A huge choice by Avalanche Foundation has triggered this increase and the rate of AVAX has rose by 10%. Investors are leaping in and keeping a close watch. So, what occurred? Let’s break it down.
Smart Move with Luna Foundation Guard (LFG)
Back in April 2022, Avalanche offered a big number of AVAX tokens to the Luna Foundation Guard (LFG). Now, they desire those tokens back. The relocation is not last yet, as it requires the approval of the insolvency court. But that hasn’t stopped financiers from leaping in. Avalanche Foundation shared this news from its authorities X manage.
The Avalanche Foundation hasactually workedout an arrangement to repurchase all AVAX tokens formerly offered to the Luna Foundation Guard (LFG) in April 2022, which is now waitingfor approval from the Bankruptcy Court.
This action guarantees that LFG would not break the initial…
— Avalanche Foundation 🔺CHELOR’SDEGREE (@AvalancheFDN) October 11, 2024
LFG atfirst purchased 1.97 million AVAX tokens to assistance their UST stablecoin. However, LFG is now dealingwith insolvency. Avalanche intends to prevent a unpleasant liquidation of these tokens, and the buyback would be a