Avalanche founder, Emin Gun Sirer believes the community excitement Stars Arena has created cannot be rivaled by Elon Musk’s X By Godfrey Benjamin 2 hours ago Updated 2 hours ago
Emin Gun Sirer, founder of the renowned Avalanche blockchain recently pointed out that Stars Arena, a social protocol built on Avalanche had achieved something even Elon Musk’s X couldn’t. Sirer’s comments come as a defense of the protocol which just suffered an exploit.
The Exploit on Stars Arena
On Saturday, the crypto community was shaken when news of a $3 million exploit in the Stars Arena protocol broke. Like many other Decentralized Finance (DeFi) projects, Stars Arena had fallen victim to a reentrancy scam. While such incidents are not unheard of in the crypto space, the response of Stars Arena’s founder drew significant attention.
The Avalanche founder took to social media platform X, to share his thoughts on the situation. He began by acknowledging the substantial sum of $3 million, stating, “Let’s be clear: $3 million is a lot of money for a regular person. Heck, $3k is a lot of money for a regular person, and specifically, even $30 was a lot of money for me when I was a long-time graduate student.”
However, what made this response remarkable was the founder’s perspective on Stars Arena’s success which transcends the current challenge. Sirer emphasized that the project had earned over $120k in a single day, with its revenue chart resembling a rocket launch.
He noted that the user engagement and excitement surrounding Stars Arena had reached levels that even Elon Musk’s widely acclaimed project, X, had not achieved. The Avalanche founder asserted, “$3 million is absolutely not a large amount for this particular team with these ground facts,” a proof that it could bounce back from its current woes.
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Implication of Emin Gun Sirer’s Statement
The key implication was that Stars Arena had the capability to raise the required funds to recover from the exploit, given its substantial revenue stream and impressive growth trajectory.
This notion is not unfounded, as Sirer noted that successful projects like Axie Infinity and Wormhole had previously secured hundreds of millions in funding to overcome related obstacles during their respective journeys. Additionally, the founder highlighted that Stars Arena has swiftly secured funding, which it announced during one of its Spaces sessions.
Sirer noted that there is a concerted effort to identify and locate the hacker responsible for the exploit. Surprisingly, the hacker’s identity appeared to be doxed on the blockchain, further illustrating the crypto community’s determination to bring them to justice. In all, Sirer shows optimism that the Stars Arena protocol can eventually be revived despite this current exploit.