves,
that TFL had donated 12 million LUNA, or $1.1 billion at the time of publication to the Luna Foundation Guard . LFG launched in January to grow the Terra ecosystem and improve the sustainability of its stablecoins. Kwon noted that the funds, denominated in LUNA, will be burned to mint UST to grow the LFG‘s reserves:
“We will keep growing reserves until it becomes mathematically impossible for idiots to claim de-peg risk for UST.” UST is an algorithmic stablecoin with a theoretical exchange rate of 1:1 with the U.S. dollar and is in part maintained by swapping of/for LUNA tokens when its market value deviates from its peg. The burning of $1 in UST results in the minting of $1 in LUNA and vice versa.
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.
Terraform Labs Donates 12 Million LUNA to Luna Foundation Guard – Bitcoin NewsTerraform Labs announced a new donation of 12 million LUNA to the Luna Foundation Guard, a decentralized organization, that will be directed to continue growing the UST stabilization fund.
Read more »
Moderna CEO to Get Almost $1 Billion if Company Is Bought OutThe number is a far cry from Stephane Bancel’s original “golden parachute” of $9.4 million.
Read more »
Under the hood of Congress' $1.5T bill for Ukraine, pandemic, agenciesIt's a lot of money and a long, long bill: $1.5 trillion outlined in 2,741 pages. What does Congress' bipartisan mean? Here's what you need to know, from helping Ukraine to financing federal agencies for the last half of this year.
Read more »
SF Mom Wins $1 Million on Lottery Scratchers Ticket While Grocery ShoppingJackpot! A lucky lottery player in San Francisco took home a $1 million prize after buying a Scratchers ticket while shopping at the local Safeway, according to the California Lottery.
Read more »
Dreams Come True For San Francisco $1 Million Lottery WinnerA trip to buy groceries at a San Francisco Safeway store has become a life altering experience for one local resident, according to state lottery officials.
Read more »
2 women sent to prison for committing $1.2M in food stamp fraudTwo women are facing prison time for committing $1.2 million in food stamp fraud in Texas.
Read more »