Terraform Labs donates $1.1B for Luna Foundation Guard’s reserves
On Friday, Do Kwon, founder and CEO of Terraform Labs (TFL), which develops the blockchain ecosystem consisting of Terra Luna (LUNA) and the TerraUSD stablecoin (UST), announced that TFL had donated 12 million LUNA ($1.1 billion) to the Luna Foundation Guard.
Kwon noted the funds, denominated in LUNA, will be burned to mint UST to grow the LFG’s reserves.