Terra’s organization (LUNA) revealed how much they spent on their failed attempt to defend their UST stablecoin.
Thousands of people have lost their savings after the collapse of LUNA and USD Terra, UST , su stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. algorithmic. As we counted, UST lost its parity and collapsed last week .
Today, theLuna Foundation Guard (LFG), a non-profit organization that supports the ecosystem of Earth , and is dedicated to economic sovereignty, security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. and open source software for the decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. ecosystem economy.Luna, broke the silence and revealed exactly how much they spent trying to defend UST during last week’s events.
Debido a cómo se diseñó el protocolo, perder la paridad significó que los comerciantes podían canjear UST por LUNA in a mass arbitration that saw the printing of more than 6 billion LUNA which caused its price to drop to $0 in a few days. Today, when it is 7:40 am New York time, CryptoMercados reports a price of USD $0.13 per UST even though it should be worth $1.
LFG had previously acquired a number of cryptocurrencies to use in emergency situations like these. Unfortunately, it didn’t, to no avail as the entire ecosystem collapsed.
What the Luna Foundation did
LFG revealed in Twitter exactly how much of its reserves were sold in an attempt to defend UST parity.
Prior to last week’s events, exactly on March 7, their bookings consisted of: 80,394 BTC, 39,914 BNB, 26,281,671 USDT, 23,555,590 USDC, 1,973,554 AVAX, 497,344 UST, 1,691,261 LUNA . So begins the thread of Twitter:
1/ As of Saturday, May 7, 2022, the Luna Foundation Guard held a reserve consisting of the following assets:
— LFG | Luna Foundation Guard (@LFG_org) May 16, 2022
“In keeping with its nonprofit mission and its focus on the health of the Terra ecosystem, as of May 8, when the price of began to drop substantially below one dollar, the Foundation began converting this reserve into ” .
“La Fundación lo hizo mediante la ejecución directa de intercambios en cadena y la transferencia $BTC to a counterparty to allow them to enter into transactions with the Foundation on a large scale and at short a trading technique in which a trader borrows an asset in order to sell it, with the expectation that the price will continue to decline. In the event that the price does decline, the short seller will then buy the asset at this lower price in order to return it to the lender of the asset, making the difference in profit. notice.
It also comments that it directly sold 26,281,671 USDT, 23,555,590 USDC, transferred 52,189 BTC to trade with a counterparty, net of an excess of 5,313 BTC that have been returned, for a total of 1,515,689462 UST.
He then explains, in the thread, that “el 10 de mayo, cuando $UST había caído USD $0,75, de conformidad con un Acuerdo de servicios maestro con fecha del 10 de enero de 2022 a través del cual TFL administró y ejecutó todas las funciones financieras, administrativas y operativas y el apoyo solicitado, TFL, en nombre de la Fundación, ejecutó las siguientes operaciones de intercambio en un último esfuerzo por defender la paridad”:
- Sold 33,206 $BTC 1,164,018,521,000 for a total of $UST
- On May 12, LFG exchanged 883,525,674 $UST a 221.021.746 $LUNA y apostó esto a través de una variedad de validadores para protegerse contra un posible ataque de gobernanza a medida que la cantidad de $LUNA continued to increase. All of the transactions described above have now been completed.
It further states that to date, the Foundation’s remaining reserves consist of the following assets:
– 222,713,007 (of which 221,021,746 are currently wagered with validators).
Finally in the informative Twitter thread he expresses: “ The Foundation seeks to use its remaining assets to compensate the remaining users of $UST the smaller headlines first. We are still debating through various distribution methods, updates will follow soon”.
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