Luna Foundation Guard (LFG) officially established as a non-profit organization dedicated to supporting the Terra ecosystem and open source technology | News

SINGAPORE, January 19, 2022 /PRNewswire-PRWeb/ — The Luna Foundation Guard (LFG), a non-profit organization based in Singapore, announced its formation and mission focus to support and support the growth and development of open source technology, facilitating the realization of a decentralized economy. The entity, whose first prerogative is to focus on building up reserves to better protect the UST anchor during adverse market conditions, and second, to allocate grants funding the development of the Terra ecosystem. LFG will receive an initial allocation of 50 million LUNA from Terraform Labs (TFL) to launch its planned initiatives.

“LFG’s mandate to continuously support the stability of Terra stablecoins and the development of the ecosystem powered by top Terra builders provides a new path for the growth and sustainability of decentralized money,” said Do. Kwon, co-founder and CEO of Terraform Labs. “A decentralized economy needs decentralized money, and LFG provides another set of resources to achieve that goal.”

Initial focus areas for the LFG include raising awareness of blockchain technology, creating educational programs, awarding grants for product development, and making online communities transparent about ongoing activities and projects.

LFG’s primary focus will be the economy of Terra, specifically funding DeFi projects that wrap demand for Terra’s algorithmic stablecoins and pioneer the emergence of decentralized currency at the base layer of a emerging DeFi technology stack. Initiatives eligible for grants include open source development, research and education, and community growth.

In particular, the LFG will prioritize peg stability and sustainability of Terra’s flagship stablecoin, TerraUSD (UST). The UST stablecoin is currently the 4th overall stablecoin by market capitalization in the crypto industry, and the first decentralized stablecoin in the market with an outstanding supply of nearly 11 billion UST.

“LFG’s mission will reshape the way the industry views algorithmic stablecoins and their long-term sustainability,” says Nicholas Platias, Founder of Chronos Finance. “The LFG offers another lever to close the demand loop for Terra stablecoins, creating a dynamic economy around their use in Web 3 applications and providing more robust peg defenses during volatility.”

The LFG will be advised and overseen by an international board and will continue to add builders to its Terra ecosystem members in the future. Initially, the Council will include the following industry experts and leaders:

  • Do Kwon (co-founder and CEO of Terraform Labs)
  • Nicholas Platias (Founder of Chronos Finance)
  • Kanav Kariya (President of Jump Crypto)
  • Rémi Tetot (Co-founder of RealVision)
  • jonathan caras (Project Manager at Levana Protocol)
  • Jose Maria Delgado (Co-founder of Delphi Digital)
  • bill chin (Head of Binance Labs Fund)

The formation of LFG represents the first step in Terra’s highly anticipated {REDACTED} announcement, which has sparked interest and speculative discussions on social media over the past month. The LFG is currently looking to hire highly motivated individuals with deep industry experience as it ramps up its grantmaking framework this year. Going forward, the LFG will serve as the hub of activity for the Terra ecosystem and beyond – reviewing proposals and allocating grants that advance its mission.

About the Luna Foundation Guard

The Luna Foundation Guard (“LFG”) is a nonprofit organization dedicated to creating and delivering greater economic sovereignty, security, and sustainability of open source software and applications that help build and to promote a truly decentralized economy. Through community stewardship, fostering innovation, and supporting research and development of various aspects enveloping open source software and applications, the LFG serves as a vital nexus of resources and guidance for an emerging DeFi technology stack. .

Media Contact

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SOURCE Luna Foundation Guard (LFG)

Aubrey L. Morgan