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Do Kwon 🌕
@stablekwon
1/ The LFG Council just voted to deploy 1.5B in capital (0.75B in BTC, 0.75B in UST) to allay market concerns around UST. Some more context on why and how:
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LFG | Luna Foundation Guard
@LFG_org
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1/ Over the past several days, market volatility across crypto assets has been significant. The market turmoil is also reflected by the past week's uncertain macro conditions across legacy asset classes.
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Do Kwon 🌕
@stablekwon
2/ First, *LFG is not trying to exit its bitcoin position*. The goal is to have this capital in the hands of a professional market maker such that: 1) Buy UST if price < peg 2) Buy BTC if price >= peg thus significantly strengthening the liquidity around UST peg
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Do Kwon 🌕
@stablekwon
3/ While buys and sells of UST are not meaningfully directional now, we felt it was valuable to have capital ready to be deployed in the current market. As markets recover, we plan to have the loan redeemed to us in BTC, increasing the size of our total reserves.
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Marf
@Marf68896203
Can you comment on the Luna minting? Before UST recovered with large minting of Luna, why not this time? I believe it's Luna minting is not being maxed out atm...
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