The Avalanche Foundation has repurchased 1.97 million AVAX tokens held by the Luna Foundation

ChainCatcher news, according to The Block, the Avalanche Foundation announced that it has completed the buyback of 1.97 million AVAX tokens held by the Luna Foundation, valued at approximately $52 million, officially ending its partnership with the collapsed Terra blockchain.

This buyback was approved by the bankruptcy court, concluding the token redemption plan of the Avalanche Foundation since the failure of Terra. The Avalanche Foundation plans to use the funds from this buyback for community incentives, technology incubators, and ecosystem development, further promoting the continuous growth and innovation of the Avalanche network.