- Avalanche founder, Emin Gün Sirer, defends the resilience and potential of Stars Arena despite a recent exploit.
- Sirer believes Stars Arena has achieved engagement levels even Elon Musk’s X project hasn’t reached.
In a recent event that jolted the crypto space, Stars Arena, a decentralized finance (DeFi) protocol operating on Avalanche, suffered a financial breach amounting to $3 million. Such breaches, although distressing, are not novel in the decentralized ecosystem. However, it was the reaction of Stars Arena’s founder and the subsequent support from Emin Gün Sirer that became the talk of the crypto town. This defense and perspective were voiced via a tweet by Emin Gün Sirer.
Let's be clear: $3m 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.
But we're talking about a highly successful project here. Stars Arena… pic.twitter.com/EzujGkentv
— Emin Gün Sirer🔺 (@el33th4xor) October 7, 2023
Emin Gün Sirer took to Twitter, highlighting the success of Stars Arena despite the recent setback. While acknowledging the significant nature of the $3 million, Sirer contextualized it against the backdrop of the platform’s exceptional growth. Specifically, he underscored the impressive feat of Stars Arena generating a staggering $120k in just a single day. This upward trajectory, in Sirer’s perspective, was indicative of an engagement and buzz that surpassed that of even Elon Musk‘s acclaimed project, X.
What This Means for Stars Arena’s Future
Drawing from the past successes of renowned projects such as Axie Infinity and Wormhole, Sirer suggested that Stars Arena is well-positioned to rebound. He emphasized their capability to secure necessary funds, evidenced by their immediate funding acquisition, announced in a recent “Spaces” session. Additionally, with the crypto community rallying to identify the hacker – who seems to have left traces on the blockchain – there’s a collective intent to rectify the situation. Sirer’s tweets resonate with hope, emphasizing a belief in Stars Arena’s ability to move past this incident with renewed vigor.