Terraform Labs grants another $880M to Luna Foundation

April 15, 2022


Terraform Labs obtained another $880M for Luna Foundation

After obtaining a $1.1B donation in March, the Luna Foundation obtained another 880M LUNA tokens from Terraform Labs. Terra blockchain developer Terraform Labs or TFL has granted the Luna Foundation Guard 10M LUNA cost around $820M at recent prices. The Luna Foundation Guard or LFG is a non-profit association connected to Terra that is commissioned with collateralizing the system’s algorithmic stable coin Terra USD to keep it pegged with the U.S. buck.

Terraform Labs’ recent statement came but did not summarize what the budgets will go towards precisely. Nevertheless, transaction information from Terra Finder indicates that 7.8M LUNA was shortly transported out of the LFG’s stock wallet yesterday.

Provided Terra’s recent form, led by founder Do Kwon who has the objective of accruing the $10B cost of Bitcoin to back the UST’s stocks, many anticipate that some of the accounts will go toward assembling its stash of digital gold. The second portion of LUNA may be burned. Some additional Avalanche or AVAX tokens could be on the list also, evaluating both TFL and LFG bought $100M worth of AVAX last week.

Pursuing Terra’s recent Bitcoin purchasing spree, which encompasses the purchase of approximately 2,500 BTC which is around 100M dollars, only two days ago, the wallet belonging to LFG has become the third biggest holder of digital gold across the world, only shadowing behind MicroStrategy and Tesla.

The recent donation to the LFG arrives just over a month since TFL gifted $1.1B worth of LUNA so that it could be scorched to mint UST and accumulate its stocks. As per the LFG’s calculation records, its entire stock balance stands at $2.44B during writing, with BTC representing around 70 percent of that figure at $1.71B. Instead of all of the bullish improvements with Terra nowadays, the cost of LUNA is 7 percent down in the past 30 days to stand at $81.65.

Have a look at this- Terraform Labs provides $1.1B for Luna Foundation Guard’s reserve

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