The Avalanche Foundation has successfully concluded a significant buyback of 1.97 million AVAX tokens from the Luna Foundation, valued at around $52 million. This strategic move marks the end of the partnership with the defunct Terra blockchain, as reported by The Block on November 7th. The buyback was permitted by a bankruptcy court, finalizing Avalanche’s long-awaited token redemption strategy post-Terra’s collapse. The proceeds from this transaction are earmarked for enhancing community incentives, establishing a technical incubator, and furthering ecosystem development initiatives. This approach not only aims to bolster the Avalanche network’s growth but also fosters innovation within the blockchain space, supporting its long-term viability and resilience.
Source: https://en.coinotag.com/avalanche-foundation-completes-52-million-avax-token-buyback-ending-terra-partnership/