2024-11-07
On November 6, 2024, the Avalanche
Foundation has repurchased 1.97 million AVAX tokens from the defunct Luna
Foundation Guard (LFG), which was created by Terraform Labs' Do Kwon.
This repurchase, valued at $52 million, marks the end of Avalanche's involvement with the failed algorithmic
stablecoin project TerraUSD (UST).
The funds from this repurchase will be
used to support grants, incubators, and events to drive community and
technological development within the Avalanche ecosystem.
