The Luna Foundation Guard, a non-profit organisation, has been established to assist in the upkeep and maintenance of the Terra ecosystem as a decentralised counterparty to Terraform Labs. This organisation will serve a variety of purposes, including ecosystem promotion and direct funding of various activities through grants, which will be distributed through its website beginning January 31.
Terraform Labs co-founder Do Kwon revealed the new project on Twitter, telling followers that the business has contributed 50 million LUNA, valued at $4 billion, to the cause. Do Kwon, Nicholas Platias, Kanav Kariya, Remi Tetot, Jonathan Caras, Jose Maria Delgado, and Bill Chin are among the founders and leaders of the organisation, which will be based in Singapore.
In addition, the foundation will work to keep the UST stablecoin linked to the US dollar, as stated by Kwon on his social media account.
“First, building a decentralized forex reserve against which $UST can be redeemed during currency contractions. It will work towards reserves to operate decentralized and onchain.”
