- Luna Foundation Guard (LFG) in Singapore has already collected $2.2 billion.
- Selling UST in exchange for Tether brought in $1.2 billion.
On Tuesday, Terra founder Do Kwon tweeted that UST’s bitcoin holdings will be increased to $10 billion. The Luna Foundation Guard has now collected $2.2 billion and is on track to fulfil its $3 billion short-term goals. The long-term aim is $10 billion. Stablecoin sovereignty, in Do Kwon’s opinion, is the only practical approach for scaling decentralized money.
For the Terra Ecosystem, the non-profit Luna Foundation Guard (LFG) in Singapore has already collected $2.2 billion. Terra’s native token, LUNA, was sold over the counter to generate $1 billion to construct a decentralized UST FX reserve in Bitcoin. The $1 billion fundraising round included Jump Crypto, Three Arrows Capital, GSR, DeFiance Capital, Republic Capital, Tribe Capital, etc. Selling UST in exchange for Tether brought in $1.2 billion.
Tuesday’s Venus Protocol announcement of the LUNA and UST markets was made public on March 22nd. When making this statement, the Venus protocol community took a recent governance decision into account. Despite their tenure, the Terra network and Venus protocol stand to gain significantly from the emergence of these new marketplaces.
Following a public vote, the addition of these two marketplaces was accomplished. According to an unconfirmed report, it’s been weeks since Venus reportedly sought the community for help in expanding its trading options. A total of two votes were cast. Unfortunately, VIP 53 was a failure, while VIP 54 was a success.
Community Spend Proposal 491 to fund the partnership campaign with @OpenOceanGlobal has passed.
The funds will be used for a trading competition to increase awareness of Terra to OpenOcean’s 400k users
Stay tuned for the campaign launch in 2 weekshttps://t.co/4cVV6hulUW
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) March 23, 2022
The team has approved the Terra community expenditure request 491 to support the collaboration campaign with OpenOcean Global. OpenOcean’s 400k users will be exposed to Terra via a trading competition with the funds. Two weeks from now, the campaign will begin.