The backer of the Terra ecosystem, the Luna Foundation Guard (LFG), may be trying to raise more than $1 billion to support the UST.
UST, the algorithmic stablecoin of the Terra ecosystem, was launched during the cryptocurrency market crash yesterday. lost its equivalence with the US dollarit fell to $ 0.61.
Stablecoins like UST normally price the underlying asset. to reflect as 1:1 is designed.
According to the news of The Block, based on knowledgeable sources, Singapore-based LFG said that this equivalence can be restored sought funding for
LFG’s industry-leading from investment firms and market makers in total more than 1 billion dollars in value He is reportedly trying to raise money. Investors who will support UST in this way, You can buy LUNA tokens at a 50% discount. being transferred.
LFG issued an announcement yesterday, appealing to OTC firms to restore equivalence of the UST. that he will lend hundreds of millions of dollars in Bitcoin (BTC) had explained. LFG’s main goal is to maintain this equivalence. It was collecting $10 billion worth of bitcoin.