New York-based blockchain company developer of Avalanche (AVAX) network Founder and CEO of Ava Labs Emin Gün Sirer made statements about the collapse of Terra.
In an interview with Ava Labs CEO Sirer, the Terra ecosystem lived before it collapsed. growth, collapse and this situation AVAX ecosystem He gave his views on how it affects him.
Saying “extremely sad” about Terra’s situation, Sirer:
As you know, Terra is an ecosystem that started a little earlier than us. It’s been getting a lot of funding lately. Funds were going to Terra, which would go to AVAX, Solana, or some of the next-generation fast blockchain networks.
said.
Stating that Terra’s very rapid growth slowed down other systems, Sirer said, “Many blockchain systems started to copy Terra. Avalanche has always stayed away from such initiatives.” said.
Terra ecosystem the company’s nonprofit before it collapsed Luna Foundation Guard (LFG), native stablecoins with UST Received $100 million AVAX had announced. Along with this purchase, Avalance also bought LUNA and UST in exchange for AVAX.
Sirer, who also made statements on this subject:
Our LUNA tokens have been reset. But we were able to convert some of the USTs to dollars. This collapse did not put the Avalanche ecosystem in any trouble because the damage was insignificant.
said.