Terraform Labs has completed a “mind-blowing transaction” according to a blog post as it donates 10 million $LUNA at a value of around $880 million.
TFL has gifted an additional 10 million $LUNA to the @LFG_org. https://t.co/tNirkgGGm0
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) April 14, 2022
In the post, Terraform Labs explained:
The LUNA Foundation Guard (LFG) announced on their Twitter page that it has received a 10 million unit donation of LUNA tokens valued at $880 million from Terraform Labs (TFL), the company behind the founding of Terra. According to the transaction details, the funds were sent today for a fee of 0.5 TerraUSD ($UST), the official Terra ecosystem stablecoin. Before the recent donation, the LFG held about 42,410 Bitcoin (BTC) worth $1.75 billion, 50,000 LUNA ($4.35 million), 398 million USDC and 151 million Tether (USDT), as shown by the LFG Reserve. HERE
It was added that last month Terraform had donated 12 million $LUNA to LFG at a valuation of $1.2 billion.
The firm said the goal was to support the UST stablecoin and maintain its 1:1 peg to the US dollar.
This past March, LFG announced that it would be buying $10 billion worth of BTC as a reserve for UST.
Terra is a public blockchain protocol that is pursuing “algorithmic decentralized stablecoins.” Terra believes that there is demand for a “decentralized, price-stable money protocol in both fiat and blockchain economies.”
Last Thursday, Terra announced the Terra Global Founder Fellowship program seeking to support projects building on Terra.
According to the company, Terra is now the second-largest blockchain in Total Value Locked (TVL) at around $28 billion, a bit smaller than Ethereum. Terra claims “meteoric growth in the last year and a half with more than 75 projects utilizing decentralized stablecoins.