Company: MLAC
Filing Date: 2025-12-30
Form Type: 425
Source: 0001213900-25-126602
Chunk: 7

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-12-30
Form: 425
Chunk 7
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 there’s a lot of things that happen in an ecosystem that have value that doesn’t fully or majority kind
of accrue down to the token. So like, so if you think about Ethereum, right, which is, you know, the largest non-Bitcoin blockchain, and
I always have kind of thought like, you know, Bitcoin is digital gold, right? It’s over here. And there’s a world where people
might build applications on Bitcoin, but it feels like we’re pretty far away from that. So excluding that, in Ethereum, you’ve
had, you know, it’s the largest blockchain, it’s the oldest. And there are a lot of applications that have built on top of
Avalanche, right? Aave, right, is worth $4 billion. It’s one of the largest, if not the largest lending protocol. You have like
Uniswap, right, which is a trading platform DAEX that it’s on top of, built primarily on top of Ethereum. That’s worth like
$4 billion. You know, a lot of the value of those companies doesn’t go down to the Ethereum network. Some does, but like, it wasn’t
as if if you owned, you know, Uniswap or if you owned Aave, you know, you got a different kind of return than what trickled down to Ethereum.
You know, the value of, you know, fully diluted value of Ethereum, you know, give or take, you know, rounding broadly is probably like
$500 billion. A lot of the excitement around Ethereum is stablecoin usage, right? And Tether is the biggest stablecoin in the world. Tether’s
worth $500 billion. So like Tether being, you know, and some of that accrues down to Tron because there’s a lot of Tether on Tron.
So like some value accrued down to Ethereum from Tether, but like how much? And like how much accrued from Aave and how much accrued from
all of these other platforms out there, Uniswaps of the world. So like there’s definitely a network effect that will happen that
will accrue more value. So if you’re looking to get exposure to implementation and growth of the Avalanche ecosystem, you can own
AVAX and like that should work to some degree. But all of these L1s that are being built on top of Avalanche, where you have these kind
of private companies or governments