Terra’s Luna Foundation has Acquired 4,130 Bitcoin Worth $176 Million
Terra acquires Bitcoin again
Luna Foundation Guard purchased 4,130 bitcoin valued at $176.1 million on Sunday, April 10, 2022. LFG currently possesses a total of 39,897.98 bitcoin, valued at about $1.7 billion.
On March, Luna Foundation has added 2,943 BTC to its UST reserve, valued at almost $139 million. The purchase is shown on the Luna Foundation Guard’s bitcoin address.
Terra Labs Co-Founder Do Kwon claimed that Terra will come the world’s largest Bitcoin holder in the future. Do Kwon wants to become the largest Bitcoin holder after Satoshi Nakamoto by continuously purchasing Bitcoin for building reserves for the UST stablecoin.
The LUNA Foundation Guard will buy bitcoins to add to UST’s $10 billion Bitcoin reserve.
Terra said on last Thursday that it had added to its reserves by purchasing Avalanche (AVAX) tokens worth $100 million in a ‘treasury Swap’ between LUNA and AVAX. AVAX is the first significant cryptocurrency other than bitcoin to find its way into the stablecoin’s reserve as a result of this OTC deal to add the stated AVAX tokens to UST reserves.
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.
“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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