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Jito Jito (JTO) $2.07 ↑ 2.19%
Bitcoin Bitcoin (BTC) $118,857.00 ↑ 0.59%
Ethereum Ethereum (ETH) $3,871.42 ↑ 1.12%
XRP XRP (XRP) $3.23 ↑ 1.01%
Tether USDt Tether USDt (USDT) $1.00 ↓ -0.02%
BNB BNB (BNB) $851.33 ↑ 6.99%
Solana Solana (SOL) $192.98 ↑ 3.45%
USDC USDC (USDC) $1.00 ↓ -0.01%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 1.35%
TRON TRON (TRX) $0.33 ↑ 1.30%
Cardano Cardano (ADA) $0.83 ↑ 0.31%
Hyperliquid Hyperliquid (HYPE) $44.38 ↑ 3.59%
Sui Sui (SUI) $4.20 ↓ -4.40%
Stellar Stellar (XLM) $0.44 ↓ -0.64%
Chainlink Chainlink (LINK) $19.01 ↑ 0.59%
Hedera Hedera (HBAR) $0.28 ↓ -0.97%
Bitcoin Cash Bitcoin Cash (BCH) $587.94 ↓ -2.48%
Avalanche Avalanche (AVAX) $27.24 ↑ 8.66%
Litecoin Litecoin (LTC) $113.36 ↓ -0.38%
Toncoin Toncoin (TON) $3.38 ↑ 1.02%
Shiba Inu Shiba Inu (SHIB) $0.00 ↑ 0.21%
UNUS SED LEO UNUS SED LEO (LEO) $8.97 ↓ -0.12%
Ethena USDe Ethena USDe (USDe) $1.00 ↓ -0.04%
Uniswap Uniswap (UNI) $10.90 ↑ 1.19%
Polkadot Polkadot (DOT) $4.21 ↑ 0.70%
Monero Monero (XMR) $325.40 ↑ 0.04%
Bitget Token Bitget Token (BGB) $4.70 ↑ 1.93%
Pepe Pepe (PEPE) $0.00 ↑ 1.04%
Dai Dai (DAI) $1.00 ↓ -0.02%
Cronos Cronos (CRO) $0.15 ↑ 4.58%
Aave Aave (AAVE) $302.91 ↑ 2.08%
Ethena Ethena (ENA) $0.68 ↑ 7.47%
Bittensor Bittensor (TAO) $430.33 ↓ -0.30%
NEAR Protocol NEAR Protocol (NEAR) $2.94 ↑ 0.74%
Ethereum Classic Ethereum Classic (ETC) $22.82 ↓ -0.90%
Pi Pi (PI) $0.45 ↑ 0.93%
Ondo Ondo (ONDO) $1.05 ↑ 0.05%
Internet Computer Internet Computer (ICP) $5.84 ↑ 2.16%
Aptos Aptos (APT) $4.90 ↑ 1.27%
OKB OKB (OKB) $49.16 ↑ 2.04%
Bonk Bonk (BONK) $0.00 ↑ 6.37%
Mantle Mantle (MNT) $0.82 ↓ -0.99%
Kaspa Kaspa (KAS) $0.10 ↓ -3.03%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↓ -0.28%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↓ -0.02%
Algorand Algorand (ALGO) $0.28 ↓ -0.71%
Arbitrum Arbitrum (ARB) $0.47 ↑ 2.80%
Render Render (RENDER) $4.35 ↑ 1.35%
GateToken GateToken (GT) $18.28 ↑ 2.45%
VeChain VeChain (VET) $0.03 ↑ 0.26%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↓ -0.03%
Worldcoin Worldcoin (WLD) $1.21 ↑ 2.57%
SPX6900 SPX6900 (SPX) $2.26 ↑ 11.25%
Sky Sky (SKY) $0.10 ↑ 1.19%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.27 ↑ 0.69%
Sei Sei (SEI) $0.34 ↓ -1.83%
Cosmos Cosmos (ATOM) $4.92 ↑ 2.17%
Filecoin Filecoin (FIL) $2.76 ↑ 1.92%
Jupiter Jupiter (JUP) $0.61 ↑ 3.58%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.76 ↑ 2.41%
Flare Flare (FLR) $0.02 ↑ 1.87%
Story Story (IP) $5.62 ↑ 2.71%
Injective Injective (INJ) $15.81 ↑ 3.03%
Quant Quant (QNT) $127.66 ↑ 0.15%
XDC Network XDC Network (XDC) $0.09 ↑ 2.61%
Celestia Celestia (TIA) $2.04 ↑ 1.74%
KuCoin Token KuCoin Token (KCS) $11.55 ↑ 0.24%
First Digital USD First Digital USD (FDUSD) $1.00 ↓ -0.03%
Optimism Optimism (OP) $0.81 ↑ 10.95%
Curve DAO Token Curve DAO Token (CRV) $1.01 ↓ -5.19%
Fartcoin Fartcoin (FARTCOIN) $1.38 ↑ 2.91%
Stacks Stacks (STX) $0.84 ↑ 2.82%
Four Four (FORM) $3.48 ↓ -0.10%
FLOKI FLOKI (FLOKI) $0.00 ↓ -0.23%
dogwifhat dogwifhat (WIF) $1.14 ↑ 4.38%
Immutable Immutable (IMX) $0.60 ↑ 1.10%
Ethereum Name Service Ethereum Name Service (ENS) $30.27 ↓ -1.93%
PancakeSwap PancakeSwap (CAKE) $3.18 ↑ 13.02%
The Graph The Graph (GRT) $0.11 ↑ 1.68%
Lido DAO Lido DAO (LDO) $1.16 ↑ 4.65%
Kaia Kaia (KAIA) $0.17 ↑ 1.64%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.57 ↓ -1.16%
Pump.fun Pump.fun (PUMP) $0.00 ↑ 2.84%
Sonic Sonic (S) $0.34 ↑ 0.57%
Conflux Conflux (CFX) $0.19 ↑ 2.89%
Tezos Tezos (XTZ) $0.90 ↑ 1.27%
PAX Gold PAX Gold (PAXG) $3,333.75 ↓ -0.74%
Theta Network Theta Network (THETA) $0.93 ↑ 2.13%
Vaulta Vaulta (A) $0.58 ↓ -0.34%
PayPal USD PayPal USD (PYUSD) $1.00 ↓ -0.02%
Raydium Raydium (RAY) $3.32 ↑ 7.72%
JasmyCoin JasmyCoin (JASMY) $0.02 ↓ -0.23%
Nexo Nexo (NEXO) $1.32 ↑ 0.50%
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Gala Gala (GALA) $0.02 ↑ 1.80%
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Jito Jito (JTO) $2.07 ↑ 2.19%
Home Cryptocurrency

Avalanche Reclaims 1.97M AVAX in Strategic Move to Empower Growth

Omada Apeh by Omada Apeh
14 October 2024
in Cryptocurrency, News
Reading Time: 3 mins read
0
$240B property tokenization Bergen County

The Avalanche Foundation has revealed that it is planning to repurchase 1.97 million Avalanche tokens (AVAX) that were sold to the Luna Foundation Guard (LFG) just a month before Terra’s ecosystem collapsed in 2022. The tokens sold for $100m at the time. The Avalanche token buyback goes through today at $45.5 million as the network tries to recover those tokens and keep them out of a bankruptcy liquidation system that would likely turn into an expensive risk for everybody involved.

This buyback represents a big part of the AVAX reputation as the tokens will be returned back to its Foundation’s holdings. The Avalanche Foundation made this clear in a recent statement posted on X (formerly Twitter) about its significance.

Table of Contents

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    • YOU MAY BE INTERESTED
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    • Inside CZ’s $76 Billion BNB Empire: What’s Behind the Explosive Price Climb?
  • The Terra Collapse and AVAX’s Recovery Efforts
  • Settlement Agreement and its Future Consequences
  • Moving Forward for AVAX and the Market in General

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“This action ensures that LFG would not violate the original agreement’s restrictions on the tokens’ use and shields the tokens from the complexity of a bankruptcy trustee liquidation,” they noted. The Foundation aims to restore the balance and will continue their efforts to strengthen the AVAX ecosystem with a buyback of its Avalanche token.

Avalanche Token Buyback
Avalanche Token Buyback

The Terra Collapse and AVAX’s Recovery Efforts

The Luna Foundation Guard, which uses its Lunar tokens to perpetrate the USTC-backed stablecoin shored up reserves for 1.97 million AVAX in April of this year. As at that moment, the deal was portrayed as a strategic move between Terra and Avalanche ecosystems. But just weeks later, USTC broke the link to the dollar and markets crashed.

AVAX, on the other hand, is trading at 42% below sale price. The Avalanche token buyback would help to reverse some of the impact from the collapse, easing off potential lawsuits for Terraform Labs that declared bankruptcy after it all came crashing down.

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Settlement Agreement and its Future Consequences

Under the terms of the settlement, Terraform Labs has also committed to a $45.5 million Avalanche token repurchase in early August 2024 at AVAX volume-weighted average prices over a seven-day period. The deal is detailed in an October 9 filing with the Delaware Bankruptcy Court, which has yet to approve it.

According to Terraform Labs, the settlement will save on litigation expenses and streamline bankruptcy. As they clarified in the filing, however, being able to retrieve anything close to the current market value of these AVAX tokens also protects them from losing more.

Its statement that “the proposed settlement will ‘deplete fewer assets available to distribute to creditors’ than it would have if the Debtors had been compelled to litigate potentially complex and technical issues means anything significant with respect to getting a deal done in favour of the troubled company.

Avalanche Token Buyback
Avalanche Token Buyback

Moving Forward for AVAX and the Market in General

The Avalanche token buyback is occurring as Terraform Labs phases out its operations altogether. A Delaware bankruptcy judge in September approved the company’s motion to liquidate after it  agreed earlier this year to settle with securities and  exchange commission for  $4.5 Billion.

Though the Terra collapse sent shockwaves through multiple parts of the cryptocurrency market, Avalanche’s token repurchase could serve to offset some potential concern. As the Foundation continues to face an uncertain time in global markets, the Foundation is committed long-term to maintaining a healthy ecosystem with the near 2 million AVAX recovery.

As analysts are plugged into the crypto-space, paying keen attention to this is crucial and from market observers point of view, they see it as a new lease on life for AVAX — albeit by distancing itself away from Terra’s drama-filled history. The aforementioned token buyback by the Avalanche Foundation could therefore be a watershed moment for the greater AVAX ecosystem and its growth over an extended period.

TurkishNY Radio keeps you up to date about the newest developments in the crypto space.

 

Tags: AvalancheAvalanche Token BuybackavaxTerra
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