The Luna Foundation Guard (LFG) said Monday that it will lend out hundreds of millions of dollars worth of bitcoin and the stablecoin UST in order to defend the latter's peg amid a period of market volatility.
, LFG said that it would"will proactively defend the stability of the $UST peg & broader Terra economy, especially under volatility and the uncertainty of macro conditions in legacy markets."- Loan $750M worth of BTC to OTC trading firms to help protect the UST peg.May 9, 2022
"The traders will trade the capital on both sides of the market to help accomplish both #1 and #2, eventually maintaining parity of the LFG Reserve pool as market conditions progressively stabilize," the thread went on to explain.includes Terraform Labs co-founder Do Kwon, Terraform Labs head of research Nicholas Platias and Jump Crypto president Kanav Kariya, among others.
The Singapore-based non-profit group was formed in January to support the Terra ecosystem as well as"the sustainability and stability of Terra’s algorithmic stablecoins," according to an announcement post at the time.
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