Terra community will Burn 4 Million LUNA to Raise 372 Million UST Reserves

The Luna Foundation Guard (LFG) announced that 4 million LUNA tokens were burned to mint 372 million TerraUSD stablecoins (UST). The UST proceeds will be used to increase the foundation’s non-LUNA reserves by acquiring more collateral.

The Foundation will hold around $2.2 billion in non-LUNA reserves when the burn is completed, according to LFG, while still keeping 8 million LUNA for future growth.

Terra founder bets $1M on LUNA’s future price

Sensei Algod, a well-known Terra hater, initiated a public wager worth $1 million yesterday via Twitter that the LUNA token will have a lower price than $88 in a year (starting on March 14), based on its pricing at the time of the bet. Surprisingly, Terraform Labs founder Do Kwon has accepted the $1 million bet two hours later. “Cool, I’m in,” he replied.

Both sides agreed to the conditions of the bet today, and each paid $1 million in USDT to an escrow wallet handled by Jordan Fish, the prominent crypto celebrity and UpOnly podcast host who knows by the alias Cobie.

If the average 24-hour price of LUNA is more than $88 on March 14, 2023, Cobie will give the money to Kwon, and if it is not, he will transfer it to Sensei Algod.

Sensei Algod is one of several well-known crypto investors who has called Terra a “Ponzi” in the past. Terra’s tokenomics design, which utilizes LUNA as the major stabilizing mechanism for the UST stablecoin, is frequently criticized.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News