Emin Gün Sirer Debunks Toxic Narratives Regarding Avalanche Ecosystem, AVAX Token, and LUNA/UST Drama
Prof. Emin Gün Sirer slams the most common misconceptions about the role Avalanche and AVAX played in the Terra (LUNA) drama. Also, he indicated one aspect of AVAX’s design that prevents it from similar collapses.
AVAX, SOL, ETH won’t end up collapsing like LUNA, here’s why
First, Mr. Sirer pointed out that Luna Foundation Guard (LFG) did not hold a significant amount of AVAX coins before the crash of TerraUSD (UST).
Meanwhile, the AVAX supply is capped at 720,000,000 tokens: no more tokens can ever be minted by Avalanche Foundation or third parties.
As such, there is no possibility that AVAX could collapse like Terra (LUNA): its tragedy must be attributed to the “spiral of death” unleashed by an unlimited strike from LUNA.
Ethereum (ETH) and Solana (SOL) are other large-caps protected from such painful scenarios, the Avalanche (AVAX) founder added.
“A distant dream for many other channels”
Mr. Sirer is also fascinated by the performance of his blockchain during the mid-May altcoin carnage. According to him, he witnessed unparalleled transaction spikes and processed them without going offline.
Such attack resistance is the result of Avalanche’s technical supremacy that allowed the platform to process 1.2 million transaction per day, which is more than those of Ethereum (ETH):
Where Avalanche is today is a distant dream for many other chains. Some require massive upgrades to get to where Avalanche was 1.5 years ago
He also added that increased transactional pressure did not result in gas fee spikes on Avalanche’s C-chain.
