TRON DAO Reserve to Withdraw Another 3 Billion TRX to Protect USDD Peg

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For the second consecutive day, the TRON DAO Reserve announces plans to withdraw substantial quantities of TRX from trading platforms.

TRON DAO Reserve is prepared to withdraw another 3 billion TRX tokens from a centralized exchange and a decentralized finance lending protocol as part of efforts to prevent a similar occurrence of Terra’s UST collapse.on Thursday . However, the DAO did not name the CeFi and DeFi platforms where the withdrawals will occur.

With the latest announcement, the foundation intends to pull back a total of 5.5 billion TRX. The planned withdrawals are part of efforts to shrink liquidity for short traders and prevent a collapse, as was the case for Terra’s UST stablecoin. Also, the move will stop short-traders from tanking the price of TRX as the token is used to redeem USDD like LUNA for UST. If they can cause TRX to decline sharply, the coin will not be valuable enough to honor USDD redemptions.the decentralized organization revealed plans to withdraw 2.5 billion TRX tokens from Binance to “safeguard the blockchain industry and crypto market.”

The TRON DAO Reserve transferred $100 million USDC to Binance to purchase TRX and further deployed another $120 million to buy the token.to fight short positions on Binance and protect the USDD peg. However, USDD is yet to gain parity with the U.S. dollar as the algorithmic stablecoin is currently trading at $0.97, according to CoinGecko. TRX’s price, on the other hand, is $0.060.

 

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I hope $trx just go bust with dustin

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