Three Arrows Capital CEO backtracks on Ethereum abandonment comments

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CEO and founder of Three Arrows Capital (3AC) hedge fund Zhu Su tweeted that he had “given up on Ethereum despite its support in the past,” before turning around on the statement.

In the November 21 thread, Su claimed that the Ethereum culture “suffers massively from the founders’ dilemma” and that “everyone is already far too rich to remember what they originally planned to do.”

He has since backed down on the statement, although the original tweet has not been deleted at the time of writing. In a follow-up Tweeter About five hours later, he called on his supporters to “work towards the same goal”, claiming “I love Ethereum and what it stands for.”

In yet another Tweeter About seven hours after the sequel was posted, Su apologized and made it clear that he wanted to “sweeten” his original statement which was written in “the heat of the moment” and that “abandonment is not not the right word “.

“There are great teams working on scaling Eth on L2. I would have preferred to see the eth1x roadmap. I would also have preferred to focus on the users rather than the well-being of the owners during the upgrades, ”he wrote.

“I don’t know what the solution is. But I know that for the millions of new users arriving, they shouldn’t be ashamed of going to other ecosystems. Developers shouldn’t be ashamed to rely on them either.

Layer two solutions were designed to help scale Ethereum and solve high network fees 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 intended to promote the development of Ethereum’s competitor, Avalanche (AVAX).

Following the initial tweet, AVAX knocked Dogecoin (DOGE) out of its spot as the 10th largest crypto by market cap, reaching a market cap of $ 30.32 billion. It has since fallen back to $ 29.3 billion.

Di tweeted an AVAX growth chart titled “top 10” three hours before issuing the apology and retraction of its initial statement.

The explosion appears to be a response to Synthetix creator Kain, who called out the people who “sold out in search of profit maximization” in a Nov. 20 statement. Tweeter.

“Remember this when they all come back into the Ethereum ecosystem once L2 scaling becomes inevitable,” Kain wrote.

Su also called on Ethereans to keep in mind the original goal of decentralized finance to ‘bank the unbanked’, reminding them that in the past Bitcoin (BTC) has been criticized for its 0 gasoline fee. , $ 05.

In 2014, Ethereum co-creator Vitalik Buterin said with reference to Bitcoin: “The ‘Internet of money’ shouldn’t cost $ 0.05 per transaction. It’s a bit absurd. Current Ethereum gas fees are around 0.012 ETH, or $ 50 per transaction.

Related: Layer Two, Multichannel DeFi Platforms Record Record Inflows As Ethereum Fees Soar

Derivatives Exchange Antonio Juliano, founder of dYdX added to the discussion, claiming that while Su’s tweet was “a lot harder” than he would have liked, he “mostly agrees[s]. “

“Ethereum hasn’t run in the past few years. I can’t think of a single useful improvement 10 times greater than Ethereum in the past * 4 years *.

Tim Beiko, Ethereum protocol developer responded to one of Su’s tweets, acknowledging concerns about high gas costs and a lower than expected adoption rate.

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