backed by and what it's backed by?
Assuming you are referring to UST; it's not backed by anything.
Yes, UST. I thought the Luna Foundation Guard was buying BTC to back it?
Its a backstop, not backed by it. Theres a difference
It’s backed by $3 billion in BTC and an arb mechanism similar to Frax’s.
I see. I heard the backstop goes into play if UST goes to 0.98 right?
Interesting, do you know where can I see that? Is there something like a dashboard similar to FRAX's?
Yeah that is the idea. But the reserve isnt implemented yet so at this point its just a multisig wallet. Believe thats also why they choose to attack the peg this weekend just before 4pool incentives and the working redemption btc mechanism
https://twitter.com/lfg_org/status/1512678523546345474?s=21&t=o2D55BogkumsCVuAzUjknQ
If you don´t count LUNA, backing of UST is 9% in BTC and AVAX
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