The Luna Foundation Guard (LFG) has secured a $1 billion private token sale to establish a decentralized reserve denominated in Bitcoin for its UST stablecoin.
The non-profit LFG was set up in Singapore in January to help manage and grow the Terra ecosystem which is the ninth-largest in terms of market capitalization at the time of writing. is currently the fourth largest stablecoin in the industry, with a market cap of $12.3 billion. Its supply has grown by almost 2,000% since the same time last year, enabling it to surpass DAI.UST is an algorithmic stablecoin with supply growing and shrinking in response to demand.
“A decentralized Reserve can provide an additional avenue to maintain the peg in contractionary cycles that reduces the reflexivity of the system.” The reserve will initially use BTC, but there are plans to stock it with other non-correlated assets over time. The LUNA tokens purchased by the VC companies will be locked up for a four-year vesting period.LUNA prices have reacted to the news with a 14.5% surge over the past 24 hours. At the time of writing, the token was trading at $56, wiping out all losses over the past week, according to CoinGecko.
LUNA has still taken a 20% hit over the past month, however, and is currently trading down 46% from its Dec. 27 all-time high of $103.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
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.
Leer más »
Technical Analysis: QNT, LUNA Lead Monday's Crypto Rebound – Market Updates Bitcoin NewsFollowing a bearish start to the week, the crypto market rallied throughout the afternoon, with QNT and LUNA leading the gainers.
Leer más »
Amazon’s ‘Play on Luna’ button on Twitch is more potential than practicalIt isn’t as seamless as you might expect.
Leer más »
Price analysis 2/21: BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE, DOTAn unpredictable geopolitical situation, as well as the US domestic policy in crypto adoption, recently fueled the bears’ muscle to push Bitcoin back to $38K, but what can we expect next? Here are our latest top 10-currencies charts!
Leer más »
Twitch adds a long-promised 'Play on Luna' button | EngadgetTwitch has added a 'Play on Luna' button that lets you play on Amazon's cloud gaming service — a feature promised back in 2020..
Leer más »
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.
Leer más »