Avalanche Co-founder Emin Gün Sirer Warns Of Risky L2 Projects – Details

Co-founder of Avalanche blockchain, Emin Gün Sirer, has raised an alert on the infiltration of certain layer-2 solutions, which poses risks to investors. In an X post on March 23, the Ava Labs boss expressed concerns over these “trash” projects while educating users on several of their common characteristics.

Related Reading: Crypto Scams Persist: Exit Scams, Hacks Cost Crypto Sector $160 Million In February

The Simple Authenticity Test By Emin Gün Sirer

In addition to the red flags mentioned above, Emin Gün Sirer also proposed a simple test that could help investors in screening through the masses of L2 projects being launched daily for authentic, profitable ventures. 

How To Get Free Crypto  

Firstly, the Ava Labs founder suggested identifying the main issues – known as “blockers” – in the crypto space at any time. He stated that, for example, issues such as scalability and performance were quite significant until blockchains such as Avalanche and Solana emerged with solutions. 

Emin Gün Sirer believes that supporting multiple use cases on the same platform as well as integration with traditional finance (TradFi) are currently critical issues facing the crypto ecosystem. Before investing in an L2 solution, the Avalanche co-founder advises users to assess where the project offers a genuine solution to these challenges. 

 Total crypto market valued at $2.368 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

Featured image from Forbes, chart from Tradingview

Go to Source
Author: Semilore Faleti

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.