Terraform Labs founder Do Kwon, which has bought $10 billion worth of Bitcoin in the past few weeks, says an Ethereum competitor is “brighter” than various altcoin projects.
Bitcoin whale highlights future smart contract platform
One of the world’s largest Bitcoin whales, Do Kwon, in a recent series of tweets, said that smart contract-enabled Blockchain Avalanche (AVAX) is currently the largest claims to have one of the usage levels:
Today, no one can dispute that Avalanche is one of the most fascinating Web3 ecosystems. One of the most trafficked first-tier Blockchains at the moment, with hundreds of apps covering DeFi and play-to-win ecosystem. The numbers are impressive.
According to DeFi Llama, the DeFi-focused analytics firm, Avalanche’s its locked-in total value (TVL) is now over $10.8 billion, up 3,500% from less than $300 million just a year ago. The significant increase in AVAX’s TVL, which measures the total capital held under Avalanche’s smart contracts, points to increased user acceptance. According to Terra’s co-founder, Avalanche’s future looks bright because he believes AVAX will be one of the most powerful engines to power the next generation internet:
However, Avalanche’s prospects are much higher. As Blockspace gets crowded and monolithic networks suffer, we are reminded of the necessity of a horizontally scaled future with each bull market. Web3 will run on several chains, most of which are Avalanche subnets.
What is a subnetwork?
In Avalanche, subnets or subnets (subnets) are validators that allow other projects to create their own layer-1 or layer-2 blockchains. Do Kwon claims that the Luna Foundation Guard’s recent announcement that it will purchase $100 million worth of AVAX to act as a replacement asset for Terra’s stablecoin UST will limit the supply of AVAX over time:
UST popularity Avalanche AVAX will become increasingly rare and will synchronize the stablecoin’s growth with that of Layer-1’s developers and users.
The Luna Foundation Guard is a non-profit organization tasked with raising funds to aid IHR. After more than $10 billion in BTC purchases, he returned to the crypto market on Wednesday and purchased an additional $227 million worth of Bitcoin (BTC).
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