Avalanche founder el33th4xor believes that the Terra disaster could be very damaging for the industry
He admits that the Avalanche Foundation has lost “some money” as a result. However, he stressed that it was not a problem for the foundation in the grand scheme of things.
As of now, the LFG holds roughly $60 million. Even if it dumped all these coins at once, the sale wouldn’t affect the token’s price in any meaningful way since its trading volume is much higher. The Avalanche foundation was fully aware of the risks associated with algorithmic stablecoins, but it decided to go with the partnership anyway since it could yield significant results.
As reported by U.Today, Terra founder Do Kwon compared the project’s downfall to the infamous DAO hack, which causes an existential crisis for the Ethereum network.
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