Hey, did anyone get a chance to look at the blood moon last night?

I planned to, but would you believe I slept through it all? I did too, and it wasn't even intentional.

It was just that I was exhausted following developments with Terra over the weekend, my body refused to run on fumes anymore, and this is what happened. I decided to blink and it lasted longer than I planned.

When I opened my eyes again, it was to news that:

• The Luna Foundation Guard was breaking its silence, accounting for the $3 billion reserves spent trying to save UST
• Fantom was actively wooing Terra projects, promising a faster and more reliable network
• Ethereum co-founder Vitalik Buterin had given  his two cents on the network's collapse
• Binance's billion dollar LUNA/UST holding had plummeted to a mere $3,000.
• And El Salvador's president, Nayib Bukele was announcing a convention of central banks and financial authorities in his country to discuss Bitcoin.

The crypto-train waits on no one, my friends. Let's try to catch up.

Luna Foundation Guard accounts for $3 billion reserves

This morning (May 16th) the Luna Foundation Guard (LFG) provided an update on the reserves spent trying to save UST as its price plummeted, and promised to compensate shareholders, focusing on small investors first. The 10-tweet thread shared hours ago, explained that the LFG held an  extensive reserve prior to the attack which led to UST's depegging.

This reserve, the LFG stated, was almost completely depleted in an attempt to save UST when its price started to falter.

The remaining reserves, the Foundation said, will be used to compensate users of UST, targeting the smallest holders first. 

"We are still debating through various distribution methods," it stated, "Updates to follow soon."

This proposal to compensate the smallest holders first is aligned with a similar proposal supported by Ethereum co-founder Vitalik Buterin who spoke out on the debacle over the weekend. 

On the issue of the UST, Terra's algorithmic stablecoin, Vitalik responded to Twitter user, @sassal0x, who posted, "Stop 'experimenting' with ponzis, algostables, yield farming and other unsustainable nonsense. Start experimenting with public goods funding, governance/DAOs, decentralized identity/reputation, regenerative finance and privacy tools."

Buterin said, "Agree hard on this, with the one quibble that 'algostable' has become a propaganda term serving to legitimize uncollateralized stables by putting them in the same bucket as collateralized stables like DAI/RAI, and we need to really emphasize that the two are very different."

And in response to another Twitter thread by @PersianCapital proposing a bailout plan prioritizing smaller Terra investors, Buterin also lent a voice of support.

"Strongly support this," he posted. "Coordinated sympathy and relief for the average UST smallholder who got told something dumb about '20% interest rates on the US dollar' by an influencer, personal responsibility and SFYL for the wealthy."

Fantom woos Terra projects

American author, William Arthur Ward once said, "Opportunities are like sunrises. If you wait too long, you miss them."

Well, in this case, it wasn't exactly a sunrise, it was an eclipse- a blood moon to be exact. Terra has been bleeding, and the Fantom Foundation, having taken its own drumming in recent months, was right on hand with a gurney.

Yesterday, the Fantom Foundation issued an offer to the developers of Terra Luna projects.

Meanwhile, in unrelated news...

El Salvador hosts central banks curious about Bitcoin

While the rest of the world continues to feed on the Terra debacle, El Salvadorean president, Nayib Bukele is today hosting representatives of 32 central banks and 12 financial authorities from 44 developing countries. 

Bukele posted quite an extensive list on his Twitter account yesterday, stating that the  officials were all meeting to discuss "financial inclusion, digital economy, banking the unbanked, the Bitcoin rollout and its benefits" in El Salvador. This comes one week after he announced that El Salvador bought the dip, purchasing 500 Bitcoins at an average price of $30,744.

Well, my friends, this is it, all in the past 24 hours. I'm definitely going to try to bring you more updates as soon as I get it. In the meantime, please remember to be safe. We'll chat soon.