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Inside Terra’s $2.38 Billion Reserves, What Made The Lineup?

Best Owie
Best Owie
3 years ago
3 mins read
Terra Luna

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Terra (LUNA) has been aggressive about filling up its reserves with trusted cryptocurrencies to serve as a backup for its stablecoin UST. This has evolved over time to include a number of various cryptocurrencies that now make up its reserves sitting at $2.38 billion. This is still a long way from where the Luna Foundation plans for its reserves to be, making it a work in progress. In this report, we take a look at these reserve currencies and the portion allocated to each one.

Diving Into Terra’s Reserves

As mentioned previously, Terra’s crypto reserves have gone up to as high as $2.38 billion since it first announced it was starting the reserves. Luna Foundation Guard has been putting more money into its Bitcoin reserves, which it plans to get to at least $10 billion in BTC with time. This makes the pioneer cryptocurrency the largest of the holdings in this regard. Although there are other cryptocurrencies that mark the lineup, bringing the total to four.

Related Reading | ADA To Rebound With Integration Of USDT And USDC On Cardano?

Following behind Bitcoin are the ERC-20 tokens which combined make up the second-largest percentage of the reserves at 23.2%. These are both stablecoins USDC and USDT, coming out to a total of $549.80 million of these tokens serving as reserves for USDT. 

Additionally, Terra’s native token, Luna, also makes the list of reserves used by the network. It accounts for 7.2% of all reserves with a dollar figure of $172.20 million and a total token balance of 2.25 million Luna tokens. 

Terra (LUNA) price chart from TradingView.com

The foundation recently purchased an additional 123.89 BTC to add to its reserves bringing its total to 42.53K BTC. This put Bitcoin in the large majority at 69.6% of all reserves, coming out to a total dollar value of $1.66 billion.

Where’s AVAX?

Last week, it was announced that Terra would add AVAX to its reserves as a way to combat the rising competition. This came as a result of a collaboration between Avalanche Foundation, Terraform Labs, and the Luna Foundation Guard who had said they would be purchasing about $200 million worth of AVAX to add to its reserves. 

Related Reading | Bitcoin Clings To $40K On Easter Sunday As Crypto Seen To Head Lower In The Short Term

Do Kwon, founder of Terra, had explained that the decision to add AVAX to Terra’s reserves had been fueled by the loyalty to the network. However, a look at LFG’s reserves shows that there is no AVAX in sight. This could easily mean that the foundation is yet to add AVAX to its reserves.

However, per the deal with Avalanche Foundation, both the Avalanche Foundation and Terraform Labs currently hold $100 million worth of AVAX each, while the Avalanche Foundation now holds $100 million worth of LUNA and $100 million worth of UST.

Featured image from CryptoSlate, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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