Ava Labs President Doesn’t See The Platform An ETH Competitor

Ava Labs president John Wu doesn’t see his platform as an Ethereum competitor, despite nearly $2 trillion in the total market cap so let’s read more today in our latest Ethereum news.

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

“We hate that. We don’t consider ourselves an Ethereum competitor. There’s too much of this ‘us vs. them’ in this space.”

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

“There’s probably like less than a million full-time dedicated [developers] in the space, a lot less than a million. And there’s like seven million on Android alone, and four million on iOS, and god knows how many on web.”

The comparisons come in handy when explaining what you are offering because it is easier to make a comparison to someone that has done so well and ETH did a great job, he added. With a market cap of $18.8 billion, AVaX is now the world’s 11^th most valuable crypto. This time last year, AVAX had a market cap of $4 billion which indicates a 375% rise in a year. Wu added:

“I try not to pay attention to the day-to-day price. And the operative words are trying, obviously. But we’re operators, we’re builders, we care about adoption on the chain, we care about user experience, and we care about […] dApps and developers coming to the ecosystem.”

Others in the space are watching Avalanche’s growth closely and it was reported that the company is raising $350 million in new funding which can put the evaluation of $5.25 billion:

“If you spend too much money, time, worrying about the price of it—and I was a fund manager, so I know that as well from back then—the more you stare at the screens, the less effective you’re doing your jobs, frankly.”