Advertisement
AD

Main navigation

Advertisement

Luna Foundation Guard Announces Compensation to UST Users

Advertisement
Mon, 16/05/2022 - 11:09
Luna Foundation Guard Announces Compensation to UST Users
Cover image via stock.adobe.com
Read U.TODAY on
Google News

The Luna Foundation Guard (LFG), a nonprofit organization created specifically to support Terra Ecosystem, has disclosed details regarding the recent collapse of the project and notified UST holders of the impending compensation.

Advertisement

As it became known, the first in line to receive compensation will be the smallest holders of the infamous stablecoin.

Before a detailed study of the recent announcement, it is worth noting that LFG is the operator and creator of the UST Reserve protocol. The UST Reserve is a perpetual decentralized asset reserve for Terra community members.

Advertisement

According to data presented at the moment, the reserves of the foundation consist of:

  • 313 BTC
  • 39,914 BNB
  • 1,973,554 AVAX
  • 1,847,079,725 UST
  • 222,713,007 LUNA (99% is staked with validators).

The estimated value of all the foundation's reserves is currently around $82 million. Сomparing these numbers with last week's data provided by the LFG, it can be roughly calculated that the foundation's reserves have shrunk by 97.4%!

No hard feelings for Terra

Despite a number of plans released during the week by the LFG, Terra ecosystem and Do Kwon, the founder and CEO himself, "lunatics" and the crypto world in general have mixed feelings about the future of the project. But sentiment is mostly negative.

The current situation has left no one behind. 

Everyone from the head of FTX to Vitalik Buterin himself gathered to speak out and speculate on the topic.

On the one hand, of course, it is important to cover the problem extensively and warn crypto enthusiasts about the risks that may await. On the other hand, the project is now under enormous pressure, and it is in their interest to come out of the situation if not clean, then at least without losing face.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD