As Bitcoin falls below $46K, Terra Has Just Added Another 5,000 BTC
Over 5,000 BTC is purchased by the Luna Foundation Guard. The company’s Bitcoin holdings total more than $1.6 billion. The creator of Terra wants to buy $10 billion worth of Bitcoin.
Terra moved over 231 million USDT to Binance, according to Whale Alert. The money were utilized to purchase about 5,000 bitcoins (BTC). At the time, Bitcoin was worth $45,300.
Do Kwon, Terraform Labs’ co-founder, recently stated that the Luna Foundation Guard, Terra’s non-profit organization, is intending to increase the company’s Bitcoin reserves to $10 billion.
According to OKLink, the Luna Foundation Guard has 35,767.98 bitcoins reserved. LFG’s BTC holdings are worth more than $1.6 billion in total.
According to CoinMarketCap, Terra USD (UST) is the fourth biggest stablecoin and the 14th largest cryptocurrency at the time of writing, with a market worth of more than $16 billion.
Terraform Labs has teamed up with Frax Finance and Redacted Cartel in a move that might put the fifth-largest stablecoin, DAI, on the defensive in terms of liquidity. On March 23, Kwon tweeted, “DAI will die by my hand.”
To defeat DAI, Kwon would have to persuade investors to switch from DAI’s 3pool to Curve Finance’s new four-token liquidity pool, which includes USD Coin (USDC) and USDT.
Offering higher rewards in exchange for increased liquidity might be one approach to accomplish this.
“We will direct emissions to other stablecoins that pair against the 4pool in the future, not just the 4pool itself,” Kwon stated. “The objective is to starve the 3pool. “It won’t take long,” he predicted.
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