Terraform Labs gifts another $880M to Luna Foundation Guard

Terra (LUNA) blockchain developer Terraform Labs (TFL) has talented the Luna Foundation Guard 10 cardinal LUNA worthy astir $820 cardinal astatine existent prices.

The Luna Foundation Guard (LFG) is simply a nonprofit enactment attached to Terra that is tasked with collateralizing the network’s algorithmic stablecoin Terra USD (UST) to support it pegged with the U.S. dollar.

Terraform Labs’ latest announcement came via Twitter connected April 14, but did not outline what the funds volition spell towards specifically. However, transaction data from Terra Finder shows that 7.8 cardinal LUNA (roughly $630 million) was promptly transferred retired of the LFG’s reserve wallet yesterday.

TFL has talented an further 10 cardinal $LUNA to the @LFG_org. https://t.co/tNirkgGGm0

— Terra (UST) Powered by LUNA (@terra_money) April 14, 2022

Given Terra’s caller form, led by laminitis Do Kwon who has the extremity of accruing $10 cardinal worthy of Bitcoin (BTC) to backmost the UST’s reserves, galore expect that immoderate of the funds volition spell toward gathering its stash of integer gold. Another information of LUNA whitethorn beryllium burned (a mode successful which the UST/USD peg is maintained.)

Some further Avalanche (AVAX) tokens could beryllium connected the buying database arsenic well, considering both TFL and LFG purchased $100 cardinal worthy of AVAX past week.

Following Terra’s caller (and ongoing) Bitcoin (BTC) buying spree, which includes the acquisition of astir 2,500 BTC ($100 million) only 2 days ago, the wallet belonging to LFG has go the 3rd largest hodler of integer golden globally, lone tailing down MicroStrategy and Tesla.

The latest donation to the LFG comes conscionable implicit a period since TFL talented $1.1 cardinal worthy of LUNA truthful that it could beryllium burnt to mint UST and turn its reserves.

According to the LFG’s accounting records, its full reserve equilibrium stands astatine $2.44 cardinal astatine the clip of writing, with BTC representing astir 70% of that fig astatine $1.71 billion.

At slightest the Luna Foundation Guard is buying the #Bitcoin dip... pic.twitter.com/8ZiPZT9SsD

— Crypto Rover (@rovercrc) April 14, 2022

Related: Terra terms cardinal enactment level breaks aft 30% play driblet — much symptom for LUNA ahead?

Despite each of the bullish developments with Terra of late, the terms of LUNA is down 7% implicit the past 30 days to beryllium astatine $81.65 astatine the clip of writing.