The head of Ava Labs refused to call Avalanche a competitor to Ethereum

The cryptocurrency industry is still too small to compare large projects. However, this approach is useful when describing the product being created, said Ava Labs President John Woo as part of a podcast. Decrypt.

The startup is behind the development of Avalanche, an open source platform for running decentralized applications, public and private blockchains. According to Wu, the project is not a competitor to Ethereum.

“It’s always easier to compare to someone who did such a good job and Ethereum did a great job,” he said.

According to CoinGecko at the time of writing, the native token of the AVAX platform occupies the 12th place in the rating of crypto assets by capitalization with an indicator of $18.8 billion. In November 2021, the coin updated the historical maximum at levels above $110, despite the general market correction.

The president of Ava Labs said he tries to “ignore the daily price.”

“But we are operators, creators, we care about web acceptance, we care about user experience, and we care about […] dapps and developers coming into the ecosystem,” Wu added.

According to DappRadar, 275 dapps are running on Avalanche, predominantly in gaming and DeFi. By the amount of blocked funds (data DeFi Llama) the network ranks fourth with $10.2 billion.

Check Also: What New Blockchain Projects Are Launching This Quarter?

Formerly associated with the project, the Avalanche Foundation launched $290 million developer incentive program and $100 million fund for entertainment projects.

Recall that in April 2022, Bloomberg sources reported that Ava Labs opened a funding round for $350 million at a valuation of $5.25 billion.

In September 2021 Avalanche Foundation raised $230 million during a private token sale. The funding was led by Polychain Capital and Three Arrows Capital.

In 2020, Ava Labs collected $12 million as part of a private token sale and $42 million within the public. Avalanche mainnet launch took place September 22, 2020.