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Avalanche Foundation seeks court approval to repurchase AVAX from Terra’s Luna Foundation Guard

Source Cryptopolitan

Avalanche Foundation has agreed with Luna Foundation Guard (LFG) to buy back all AVAX tokens it sold to LFG in April 2022 as part of the cooperation efforts between the two projects and to improve the foundation’s liquidity. According to the post on X, the repurchase plan is now awaiting court approval.

If it goes through, it will ensure that LFG complies with the initial agreement when the tokens were sold to the organization. At the time, LFG was obliged to use the tokens it acquired as reserve assets for its treasury. However, the bankruptcy proceedings could force it to liquidate and dump the AVAX tokens, which the foundation wants to prevent.

Avalanche Foundation said:

“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 while returning 1.97M AVAX to the Foundation’s holdings.”

Avalanche Foundation further explained that safeguarding the dumping of AVAX on the open market will also enable the foundation to support the network’s growth and development.

Avalanche’s AVAX gains almost 10% in 24 hours

Following the news that LFG will not dump almost 2 million AVAX tokens on the market, the token has seen a massive performance, gaining nearly 10% in the last 24 hours. It is one of the best-performing major cap cryptocurrencies in that period, with only SUI seeing higher gains among the top 20 cryptos by market cap.

After today’s gains, AVAX is currently at $29.12, wiping off its struggles over the past few months. CoinMarketCap shows that the token has been in green for the past seven days, one month, and three months. However, it is down 30% year-to-date, highlighting how it has struggled in 2024.

Avalanche AVAX Price Performance (Source: Tradingview)

Although, its recent gains might not be entirely due to the repurchase plan. The blockchain network has also seen recent developments that have improved activity and boosted investors’ sentiments about the token. These include the recently launched Retro9000 grant program by the Avalanche Foundation for developers.

The program, which seeks to incentivize developers to build essential network infrastructure, is a lead-up to the Avalanche 9000 upgrade, which would be the biggest improvement on the network since its launch in 2020.

Terraform Labs could shut down essential services by October 30

Meanwhile, Terraform Labs, the company behind the failed Terra Luna project, plans to shut down some of its products and services by the end of October. This follows its $4.7 billion settlement with the Securities and Exchange Commission (SEC), which included an order to wind down. The shutdown could be a final resort if no third party is willing to take over those products and services.

According to a post on September 25, the company is currently engaging in discussions with third parties to acquire the affected products, which include Warp protocol, Enterprise DAO, Station Wallet, and Alliance Hub. Services that could be shut down are Finder Block Explorer, IBC Relayers, Luna Foundation Guard, Mantlemint, FCD, and API services.

With these services and products set to be affected, the community is still uncertain about what will happen next. The community is expected to retain control of the blockchain network, which might also require them to take over some of the essential services needed for the chain to operate.

However, investors are already raising concerns, believing that the shutdown of some of these services, including Station Wallet, which is the wallet for self-custody and staking Luna, could significantly impact how the Terra Luna chain performs after the bankruptcy.

Despite some efforts by the community to revitalize the project through Luna Classic and Terra Classic, the project has been struggling since its collapse in 2022 and looks unlikely to return to previous heights.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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