Avalanche Co-Founder Emin Gün Sirer Discusses Macro Conditions and AVAX Sliding in Value – The crypto economy is currently experiencing a downturn, with many digital assets losing 40% to more than 80% of their value against the US dollar. For example, bitcoin (BTC) is down 56.9% from its all-time high of $69,000 set seven months ago.
Since its all-time high on November 21, 2021, the crypto asset avalanche (AVAX) has lost around 83.9 percent of its value against the USD. In a recent interview with Forbes author Steven Ehrlich, Avalanche co-founder Emin Gün Sirer discussed the AVAX downturn.
Despite the current bear market in the crypto economy, Gün Sirer is highly optimistic about the future of AVAX and feels it is the best type of blockchain technology available today. “Simply put,” the Avalanche co-founder told Ehrlich, “Avalanche is the most innovative blockchain platform gadget to date.”
“From a scientific standpoint, it represents the best technology we have for developing scalable and adaptable blockchains.” Following Gün Sirer’s comments on Avalanche, Forbes reporter Ehrlich inquired about the decline.
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Ava Labs is a private firm, according to Gün Sirer, and it is “thriving.” The firm employs approximately 180 employees, according to the co-founder, and he expects the staff to increase to 250 by the end of the year.
“We have numerous revenue streams, and we’re well-capitalized for the next, I don’t know how many years,” said the Avalanche co-founder. “As a result, we’re in a really good position as a company, and we’re developing quickly,” he added.
Gün Sirer was also asked about AVAX’s declining value, and the interviewer asked if he would share his thoughts on the matter. “There are a lot of things going on in this space,” Gün Sirer said. We printed a lot of money around the world, and now everyone wants to limit the amount of money available. All asset prices have fallen, including crypto and equities. That’s where we’re at right now.”
The Avalanche co-founder also spoke about the Federal Reserve’s policies, saying that if certain macro conditions fuelled a deeper recession, central banks might “back off of the aggressive policies.” Gün Sirer, on the other hand, stressed that the economy might change at any time, and that the fiat worth of crypto isn’t something he’s “very interested in.” Gün Sirer continued, “I’m building, and everyone I know is building.” AVAX, on the other hand, has taken a hit since the Terra LUNA and UST downturns, as investors’ faith in decentralized finance (defi) has been rattled.
Avalanche Co-Founder Emin Gün Sirer Discusses Macro Conditions and AVAX Sliding in Value – The total value locked (TVL) in defi housed on the Avalanche blockchain has declined 59.82 percent in the previous month. With $3.73 billion in value locked in, Avalanche has the fourth-largest defi TVL today. AVAX was down 76 percent when Gün Sirer conducted his interview with Ehrlich, but it is now down more than 83 percent from its all-time high.
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65.3 percent was lost in the previous month, and 19.8 percent in the last two weeks. AVAX has slid in positions among the 13,400 crypto asset market valuation, according to the Wayback Machine archives. AVAX was the 12th highest market cap on January 27, however it is now the 15th largest market cap.