Ava Labs President John Wu does not see his platform as a competitor to Ethereum, despite a total market cap of nearly $2 trillion. So let’s read more in our latest Ethereum news today.

According to John Wu, President of Ava Labs, the crypto industry is too small to compare large-scale projects, which is why they don’t see themselves as Ethereum’s competitors. In 2017, the Ethereum killer became a popular marketing term to describe a new blockchain that promises faster and cheaper transactions than those offered by the industry leader, but a lot has changed since then:

“We hate that. We don’t consider ourselves competitors to Ethereum. There’s too much of this ‘us versus them’ in this room.”

Ava Labs was co-founded in 2018 by a Cornell University professor Emin Gun Sirer who claimed that Avalanche is a PoS blockchain for new financial applications and the fastest smart contracts platform in the blockchain industry. Compared to other technologies, the industry is still in its infancy:

“There are probably fewer than a million full-time employees [developers] in space, much less than a million. And there are about seven million on Android alone and four million on iOS, and God knows how many on the web.”

John woo
John Wu

The comparisons come in handy when explaining your offer as it makes it easier to make a comparison with someone who has performed so well and ETH has done a great job, he added. With a market cap of $18.8 billion, AVaX is now the 11thth most valuable crypto. Around this time last year, AVAX had a market cap of $4 billion, indicating a 375% increase in one year. Wu added:

“I try not to pay attention to the price of the day. And the key words are obviously trying. But we are operators, we are developers, we care about chain adoption, we care about user experience and we care about […] dApps and developers are coming into the ecosystem.”

Others in the industry are watching Avalanche’s growth closely, and the company has been reported to be raising $350 million in new funding, which could take the valuation to $5.25 billion:

“If you’re spending too much money and time and worrying about price — and I was a fund manager, so I know that from back then — the more you stare at the screens, the less effective Jobs you are, frankly.”

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