{"id":221172,"date":"2022-02-23T12:30:09","date_gmt":"2022-02-23T12:30:09","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=221172"},"modified":"2022-02-23T11:56:21","modified_gmt":"2022-02-23T11:56:21","slug":"luna-rallies-as-terra-raises-1-billion-to-create-a-bitcoin-reserve-for-ust","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/luna-rallies-as-terra-raises-1-billion-to-create-a-bitcoin-reserve-for-ust\/","title":{"rendered":"LUNA rallies as Terra raises $1 billion to create a Bitcoin reserve for UST"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Luna Foundation Guard (LFG) recently completed an over-the-counter sale of LUNA\u2013raising $1 billion from venture capital groups led by Jump Crypto and Three Arrows Capital.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Established in the Republic of Singapore, LFG is a non-profit organization that <\/span><a href=\"https:\/\/medium.com\/terra-money\/formation-of-the-luna-foundation-guard-lfg-6b8dcb5e127b\"><span style=\"font-weight: 400;\">formed<\/span><\/a><span style=\"font-weight: 400;\"> in January to help support the growth of the <\/span><a href=\"https:\/\/cryptoslate.com\/news\/terra\/\"><span style=\"font-weight: 400;\">Terra<\/span><\/a><span style=\"font-weight: 400;\"> ecosystem, and the sustainability and stability of its algorithmic stablecoins.<\/span><\/p>\n<h2><strong>Reserve denominated in Bitcoin to safeguard the UST peg<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">The $1 billion raised in a recent private sale will go towards forming a decentralized UST Forex reserve denominated in <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\"><span style=\"font-weight: 400;\">Bitcoin<\/span><\/a><span style=\"font-weight: 400;\">, according to Terra\u2019s announcement on Twitter.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ The long awaited [REDACTED] \ud83d\udc8e3 is here!<\/p>\n<p>\ud83d\udce3 The Luna Foundation Guard (LFG) has closed a $1 billion private token sale to establish a decentralized <a href=\"https:\/\/twitter.com\/search?q=%24UST&src=ctag&ref_src=twsrc%5Etfw\">$UST<\/a> Forex Reserve denominated in <a href=\"https:\/\/twitter.com\/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw\">$BTC<\/a>! \ud83d\udce3<\/p>\n<p>\ud83e\uddf5\ud83d\udc47<\/p>\n<p>&mdash; Terra (UST) \ud83c\udf0d Powered by LUNA \ud83c\udf15 (@terra_money) <a href=\"https:\/\/twitter.com\/terra_money\/status\/1496162889085902856?ref_src=twsrc%5Etfw\">February 22, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin-denominated reserve for Terra\u2019s biggest stablecoin will help ensure that the price of UST maintains its peg in selloff scenarios.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With a $12.25 billion market cap, Terra\u2019s native stablecoin, UST, is currently the fourth-largest out there, and as far as decentralized stablecoins go\u2013it <\/span><a href=\"https:\/\/cryptoslate.com\/the-biggest-decentralized-stablecoin-in-the-market-is-now-ust\/\"><span style=\"font-weight: 400;\">ended<\/span><\/a><span style=\"font-weight: 400;\"> the long lasting hegemony of DAI in December last year.<\/span><\/p>\n<figure id=\"attachment_221173\" aria-describedby=\"caption-attachment-221173\" style=\"width: 1650px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-221173 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/0-2.png\" alt=\"Top five stablecoins by market cap\" width=\"1650\" height=\"444\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/0-2.png 1650w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/0-2-300x81.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/0-2-1024x276.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/0-2-768x207.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/0-2-1536x413.png 1536w\" sizes=\"(max-width: 1650px) 100vw, 1650px\" \/><figcaption id=\"caption-attachment-221173\" class=\"wp-caption-text\">Top five stablecoins by market cap<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">While leveraging Terra\u2019s utility token, LUNA, the algorithmic stablecoin maintains a nearly equal value to the US dollar.<\/span><\/p>\n<h2><strong>One of the crypto industry\u2019s largest sales ever<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">As UST rises above its peg, LUNA is bought and burned\u2013causing the native token\u2019s price to appreciate. However, when UST drops below its peg, LUNA is minted and sold\u2013driving the native token\u2019s price down.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to LFG, \u201cone common criticism of algorithmic stablecoins is their reflexive nature and the hypothetical risk of a \u2018bank run\u2019 scenario where demand to sell the stable outstrips supply in a way that causes compounding price decreases in both native tokens.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This in mind, the reserve created through the $1 billion sale will provide \u201can additional avenue to maintain the peg in contractionary cycles that reduces the reflexivity of the system.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The private sale was led by Jump Crypto and Three Arrows Capital, with participation from DeFiance Capital, Republic Capital, GSR, Tribe Capital, to name a few.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With a 24-hour trading volume topping $2.3 billion, LUNA saw its price jump over 14% following the announcement.<\/span><\/p>\n<figure id=\"attachment_221175\" aria-describedby=\"caption-attachment-221175\" style=\"width: 697px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-221175 \" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/2-18.png\" alt=\"LUNA to USD price chart: 5-day period\" width=\"697\" height=\"420\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/2-18.png 1442w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/2-18-300x181.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/2-18-1024x616.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/2-18-768x462.png 768w\" sizes=\"(max-width: 697px) 100vw, 697px\" \/><figcaption id=\"caption-attachment-221175\" class=\"wp-caption-text\">LUNA to USD price chart: 5-day period<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Despite the recent market stall, Terra is making strides and gaining an advantage among major Layer 1 competitors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The blockchain positioned itself at the very top in the race to dominate the DeFi ecosystem.\u00a0<\/span><\/p>\n<figure id=\"attachment_221177\" aria-describedby=\"caption-attachment-221177\" style=\"width: 682px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-221177\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/1-18.png\" alt=\"Top 10 blockchains by TVL (DeFi Llama)\" width=\"682\" height=\"362\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/1-18.png 2030w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/1-18-300x159.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/1-18-1024x543.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/1-18-768x407.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/1-18-1536x814.png 1536w\" sizes=\"(max-width: 682px) 100vw, 682px\" \/><figcaption id=\"caption-attachment-221177\" class=\"wp-caption-text\">Top 10 blockchains by TVL (DeFi Llama)<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Terra\u2019s total value locked (TVL) is up over 12% during the past week, currently topping $17 billion, while other chains are losing steam, according to data <\/span><a href=\"https:\/\/defillama.com\/chains\"><span style=\"font-weight: 400;\">provided<\/span><\/a><span style=\"font-weight: 400;\"> by DeFi Llama.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Luna Foundation Guard (LFG) recently completed an over-the-counter sale of LUNA\u2013raising $1 billion from venture capital groups led by Jump Crypto and Three Arrows Capital. Established in the Republic of Singapore, LFG is a non-profit organization that formed in January to help support the growth of the Terra ecosystem, and the sustainability and stability of [&hellip;]<\/p>\n","protected":false},"author":699,"featured_media":221182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15323,32631],"tags":[76932,76930],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>LUNA rallies as Terra raises $1 billion to create a Bitcoin reserve for UST<\/title>\n<meta name=\"description\" content=\"Terra&#039;s LFG recently completed an over-the-counter sale of LUNA\u2013raising $1 billion from VCs led by Jump Crypto and Three Arrows Capital.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/luna-rallies-as-terra-raises-1-billion-to-create-a-bitcoin-reserve-for-ust\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LUNA rallies as Terra raises $1 billion to create a Bitcoin reserve for UST\" \/>\n<meta property=\"og:description\" content=\"Terra&#039;s LFG recently completed an over-the-counter sale of LUNA\u2013raising $1 billion from VCs led by Jump Crypto and Three Arrows Capital.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/luna-rallies-as-terra-raises-1-billion-to-create-a-bitcoin-reserve-for-ust\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-23T12:30:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-23T11:56:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/terra-luna-lfg.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ana Grabundzija\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ana Grabundzija\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/luna-rallies-as-terra-raises-1-billion-to-create-a-bitcoin-reserve-for-ust\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/luna-rallies-as-terra-raises-1-billion-to-create-a-bitcoin-reserve-for-ust\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/#person\",\"name\":\"Ana Grabundzija\",\"url\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/cs-author-ana-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/cs-author-ana-300x300.jpg\",\"caption\":\"Ana Grabundzija\"},\"jobTitle\":\"Journalist\",\"description\":\"Dr. Ana Grabundzija is a Zagreb-bred writer with an academic background in anthropology. 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