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Luna Foundation Guard: Swap 5M Luna from the LFG treasury to UST (around $450m) over the next 2 weeks.

2022/03/05 10:16

Luna Foundation Guard (LFG), the ecological development organization of Terra, posted on twitter today that due to the high demand in UST, the maximum amount is being minted by the protocol everyday. As a result, people have turned to the curve pool to get their UST, which has caused the curve pool to become unbalanced. At the LFG Governing Council’s most recent meeting, the council voted to swap 5M Luna from the LFG treasury to UST (around $450m) over the next 2 weeks. LFG will sell the UST into the currently unbalanced curve pool. The proceeds of the sale will be used to purchase BTC to grow the current reserve.
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