The Terra ecosystem is committed to significant expansion and growth through the creation of the LUNA Foundation Guard (LFG). It is a Singaporean non-profit organization whose mission is to support and stimulate the growth of open source technologies.
The main focus of the LFG will be on building reserves and protecting the UST stablecoin peg to the US dollar during volatile market conditions. The second direction will be the allocation of funds for the development of the Terra ecosystem. The LUNA Foundation Guard has already secured an initial allocation of 50 million LUNA tokens from Terraform Labs.
LFG’s efforts to continuously support the Terra stablecoin peg and develop the ecosystem with the support of the best Terra developers are opening a new path for the growth and sustainability of decentralized money.
A decentralized economy needs decentralized money, and LFG provides another source of resources to achieve this goal – Terraform Labs co-founder and CEO Do Kwon.
In addition, LFG will fund Defi projects that are in high demand for Terra algorithmic stablecoins and are pioneering “the emergence of decentralized money at the core of the emerging DeFi technology stack.”
As such, LFG will focus on the stability and resilience of its own TerraUSD (UST) stablecoin. Currently, this crypto asset is the fourth largest stablecoin on the market, and the project has achieved this result in a short period of time.
After the news, the price of LUNA began to rise. At the moment, it has gained 7.4% and is trading above $82, ranking 9th in the overall rating of cryptocurrencies.
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