Avalanche COO’s recent equivocal tweet claiming that Ethereum is better under Avalanche sparked mixed reactions on the social platform. Drawing talk from both sides, some in the Avalanche community expressed concerns about the executive’s sanity. How justified are his claims or is it just drivel?
Ethereum as an Avalanche subnet? Bold
Avalanche COO Kevin Sekniqi last week extended a hand to Ethereum’s Vitalik Buterin, asking that his blockchain considers restructuring as an Avalanche subnet.
Through a Twitter thread, the Avalanche COO described what he believes to be good blockchain infrastructure.
“Building good distributed systems is all about reducing the time to finality, which is a function of both throughput and latency, while also making sure that you don’t make unforced centralization errors (collapsing processing to a single unit).”
Sekniqi explained that the perfect network would have to be boring, simple, and conceptually simple, asserting that it stands to remain that ‘simplicity is king’ for blockchain technology. However, this would happen at the expense of decentralization.
The Avalanche exec went on that this idea of perfect distributed architecture would eliminate the need for layer two technologies which he finds to be unimportant to the blockchain achieving its critical goals despite their “cool technology.” This was a reference to sharding and zero-knowledge rollup technologies.
His most architecturally sound blockchain infrastructural design that achieves goals and solves for the most critical problems is one which allows layer one networks to link with reliable (secure) bridges. He added the l1s must be non-complex, with a simple and clean design, naming Ethereum, Solana, Cosmos, Luna, and Avalanche as some of the eligible chains. He added that these blockchains have pros for their cons, and they will only get better with time.
In that line of thought, Sekniqi proposed that Ethereum should really consider setting up as a subnet on Avalanche, thereby suggesting talks with the network’s co-creator, Vitalik Buterin.
“Ethereum should honestly just figure out how to become an Avalanche subnet. I say this genuinely out of good will because they will 100% be better off. [Vitalik Buterin] we should talk.”
Ethereum enthusiasts didn’t receive the proposition well, pointing to the hundreds in multiples (more than 23 times) that Ethereum has in validators compared to Avalanche. Others even called him out on attention farming.
Further, the Avalanche COO also noted a serious need for reforms on Solana’s price markets. On the side, he warned to be wary of predictions around crypto markets, be it from venture capitalists or the big trader accounts.
Report: Ava Labs sets sights on $350 million funding round at $5.25 billion valuation
The Avalanche network, which has seen significant growth this year despite tough market condition, is set to benefit from a move by its parent company to bolster its financial status. A Thursday report by Bloomberg detailed that Ava Labs is eyeing a raise worth $350 million. The raise would elevate the company’s valuation to $5.25 billion.
The news outlet noted that people familiar with the matter insisted they remain anonymous. Details of the round remain undisclosed to the general public.
Last month, Ava Labs announced that it had previously completed a $230 million private sale of AVAX tokens to leading crypto venture capital funds, including Three Arrows Capital and Polychain. Though the round was only disclosed recently, it was closed back in June 2021.
The appeal of Avalanche’s ecosystem even to competing industry giants is picking up pace. Terra recently bought $200 million of AVAX tokens to serve as a reserve for its algorithmic stablecoin. Last month, the blockchain firm held a conference in Barcelona, with around 3,500 people including developers and researchers attending the 6-day event.
To learn more about Avalanche, visit our Investing in Avalanche guide.
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