CEO and founder of Three Arrows Capital (3AC) hedge fund Zhu Su shared his thoughts on the state of Ethereum and his role in the development of this network.
In the November 21 thread, Su suggested, that “Everyone is too rich to remember what they originally intended to do”:
“Yes, I abandoned Ethereum even though I supported it in the past.
Yes, Ethereum has ditched its users despite supporting them in the past.
– Zhu Su (@zhusu) November 21, 2021
About five hours later, Su called your followers to “Working towards a common goal”claiming that “Loves Ethereum and what the network brings with it”.
Another 7 hours passed. Su he explainedthat he wants to soften the tone of his original statement:
Want to soften this and say abandon is the wrong word. Was heat of the moment. I’m sorry.
There are great teams working on scaling Eth on L2.
Would’ve preferred to see eth1x roadmap. Also would’ve preferred focusing on users rather than holders welfare in upgrades. https://t.co/N3YTAbfVBi
– Zhu Su 🔺 (@zhusu) November 21, 2021
“I don’t know what the solution is” Su continued. “But I know that the millions of new users coming to Ethereum shouldn’t be ashamed of switching to other ecosystems. Neither should developers be embarrassed for building on new protocols. “
Su bows to the second layer
Tier 2 solutions are designed to help scale Ethereum and solve the problem of high transaction fees by supporting Ethereum off the main (Tier 1) network.
In early November, Three Arrows Capital was announced as an investor in a fund promoting the development of Ethereum’s competitor, Avalanche (AVAX).
As recently as yesterday, AVAX managed to push Dogecoin (DOGE) out of the 10th largest capitalization list for digital assets for a while, reaching a market cap of $ 30.32 billion.
Three hours before publishing the apology and withdrawing from the initially released statement, Su tweeted AVAX’s growth chart with the caption: “Top 10”:
– Zhu Su 🔺 (@zhusu) November 21, 2021
Su also urged Ethereum supporters to remember the original mission of decentralized finance (to bank the unbanked), recalling that Bitcoin (BTC) has also been attacked in the past for transaction fees of $ 0.05.
In 2014, Ethereum co-founder Vitalik Buterin said in relation to Bitcoin: “Internet Money transaction should not cost $ 0.05. It’s a bit absurd. ” The average gas fee for a transaction on the Ethereum network is currently around $ 50.
Your three cents to discuss he added Antonio Juliano from dYdX:
[risky tweet of the day 🙈]
This is said much harsher than I would put it, but I somewhat directionally agree
Ethereum has not executed over the past few years. I can’t think of a single 10x useful improvement Ethereum has made in the past * 4 years * 😕 https://t.co/TpS6obIVCj
– Antonio | dYdX 🦔 (@AntonioMJuliano) November 21, 2021
One of Su’s tweets was also answered by Ethereum developer Tim Beiko, who expressed consternation over high gas charges and fewer adoptions than expected.
“A lot of smart people working on Ethereum realize this and spend their time trying to fix it.”
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