{"id":236710,"date":"2022-05-10T18:40:26","date_gmt":"2022-05-10T17:40:26","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=236710"},"modified":"2022-05-10T17:47:26","modified_gmt":"2022-05-10T16:47:26","slug":"avalanche-founder-claims-only-one-algorithmic-stablecoin-can-succeed-defends-terras-ust","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/avalanche-founder-claims-only-one-algorithmic-stablecoin-can-succeed-defends-terras-ust\/","title":{"rendered":"Avalanche founder claims only one algorithmic stablecoin can succeed \u2013 defends Terra&#8217;s UST"},"content":{"rendered":"<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The founder of <\/span><a href=\"https:\/\/cryptoslate.com\/companies\/ava-labs\/\"><span style=\"font-weight: 400;\">Ava Labs<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/cryptoslate.com\/people\/emin-gun-sirer\/\"><span style=\"font-weight: 400;\">Emin G\u00fcn Sirer<\/span><\/a><span style=\"font-weight: 400;\">, has offered his opinions on the crash of <\/span><a href=\"https:\/\/cryptoslate.com\/blockchain\/terra\/\"><span style=\"font-weight: 400;\">Terra's<\/span><\/a>\u00a0algorithmic <span style=\"font-weight: 400;\">stablecoin, <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/terrausd\/\"><span style=\"font-weight: 400;\">UST<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p>According to G\u00fcn Sirer, there is a need for decentralized algorithmic <a href=\"https:\/\/cryptoslate.com\/cryptos\/stablecoin\/\">stablecoins<\/a> in the ecosystem due to the censorship vulnerability of fiat-backed stablecoins.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Even fully-collateralized fiat stablecoins have depegged. Even some of the weak algo stablecoins have recovered. <\/p>\n<p>Some thoughts. \ud83e\uddf5\ud83d\udc47<\/p>\n<p>&mdash; Emin G\u00fcn Sirer\ud83d\udd3a (@el33th4xor) <a href=\"https:\/\/twitter.com\/el33th4xor\/status\/1523968918934728709?ref_src=twsrc%5Etfw\">May 10, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"font-weight: 400;\">G\u00fcn Sirer continued that a decentralized ecosystem needs a decentralized stablecoin that\u2019s censorship and seizure resistant. However, he doesn\u2019t think there\u2019s room for more than one decentralized stablecoin.<\/p>\n<blockquote>\n<p style=\"font-weight: 400;\"><strong>There isn\u2019t room in the market for a dozen, or half a dozen, or even just two algorithmic stablecoins. This is a market where the biggest one wins and all others lose.<\/strong><\/p>\n<\/blockquote>\n<p>In his opinion, only one algorithmic stablecoin can succeed, which will likely be the one with the most experienced team and provides users the most value. This factor is why copycat projects are failing, according to the Avalanche founder.<\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">To him, it will take more than just a technical team to lead an algorithmic stablecoin project successfully. It has to be a team that has the best open market operations.<\/span><\/p>\n<p style=\"font-weight: 400;\">G\u00fcn Sirer added a surprising statement that a U.S.-based team wouldn\u2019t be able to succeed with an algorithmic stablecoin project because of the <a href=\"https:\/\/cryptoslate.com\/us-eu-fight-over-crypto-regulation-superiority-is-regulation-viable\/\">regulatory framework<\/a> in the country. He said the only three countries with the proper regulatory framework for an algorithmic stablecoin team are Singapore, Switzerland, and South Korea.<\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The crypto CEO also stated that for any algorithmic stablecoin to succeed, the underlying chain must have a high capacity and be very resilient under high load. At the moment, only a few chains can boast of this.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Citing these reasons, he believes that UST will recover and could go on to become the real force among algorithmic stablecoins.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">On the inability of UST to defend its peg, Sirer stated that every single stablecoin, including fiat-backed stables, had been <\/span><a href=\"https:\/\/cryptoslate.com\/why-some-people-are-saying-waves-is-a-ponzi-scheme\/\"><span style=\"font-weight: 400;\">de-pegged<\/span><\/a><span style=\"font-weight: 400;\"> at one point.\u00a0<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">However, his views do not sit right with all of the crypto community, which believes that more than one algorithmic stablecoin can survive in the ecosystem.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">As of press time, UST was trading at $0.92 after <\/span><a href=\"https:\/\/cryptoslate.com\/terras-ust-in-free-fall-drops-200-basis-points-against-the-dollar\/\"><span style=\"font-weight: 400;\">losing its peg<\/span><\/a><span style=\"font-weight: 400;\"> to the dollar.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The founder of Ava Labs, Emin G\u00fcn Sirer, has offered his opinions on the crash of Terra&#8217;s\u00a0algorithmic stablecoin, UST.\u00a0 According to G\u00fcn Sirer, there is a need for decentralized algorithmic stablecoins in the ecosystem due to the censorship vulnerability of fiat-backed stablecoins. Even fully-collateralized fiat stablecoins have depegged. Even some of the weak algo stablecoins [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":236764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[76932,76937,76930],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Avalanche founder claims only one algorithmic stablecoin can succeed \u2013 defends Terra&#039;s UST<\/title>\n<meta name=\"description\" content=\"Avalanche founder, Emin G\u00fcn Sirer, in a Twitter thread, has revealed that he believes Terra\u2019s UST will bounce back stronger.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/avalanche-founder-claims-only-one-algorithmic-stablecoin-can-succeed-defends-terras-ust\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Avalanche founder claims only one algorithmic stablecoin can succeed \u2013 defends Terra&#039;s UST\" \/>\n<meta property=\"og:description\" content=\"Avalanche founder, Emin G\u00fcn Sirer, in a Twitter thread, has revealed that he believes Terra\u2019s UST will bounce back stronger.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/avalanche-founder-claims-only-one-algorithmic-stablecoin-can-succeed-defends-terras-ust\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-10T17:40:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-10T16:47:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/05\/image_2022-05-10_214533957.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/avalanche-founder-claims-only-one-algorithmic-stablecoin-can-succeed-defends-terras-ust\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/avalanche-founder-claims-only-one-algorithmic-stablecoin-can-succeed-defends-terras-ust\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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