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Luna Foundation Guard (LFG) in Singapore has already raised $2.2 billion. The sale of UST in exchange for Tether brought in $1.2 billion.
On Tuesday, Terra founder Do Kwon tweeted that UST’s bitcoin holdings will be increased to $10 billion. The Luna Foundation Guard has now raised $2.2 billion and is on track to meet its short-term goals of $3 billion. The long-term goal is $10 billion. Stablecoin sovereignty is the only practical approach to scaling decentralized money, according to Do Kwon.
For the Terra Ecosystem, the Singapore nonprofit Luna Foundation Guard (LFG) has already raised $2.2 billion. Terra’s native token, LUNA, was sold over-the-counter to generate $1 billion to build a decentralized UST FX reserve in Bitcoin. The $1 billion fundraising round included Jump Crypto, Three Arrows Capital, GSR, DeFiance Capital, Republic Capital, Tribe Capital, etc. The sale of UST in exchange for Tether raised $1.2 billion.
Tuesday’s Venus Protocol announcement from the LUNA and UST markets was made public on March 22. In making this statement, the Venus protocol community has taken into account a recent board decision. Despite their existence, the Terra network and the Venus protocol will benefit significantly from the emergence of these new marketplaces.
After a public vote, the addition of these two marketplaces was achieved. According to an unconfirmed report, it has been weeks since Venus reportedly asked the community for help expanding its trading options. In total, two votes were cast. Unfortunately VIP 53 was a failure while VIP 54 was a success.
Community spending proposal 491 to fund the partnership campaign with @OpenOceanGlobal has passed.
The money will be used for a trading contest to make Terra known to OpenOcean’s 400k users
Stay tuned for the campaign launch in 2 weekshttps://t.co/4cVV6hulUW
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) March 23, 2022
The team has approved Terra Community Spend Request 491 to support the collaboration campaign with OpenOcean Global. OpenOcean’s 400k users will be exposed to Terra through a trading competition with the funds. The campaign starts in two weeks.