Holpop News

Nonprofit organization Luna Foundation Guard raised $1 billion through the sale of LUNA tokens.
The funding round was led by Jump Crypto and Three Arrows Capital, with participation from DeFiance Capital, Republic Capital, GSR, Tribe Capital and others.
The proceeds “will be used to create a bitcoin currency reserve for the UST Stablecoin.”
“One of the common criticisms of algorithmic stablenecoins is their reflexive nature and the hypothetical risk of a bank runaway scenario where the demand to sell stablenecoin exceeds supply such that it causes an aggregate decline in the price of both native tokens. While the widespread adoption of UST as a consistently stable asset due to market volatility should already disprove this, the decentralized reserve may provide additional opportunities to maintain the peg in contraction cycles, which reduces the reflexivity of the system,” Terra said