On the heels of the Terra LUNA meltdown and the bankruptcy of FTX, authorities from South Korea are proposing new amendments to the...

Do Kwon think the new Terra will be stronger than ever before many are skeptical about this idea after the crash of the UST...

LUNA nosedives below $16 while the TerraUSD stablecoin remains unpegged so let’s have a closer look at today’s altcoin news. Terra’s price drop from Monday...

Terra’s collapse is in center of attention yet again but Tether’s co-founder and other DEFI executives weigh in on what this can mean for...

<!-- --> US Treasury Secretary Janet Yellen has used the TerraUSD (UST) debacle to call for more stablecoin regulation in a...

As U.S. lawmakers push for the urgent regulation of stablecoins, the Financial Stability Oversight Council (FSOC) and the Federal Reserve Board warn about the...

The founder of Terra ($LUNA) has recently revealed that the Luna Foundation Guard (LFG) has raised $2.2 billion to create a Bitcoin ($BTC) reserve for the protocol’s UST stablecoin. Do Kwon’s words come shortly after the LFG raised $1 billion through a private sale. Terra is a Proof of Stake (PoS) blockchain in which LUNA is used […]

Terraform Labs, the company behind Terra blockchain has announced an additional donation of 12 million LUNA or approximately $1.2 billion to the Luna Foundation Guard (LFG) that will be directed towards its growth and stabilization to maintain the UST dollar peg. Do Kwon, the CEO of Terraform Labs, announced on Twitter that the funds will be utilized to burn and mint its UST stablecoin in order to grow the reserves of the Luna Foundation Guard. TFL has donated 12M additional $Luna to @LFG_org. https://t.co/KOqaABKWZi The funds will be burned to mint $UST, and thereafter used to grow LFG's reserves. At current prices, this reflects another 1.2B incoming addition to the $UST reserves. 🌕 — Do Kwon 🌕 (@stablekwon) March 11, 2022 UST is an algorithmic-based stablecoin in the Terra ecosystem with an 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. The purpose behind the recent move is to maintain the stability of UST and its peg to the U.S. dollar. While other stablecoins manage to maintain this peg using various systems, UST relies on its relationship with LUNA, and the arbitrage opportunities that the treasury offers to traders. Earlier last month, the Luna Foundation Guard (LFG) raised another $1 billion through its sale of the LUNA token to build a bitcoin-denominated foreign-exchange reserve for UST.

The post Terraform Donates Additional $1.2B to the Luna Foundation Guard appeared first on Cryptoknowmics-Crypto News and Media Platform.

The cryptocurrency market has jumped after a shaky couple of days. Affected by the ongoing fallout from the Ukraine-Russia conflict, its total cap had slid [...]

THORChain records 6-week high after the latest Terra integration, and it continues to show signs that it could bring it back to the game again so let’s read more today in our latest altcoin news. THORChain records a 6-week high as it surged by 70% this week or $5.5 on a series of technical developments […]

Recent data show crypto proponents are increasingly expressing a higher interest in Terra (LUNA) since October 2021 despite the overall decline in the crypto market.