Emin Gunn Serer refutes toxic narratives about Avalanche Ecosystem, AVAX Token and LUNA/UST drama
- Collapses Like AVAX, SOL, ETH, LUNA Won’t End, Here’s Why
- “A distant dream to many other chains”
Pro. Emin Gunn Serer denounced the most common misconceptions about the role of Avalanche and AVAX in the play Terra (Luna). Plus, he pointed to an aspect of the AVAX’s design that protects it from similar collapse.
Collapses Like AVAX, SOL, ETH, LUNA Won’t End, Here’s Why
First, Mr. Sirer highlighted that the Luna Foundation Guard (LFG) did not hold large amounts of AVAX coins prior to the TeraUSD (UST) crash.
LFG has very few AVAX coins. https://t.co/PxekuEXJDs— Emin Gun Sirer🔺 (@el33th4xor) 20 May 2022
Meanwhile, the AVAX supply is limited at 720,000,000 tokens: no more tokens can ever be mined by the Avalanche Foundation or third parties.
As such, AVAX is unlikely to collapse like Terra (LUNA): its tragedy must be attributed to a “death spiral” triggered by unlimited LUNA mining.
The founder of Avalanche (AVX) said that Ethereum (ETH) and Solana (SOL) are other large-caps safe from such painful scenarios.
“A distant dream to many other chains”
Mr. Sirer is also impressed with the performance of his blockchain during the altcoin massacre in mid-May. According to him, it saw unmatched transaction spikes and handled them without going offline.
Resistance to such attacks is the result of Avalanche’s technical dominance that allowed the platform to process 1.2 million transactions per day, which is more than Ethereum (ETH):
Where the avalanche is today is a distant dream for many other chains. Some require a massive upgrade to get to where the avalanche was 1.5 years ago
He also said that the increased transaction pressure did not result in an increase in gas charges on Avalanche’s C-chain.