AVAX is making strong moves. The founder of the project explains that the coin is ready for significant growth. The Avalanche founder explains how the platform has a competitive advantage over other L1s in meeting the needs of the DeFi market.
Important statements from the founder of AVAX
The AVAX founder emphasizes native “subnet” technology that can drive growth. Ethereum’s Layer-1 rival, Avalanche (AVAX), turned out to be one of the leading players among altcoins. On the weekly chart, Avalanche’s native token AVAX recorded a 33 percent gain as its price rose above $90. Emin Gün Sirer, founder and CEO of AVAX, is confident that the platform is poised to grow exponentially this year. Sirer said, “(Avalanche’s) token distribution is solid. It has a limited supply of tokens (360M) and was minted at launch and another 360M will be released in 10 years.”
A staggering 50 percent of the total AVAX distribution was offered as a wagering reward. The founder also explains that the Avalanche blockchain is extremely fast, cheap and scalable with its local subnet technology. Sirer says:
Subnets are too large. Subnets are essentially mini-blockchains that create a larger chain and speed things up a lot. Via subnets, anyone can create a private blockchain that fits their application’s needs.
What is the reason behind the success?
The founder also cites the mass adoption of Avalanche as the reason behind its success. The growth of DeFi applications in the crypto ecosystem has increased exponentially. So, if you need to compete with Ethereum, L1 competitors need to focus on DeFi, and Avalanche does exactly that. The Avalanche blockchain is fast and can process 6500 transactions per second. This makes it one of the fastest payment platforms and an alternative to Ethereum’s network congestion problems.
Many companies and institutes prefer AVAX. Different institutes can create applications according to their needs, requirements and rules. AVAX will have a fixed lifetime supply of 720 million. The Avalanche Foundation recently launched a $290 million accelerator incentive program. The Avalanche Multiverse Fund will focus on supporting new ecosystems, including blockchain-enabled gaming, DeFi, NFTs and enterprise use cases. It also aims to drive adoption and growth of the platform’s “subnet” functionality.