Luna Foundation Guard team is trying their best to engage their BTC reserves and stabilize the situation. Simultaneously, they’re looking for investors to buy LUNA with a 50% discount, 1-year lock-up period + monthly vesting schedule for 1 year. Doesn’t sound like a bargain deal 🤷
Many investors keep their faith in UST. I mean, it once was in top-3 stablecoins with the biggest market cap. But the UST-LUNA relationship was a doubtful idea right from the start. Let me explain.
Suppose LUNA is worth $100, and you exchange it for 100 UST. Then LUNA suddenly drops to $1, and now you can exchange your 100 UST for not one, but 100 LUNA.
Basically, if UST as a stablecoin has a chance of restoring its dollar peg, LUNA looks like it’s going into a deep sh**hole and may never come back. The trust in this project has been severely damaged either way 👀