Avalanche (AVAX) Emin Gün Sirer, founder and CEO of Avalanche and AVAX Terra (Luna) disclosed misconceptions about their role in the crash.
“LFG Does Not Have Significant Amounts of AVAX”
Sirer is primarily a member of the Luna Foundation Guard (LFG). TerraUSD (UST) He underlined that he did not hold a significant amount of AVAX coins before his collapse:
In times like now when people are worried, beware of people spreading false information. They want to make a quick profit by separating you from your coins.
The number of AVAX coins held by LFG is too small to matter. The maximum number of AVAX that can be printed so far is 720 million. This has never changed.
At times like the present, when people are nervous, be careful of people who spread information. They want to make a quick profit by separating you from your coins.
Some quick observations.
— Emin Gün Sirer🔺 (@el33th4xor) May 20, 2022
“What Happened in Terra, Does Not Happen in Avalanche, Ethereum and Solana”
Sirer, a collapse similar to the one Terra experienced, AVAX, Ethereum or in Solana He claimed that it would never happen:
Terra’s failure is unique to the way it works between UST/LUNA, where an infinite number of LUNA tokens can be minted. A similar failure cannot occur with AVAX, ETH or SOL.
The Avalanche founder also gave praise to the AVAX network:
While Avalanche works flawlessly in very heavy traffic, other networks stop frequently and some go backwards daily.
Where AVAX is today is a distant dream for many other chains. Some need major upgrades to get AVAX to the position it was 1.5 years ago. Others need “advanced research” to live up to their promises.
“AVAX Overtakes Ethereum Last Week”
In addition, Sirer said that more transactions were made on AVAX than ETH last week:
Subnets are a practical way to scale horizontally. Last week #Avalanche processed an average of 1.2 million transactions per day, more than Ethereum.
Finally, Sirer thanked the members of the AVAX community for their performance in the last days:
Overall, a big thank you to everyone who has kept their pace in the Avalanche Community. We’ve accomplished a lot together, but the potential ahead is much greater than anything we’ve done so far.
*Not investment advice.