“Our larger mission is not just to be a dominant player in the DeFi system,” the fintech firm’s president told Insider in a recent interview. “We want to help to tokenize the $700 trillion of the world’s assets that sit on the balance sheets of financial services firms.” John Wu and Ava Labs have big plans for the crypto space.
Wu drew a distinction between avalanche and two of its layer-one altcoin competitors, ethereum and solana. He said that he expects the former to struggle due to its scalability issues, and noted the latter’s focus on NFTs.
Ava Labs created avalanche, a layer-one blockchain protocol on which $9 billion of crypto assets are locked. Its native token, avax, has soared 2,000% this year.
“Ethereum are trying to be the world’s largest computer,” he said. “They’ve had a head start, but their technology isn’t as good – if they don’t implement upgrades, they’ll end up being MySpace or…