That's because the Luna Foundation Guard, a nonprofit tasked with building reserves for UST, now holds a staggering 80,000 BTC — a war chest it would begin to sell to defend the stablecoin's peg if necessary.
UST and LUNA are based on the Terra blockchain, and its co-founder Do Kwon appeared amused by the weekend frenzy on Twitter — describing it as an "amusing morning" and adding: "I love chaos."
UST the not so stable coin currently at .88 cents
Pretty biased peace. The change in peg was very minimal and restored within hours. Other stablecoins also lose their peg with this magnitude pretty regular. Also in terms of performance please of top 10, please zoom out.
All Stable Coins have a red hole. This period shows us the weakness of our stable coins. FEGROX(lifeisdefi ), how do you rate these Stables against USCT?
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Luna Foundation Guard says it will lend out $1.5 billion in BTC and UST to defend stablecoin pegThe Luna Foundation Guard (LFG) said Monday that it will lend out hundreds of millions of dollars worth of bitcoin and the stablecoin UST in order to defend the latter's peg amid a period of market volatility. Why everybody is silent about this Thats one fancy algo
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Endorsement: Robert Luna for L.A. County sheriffSheriff Alex Villanueva is leading Los Angeles County into chaos. Former Long Beach Police Chief Robert Luna is the best candidate to replace him. opinion Zero mention of ANY of the numerous problems with Long Beach PD. Zero mention of LB BLM protesting this man soon as he announced. Zero mention of how long it took McDonnell to do anything because he knew nothing of the department OR that the reforms were REQUIRED not chosen. opinion LA Times actually wants Villanueva to stay in office with this terrible choice. BisHilarious was this the dude that destroyed 30 years of internal affairs records before SB1432 went into effect? opinion
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Weekend Watch: LUNA Dumps 8%, Bitcoin Struggling at $36KTerra has lost the most from the larger-cap altcoins with another substantial price decline. Bitcoin struggles around $36,000.
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