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

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 is always easier to compare to someone who does such a good job and Ethereum has done a great job,” he said.

According to CoinGecko, at the time of writing, the native token of the AVAX platform is ranked 12th in the cryptoasset rating with a capitalization of $18.8 billion. In November 2021, the coin updated its historical high at levels above $110. , despite the general market correction.

The head of Ava Labs said he was trying to “ignore the daily price”.

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

According to DappRadar, Avalanche has 275 dapps that work mainly on gaming and DeFi. In terms of blocked funds (DeFi Llama data), the network ranks fourth with $10.2 billion.

The Avalanche Foundation, which was previously affiliated with the project, has launched a $290 million developer incentive program and a $100 million fund for entertainment projects.

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

In September 2021, the Avalanche Foundation raised $230 million through a special token sale. The funding was led by Polychain Capital and Three Arrows Capital.

In 2020, Ava Labs raised $12 million from a private token sale and $42 million from a public token sale. The Avalanche mainnet was launched on September 22, 2020.