Interview with Avalanche VP: Ethereum is not the whole solution for Web 3

Author: Golden Finance cryptonaitive

In the bull market in 2021, in order to meet the overflow demand of Ethereum, many L1 public chains pursuing high TPS have emerged, and Avalanche is one of the best.

Its token AVAX once rose to more than 135 US dollars, creating the "Avalanche myth". Some crypto funds' investments in Avalanche are also well-known in the industry.

However, in the ensuing bear market, Avalanche tokens also suffered a severe decline.

And with the launch of Arbitrum, OP Mainnet, zkSync, Starknet, Base, Polygon zkEVM and many other L2s on Ethereum, they directly undertake the needs of the Ethereum mainnet.

It may be difficult for the ecological application of Ethereum to overflow to other L1 public chains like Avalanche in the future.

**Avalanche still needs a full cycle of tests to prove himself. **

Recently, Jinse Finance interviewed Garrison Yang, vice president of growth and strategy of Avalanche, and followed him to understand the current situation of Avalanche. How does Avalanche face the competition of Ethereum and its many L2s? Where is the future use case of Avalanche?

** Jinse Finance: ** In the last round of encryption cycle, the overflowing demand from Ethereum promoted the great development of many L1 public chains including Avalanche. But in the bear market, these L1 public chains have been quiet. So, just wanted to give you an update on how the Avalanche is going?

**Garrison Yang:**Avalanche is quietly flourishing. We've been promoting games on Avalanche and touting our investments in partners in the APAC region. We are also very focused on launching our enterprise blockchain product, AvaCloud, which we have seen a significant amount of interest from institutions and enterprises looking to build their own custom blockchain. Institutional partnerships and RWAs are another area of focus for us, and we have made tremendous progress with the recent Vista Fund, Evergreen and Spruce subnet projects, as well as the tokenization of the KKR Fund and other RWAs.

** Jinse Finance: ** There are multiple L2 solutions on Ethereum that are developing rapidly. Will it have an impact on L1 public chains like Avalanche? How does Avalanche respond?

Garrison Yang: We do see many very similar L2 solutions emerging on Ethereum. I think developers realize that Ethereum itself won't be the whole solution for Web 3, which is a step in the right direction.

The goal of Avalanche is similar, we want to build a network that, together with other ecosystems (such as Ethereum), can achieve the Web 3 vision of mass adoption that we all want to achieve.

The recent addition of L2 solutions means users now have plenty of choice, as do crypto-native dApps that previously ran on public blockchains. This is a good thing!

Our focus is on building a network that can serve these users and developers as well as provide viable blockchain solutions to businesses and users not currently served by blockchain.

Institutions, enterprises, large-scale gaming, and many other applications don't work well on sharing a blockchain. They need flexibility when it comes to their tokens, gas economy, validators, compliance, and other features. Avalanche provides this technology, I think we are not an L1 blockchain, but a network where both crypto-native developers and Web 2 companies can build their own chains, or choose to deploy on Avalanche's C-chain.

** Jinse Finance: ** A big reason for the prosperity of the Ethereum ecosystem is its active developer ecosystem. How does Avalanche attract developer communities and project parties?

**Garrison Yang:**Our approach is simple: we spend time with developers and create support plans. We have community teams all over the world who are constantly organizing events of all sizes. Our DevRel team is excellent in providing support both on-site and digitally. We recently supported a local hackathon in Vietnam, just launched a hackathon in Hong Kong dedicated to university students, and launched Encode, another program dedicated to supporting university students - the next generation of builders.

We just soft-launched a program called Avalanche Academy, where any developer can enroll and take a series of courses, from deploying smart contracts, all the way to launching and configuring their own subnet. We will continue to build out Academy course content and make it free for all developers.

I can't reveal too much, but we also have an upcoming program called Codebase that aims to support developers and innovative projects. There's a lot more to come on this front.

Jinjin Finance: There are two types of Web3 games: native Web3 games, such as x2eran’s GameFi, and Web3 games built by traditional game makers on the chain. Which game do you think will attract more players to Web3? ?

Garrison Yang: Nowadays, Web3 games built by traditional game makers on the chain may be a more effective way to attract players to Web3. Crypto-native games are for a crypto-native audience, and the vast majority of players are unwilling to set up wallets, learn about cryptocurrencies, and jump through some other hoops in order to play games that fall into the GameFi category.

** Jinse Finance: ** Avalanche launched the Avalanche Vista plan to enter the RWA track, and plans to purchase RWA worth 50 million US dollars. What do you think of RWA? Avalanche's plan for RWA?

Garrison Yang: Our mission has always been to "digitize global assets", and tokenizing RWAs is actually nothing new to us, even though we just publicly announced the Avalanche Vista plan. Vista and Evergreen are the culmination of years of hard work by our institutional teams. These partnerships take a long time to build, and we're excited to finally share them with the public.

We spend a lot of time working with institutions and advising on how they use cryptocurrency channels, and we believe that a new era of on-chain finance or “OnFi” is fast approaching. With our expertise, partnerships and compliance technology, Avalanche is well-positioned to lead the tokenization of RWAs. Most recently, Securitize launched a tokenized stake in a real estate investment trust (REIT) on Avalanche, with trading expected to begin in September.

Our goal is simple, bring institutional liquidity on-chain and democratize access to assets through tokenization.