Avalanche Foundation Completes $52 Million AVAX Token Buyback, Ending Terra Partnership

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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

GoMining Launches $100M Bitcoin Mining Fund for Institutional Investors 💰Coin: Bitcoin ( $BTC ) $85,091.00

GoMining Launches $100M Bitcoin Mining Fund for Institutional Investors 💰Coin: Bitcoin...

$PUMP Listed on Binance Alpha Projects

$PUMP Listed on Binance Alpha Projects

Israel Moves to Eliminate US Import Tariffs Amid Trade Negotiations: Impact on Agricultural Sector

On April 2nd, COINOTAG reported that Israel's Finance Minister...

Binance Wallet’s TGE for PumpBTC Surpasses Expectations with 406,023 BNB Raised

According to COINOTAG News on April 2nd, the recent...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img