Three Arrows Capital CEO is withdrawing comments on Ethereum’s abandonment

CEO and founder of the hedge fund Three Arrows Capital (3AC) Zhu Su tweeted that he “gave up Ethereum even though he has supported it in the past” before turning around on the statement.

In the November 21 thread, Su claimed that Ethereum culture “suffers massively from the founding dilemma” and that “everyone is already way too rich to remember what they were up to”.

Yes, I gave up Ethereum even though I supported it in the past.

Yes, Ethereum left its users despite having supported them in the past.

The idea of ​​sitting around jerking off and watching the burn and putting together purity tests while no newbies can afford the chain is gross.

– Zhu Su (@zhusu) November 21, 2021

He has since tracked the statement, although the original tweet was not removed at the time of writing. In a follow-up tweet about five hours later, he urged followers to “work towards the same goal”, claiming, “I love Ethereum and what it stands for”.

In another tweet about seven hours after the follow-up was posted, Su apologized and made it clear that he wanted to “tone down” his original “heat of the moment” statement and that “giving up is the wrong word . ”

Do you want to soften that and say, renunciation is the wrong word. Was the heat of the moment. I am sorry.

There are great teams out there working to scale Eth to L2.

Would have preferred to see the eth1x roadmap. Would also have preferred to focus on user welfare rather than owner welfare when upgrading.

– Zhu Su (@zhusu) November 21, 2021

“There are great teams working to scale Eth to L2. Would have preferred to see the eth1x roadmap. He would also have preferred to focus on user welfare rather than owner welfare when upgrading, ”he wrote.

“I don’t know what the solution is. But I know for the millions of new users that are coming, they shouldn’t be ashamed of moving to other ecosystems. Developers shouldn’t be ashamed to build on it either. “

Layer 2 solutions are designed to scale Ethereum and solve the high fees of the network by handling transactions outside of the mainnet or Layer 1.

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

After the initial tweet, AVAX ousted Dogecoin (DOGE) from its place as the 10th largest cryptocurrency by market cap, reaching a market cap of $ 30.32 billion. Since then, it has dropped to $ 29.3 billion.

Su tweeted a graph of AVAX’s growth titled “Top 10” three hours prior to the apology and retraction of his original testimony.

The outbreak appears to be in response to Synthetix creator Kain, who in a November 20 tweet called on people who are “sold out in pursuit of profit maximization.”

“Remember when they all pour back into the Ethereum ecosystem as soon as L2 scaling becomes inevitable,” wrote Kain.

Man, that little tantrum makes all of Su and his Shill Army worthy of all these ratios yesterday. At least the Ethereum community now knows what he’s really thinking. I’m glad I was able to wash the wolf out of its sheepskin.

– kain.eth (kaiynne) November 21, 2021

Su also urged the Ethereans to keep decentralized finance’s original goal of “banking the non-banks” in mind, reminding them that Bitcoin (BTC) has historically been criticized for its $ 0.05 gas fees.

In 2014, Ethereum co-creator Vitalik Buterin said of Bitcoin, “The ‘Internet of Money’ shouldn’t cost $ 0.05 per transaction. It’s kind of absurd. ”The current Ethereum gas fees are around 0.012 ETH, or $ 50 per transaction.

Related: Layer 2 and multichain DeFi platforms are seeing record inflows as Ethereum fees rise

The founder of the derivatives exchange dYdX, Antonio Juliano, added to the discussion and said that while Sus’s tweet was “much harder” than he would have liked, he “agreed to something trend-setting”.[s]. “

“Ethereum has not been executed in recent years. I can’t think of a single 10x useful improvement Ethereum has made in the last * 4 years *. ”

Ethereum protocol developer Tim Beiko responded to one of Sus’s tweets, admitting concerns about high gas charges and lower acceptance than expected.

“A lot of smart people working on Ethereum are aware of this and spend their time fixing it,” he said.

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