Play It Forward DAO’s position on UST and LUNA’s recent market crash
You probably already heard about the crypto market crash of the stablecoin TerraUSD (UST) and its sister token Terra (LUNA). From trading at almost $120 earlier this year, LUNA’s price dropped to $0.30 while UST fell to $0.58.
The team behind Terra is hard at work to come up with a proposal to salvage UST and LUNA but there’s no definitive timeline for any solution and subsequent market recovery. This current event may be concerning for Play It Forward DAO’s investors. We thought it best to address any uncertainties and explain our position on the issue.
Does Play It Forward DAO have any large exposure to UST and LUNA?
Play It Forward DAO does not hold UST or LUNA in our token investments for our treasury. 95% of our stablecoin holdings are in USD Coin (USDC) and a smaller amount in Tether (USDT), which are both maintaining their prices around $1 despite the ongoing crypto market crash.
Our stablecoins are held across reputable CEX and CeFi platforms as well as our safe wallets to ensure that the investments are safeguarded while earning healthy returns. Our treasury report for the first quarter of 2022 provides a clear view of our liquid investments and illiquid holdings.
Based on the above, we can affirm that the ongoing situation surrounding Terra has had a limited negative impact on the liquidity situation of Play It Forward DAO. Moving forward and with the current market backdrop, we will be more prudent in deploying our cash reserves to ensure the long-term health of Play It Forward DAO.
About Play It Forward DAO
Play It Forward DAO is a metaverse eco-system builder with a focus on Web3 game investment and a large-scale guild of 3,000+ gamers (Railings University) across the Philippines, Indonesia, and Vietnam.
The company aims to provide broad access to play-to-earn gaming by educating, empowering, and integrating underprivileged communities into the P2E industry. PIF DAO is positioned to be the growth engine of a Plug-and-Play metaverse by allowing its members to invest, play, learn and earn.