AMA with LetsExchange and Ava Labs

Curious about how Avalanche is paving the way for the future of blockchain and institutional finance?

In a recent AMA session on Twitter spaces, Matt, BD at Ava Labs, delved into the unique advantages Avalanche offers, especially with the integration of AUSD, a gas-efficient stablecoin designed with optimized smart contracts.

The session also explored the significance of Avalanche’s Snowfort bounty system, which incentivizes community engagement and aligns with the broader goals of the ecosystem. Additionally, insights were shared on the ongoing support provided to projects through the Codebase incubator program, which helps teams scale and succeed in the market.

Hosted by LetsExchange, the one-stop crypto exchange hub supporting over 5,000 coins and tokens, the session offered a deep dive into Avalanche’s strategic moves and what lies ahead for the ecosystem.

Below are the key takeaways from the AMA session.

John from LetsExchange: What unique benefits does the Avalanche network offer for AUSD compared to Ethereum, and how does this align with Agora's long-term strategy?

Matt: AUSD not only provides revenue on the collateral but is also one of the most gas-efficient stablecoins available. This is largely due to the optimized smart contracts developed by Drake Evans, a co-founder of Agora and former head of lending at Frax Finance. These contracts make it very cost-effective to mint, redeem, and transact with AUSD. Furthermore, AUSD is fully backed by reserves managed by VanEck, consisting of cash, U.S. Treasury bills, and overnight repurchase agreements, ensuring both transparency and trust.

John from LetsExchange: What measures are in place to ensure that the bounties and rewards distributed through Snowfort are fairly managed and aligned with the overall goals of the Avalanche ecosystem?

Matt: Snowfort, developed by a team called Pakt, acts as a bounty system for our ambassadors. It’s designed to incentivize community members to engage with the Avalanche ecosystem, helping to spread awareness and onboard new users. Bounties on this platform are paid out in either USDC or AVAX, ensuring fair distribution. Snowfort is currently in its beta stages, but the plan is to expand its capabilities as part of our broader strategy to foster a strong and active community around Avalanche.

John from LetsExchange: After completing a second season of the Codebase incubator program, what kind of ongoing support can the teams expect from Ava Labs, particularly in terms of scaling their projects and entering the market?

Matt: The Codebase incubator program offers teams a stipend from the Avalanche Foundation to support the development of their projects on Avalanche. Teams that perform well in the incubator may receive follow-on investments from our Blizzard entity or the foundation itself, either in equity or tokens. Additionally, throughout the program, teams participate in a range of classes covering essential topics like marketing in crypto, tokenomics, and product-market fit. They also receive ongoing one-on-one support from Ava Labs employees, ensuring a hands-on approach that continues even after the incubator program ends.

Odin (community question): For Avalabs, I see they got a good reward for being the best startup employer. I was wondering what kind of criteria they look for in startups in order to employ them? And what kind of startups have the most advantage in order to be chosen to have the support of Avalabs?

Matt: The work-life balance at Ava Labs can be challenging, especially if you’re passionate about your work. However, it’s one of the most interesting and rewarding jobs in the world, thanks to our strong culture of camaraderie. Regarding startups, the key criteria are that the team is committed to the Avalanche ecosystem and is not involved in any nefarious activities. We’re open to working with a wide range of projects as long as they align with our values and the technological direction of Avalanche.These are just the main highlights of the AMA session. To learn more about Ava Labs, listen to the full AMA.