The CEO of the hedge fund Three Arrows Capital, rallied to Avalanche, criticizes Ethereum for abandoning its users with prohibitive transaction fees. He has since softened his point.
Zhu Su, the CEO and founder of powerful crypto hedge fund Three Arrows Capital, is angry. And this anger is directed at the Ethereum blockchain. Like the creator of FTX some time ago, he protests against the technical limitations of the first network.
In a message posted on Twitter, Zhu Su believes that “Ethereum has abandoned its users despite having supported them in the past. ” In reaction, he therefore announced that he would also abandon Ethereum.
Furious Ethereum users
The crypto investor is particularly upset against the cost of transactions on the network. And he believes that he is not the only one to share this indignation.
“Users are furious that they are promised a vision of the future, that they are told they have to pay $ 100 to $ 1,000 per transaction to take advantage of it,” he writes.
But Zhu Su’s anger may not be completely selfless either. At the beginning of November, Three Arrows Capita committed to the Blizzard program. More than $ 200 million will be invested in the development of Avalanche, a competitor network of Ethereum.
Su has also published a graph highlighting the growth of the AVAX token. It invited itself to the top 10 cryptocurrencies, ejecting Dogecoin for the occasion. It was only a few hours later that the leader softened his remarks.
Zhu Su tempers his criticism
Five hours after accusing Ethereum of abandoning its users, the boss of Three Arrows Capital was therefore putting water in his wine. “I love Ethereum and what it stands for”, He assured.
Zhu Su will even apologize, justifying his initial statements with an outburst. Giving up is not the right term, he tempers. In addition, he points out, scaling layer 2 on Ethereum provides part of the solution to congestion problems.
L2 networks are also full of crypto. According to the latest figures, TVL on these systems reached a record after 2 months of growth. The amount is close to 5.6 billion dollars.
Nonetheless, grievances against Ethereum remain a reality. Other users do not hide their dissatisfaction, like the founder of dYdX. Antonio Juliano feels he is unable to cite a useful improvement in Ethereum over the past 4 years.