CRYPTO

Three Arrows Capital CEO backtracks on Etherium abandonment remarks

Zhu Su, CEO and founder of hedge fund Three Arrows Capital (3AC), tweeted that he had “left Ethereum despite supporting it in the past” before making a U-turn in the statement.

November 21 Thread, Sue claims that Ethereum culture “suffers greatly from the hesitations of the founders,” and that “everyone is already so rich that they can’t even remember what they actually started doing.”

He has since returned to the statement, although the original tweet was not removed at the time of writing. A follow up Tweet About five hours later, he urged his followers to “work towards the same goal” “I love Etherium and what it means.”

In another Tweet About seven hours after posting the follow-up, Sue apologized and clarified that she wanted to “soften” her original statement, which was written in the “heat of the moment” and “the wrong word to leave.”

“Great teams are working to scale Eth in L2. I would love to see the eth1x roadmap. The upgrade would also focus on the user rather than the welfare of the holder, ”he wrote.

“I do not know what the solution is. But I know that millions of new users are coming, they should not be ashamed to move to another ecosystem. The gods should not be ashamed to build on them. “

Layer-two solutions were designed to help Ethereum scale and manage network high fees by managing transactions from Mainnet or Level 1.

In early November, Three Arrows Capital was announced as an investor in Blizzard, a fund for the development of Ethereum competitor, Avalanche (AVAX).

Following the initial tweet, AVAX pushed Dogecoin (DOGE) out of its spot as the 10th largest crypto in terms of market capitalization, reaching a market cap of $ 30.32 billion. Since then it has dropped to 29.3 billion.

Of Tweet A graph caption “Top 10” of AVAX’s rise comes three hours before the withdrawal of its initial statement and the issuance of an apology.

The outrage seems to be in response to synthetics maker Cain, who called on people to “sell out in search of profit maximization” on November 20. Tweet.

“Keep in mind that L2 scaling will become inevitable once they all flood into the etherium ecosystem again,” Kane writes.

Sue called on Etherians to remember the primary goal of decentralized money was to “bank the bankless”, reminding them that in the past, Bitcoin (BTC) was criticized for its $ 0.05 gas fee.

In 2014, Vitalik Buterin, co-founder of Ethereum, commented on Bitcoin: “The Internet of Money should not cost $ 0.05 per transaction. It’s kind of irrational. ” The current Ethereum gas fee is about 0.012ETH, or $ 50 per transaction. “

Related: Layer-2 and multichan defy platforms see record flows as Ethereum fees increase

Antonio Giuliano, founder of the derivatives exchange dYdX Added In the discussion, he said that although Su’s tweet was “much tougher” than his preference, he “agreed in some way.”[s]”

“Ethereum has not been effective for the last few years. I can’t imagine a 10x useful improvement that Ethereum has made in the last * 4 years *.

Etherium protocol developer Tim Beiko Feedback In one of Su’s tweets, she expressed concern about higher gas fees and lower-than-expected acceptance.

“A lot of smart people working at Ethereum are aware of this and are spending their time trying to fix it,” he said.