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Terraform Labs Gives $820M in LUNA Tokens to Luna Foundation Guard
LFG's reserves now stand at about $2.4 billion.
Updated May 11, 2023, 3:46 p.m. Published Apr 14, 2022, 5:07 p.m.
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Terraform Labs, the organization behind the UST algorithmic stablecoin (UST) and its LUNA token, gave 10 million LUNA tokens worth $820 million to Luna Foundation Guard (LFG), the nonprofit that is building up bitcoin reserves for UST, The Block reported.
- Terraform Labs transferred the tokens to a wallet connected to Luna Foundation Guard on Thursday, Terra Finder's publicly accessible blockchain transaction portal shows. Both Terra's official Twitter handle and the transaction details tagged the transfer as a "gift" to LFG.
TFL has gifted an additional 10 million $LUNA to the @LFG_org. https://t.co/tNirkgGGm0
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) April 14, 2022
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- Led by Do Kwon, Terraform Labs is the South Korea-based firm behind the TerraUSD blockchain protocol that hosts UST – the largest algorithmic stablecoin with a market capitalization of $17 billion – and its token pair LUNA.
- Singapore-based Luna Foundation Guard was created to support the Terra ecosystem with development grants and to build up a reserve for UST to help maintain its peg. Do Kwon is a member of LFG's council.
- The transfer helps prop up LFG's reserves, which now stands at $2.43 billion, according to a data tracker shared by LFG's official Twitter handle, with 69.8% of the reserves being in bitcoin.
- The data tracker shows that LFG holds 2.25 million LUNA tokens which is fewer than the 10 million transferred. Terra Finder shows that 7.8 million LUNA token were forwarded to another wallet. Before the transfer, LFG's holding of LUNA stood at 50,000, according to a Twitter post that tracks LFG's reserve and its changes.
- When the transaction was executed, Terra's LUNA was trading at $88. It has since slid more than 6% since to $82.
- A Terraform Labs representative didn't immediately return a request for comment.
Read more: What Is LUNA and UST? A Guide to the Terra Ecosystem
UPDATE (5:36 UTC): added detail about the part of the gift that was forwarded.
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