The Avalanche Foundation has announced the completion of the repurchase of 1.97 million AVAX tokens held by the Luna Foundation, valued at approximately US$52 million. This marks the official end of the partnership between the two blockchain platforms, which collapsed earlier this year. The buyback was approved by the bankruptcy court and signals the end of the Avalanche Foundation’s token redemption program since the Terra failure.
The foundation plans to use the repurchase funds for community incentives, technology incubators and ecosystem construction, further promoting the development and innovation of the Avalanche network.
