The Terra saga continues. Inside a Twitter thread, they behind the unsuccessful algorithmic stablecoin TerraUSD (UST) and also the token LUNA shared exactly how much Bitcoin (BTC) and crypto assets they’d discarded.
The Luna Foundation Guard (LFG) also guaranteed to “compensate remaining users of $UST, tiniest holders first,” using the remaining assets.
In conclusion, 80,081 BTC, or 99.61% from the Bitcoin that LFG guarded, has exited the fund. The audience confirmed the purchase of “33,206 $BTC to have an aggregate 1,164,018,521 $UST” inside a tweet. The rest of the 47,188 BTC isn’t taken into account, while 313 BTC remains in reserve.
The below graphic outlines the rest of the tokens within the LFG reserve:
The explanation for the disposal and purchase of cryptocurrency within the LFG reserve ended up being to support the healthiness of the Terra ecosystem:
2/ In line with its non-profit mission & concentrate on the health from the Terra ecosystem, beginning on May 8, once the cost of $UST started to decrease substantially below a dollar, the building blocks started converting this reserve to $UST.
— LFG Luna Foundation Guard (@LFG_org) May 16, 2022
The counterparty the group used is not named. Cointelegraph experts have compiled an analysis around the Terra ecosystem implosion, questioning the “long-term viability of algorithmic stablecoins.” The present makeup from the LFG reserve may be the following:
Meanwhile, crypto enthusiasts with staked LUNA tokens should see their tokens came back for their wallets within the next 20 days. However, they’ll be worth less, as LUNA’s cost has fallen over 99% since its highs, presently sitting at $.0002.
That which was when a $50 billion ecosystem presently has a complete reserve balance of $82 million, prompting popular crypto influencer Cobie to simply respond towards the thread with “Bruh.”