Zhu Soo, CEO and founder of Three Arrows Capital (3AC) hedge fund, tweeted that he “left Ethereum despite supporting it in the past,” before changing his mind.
In a conversation on November 21, Su argues that the Ethereum culture “suffers greatly from the founders’ dilemma” and that “everyone is too rich to remember what they originally decided to do”.
He has since returned to the statement, although the original tweet has not been deleted at the time of writing. In a follow-up tweet about five hours later, he urged his followers to “work toward the same goal,” saying, “I love Ethereum and what it means.”
In another tweet, about seven hours after the sequel was posted, Sue apologized and explained that she wanted to “soften” her original “hot moment” statement and that “rejection is the wrong word”.
“There are great teams working on the ethics of scaling in L2. I would rather see the eth1x roadmap. I would rather focus on users rather than media well-being in campaigns.”
I do not know what solution. But I know that with millions of new users coming in, they should not hesitate to move to other ecosystems. None of the developers should be ashamed to trust them. ”
Tier 2 solutions are designed to scale Ethereum and handle high network charges by processing transactions outside the main network or Tier 1.
In early November, Three Arrows Capital was announced as an investor in Blizzard, a development fund for Ethereum’s rival, Avalanche (AVAX).
After the first tweet, AVAX fired Dogecoin (DOGE) as the 10th largest cryptocurrency by market value, reaching a market value of $ 30.32 billion. Since then, it has fallen to $ 29.3 billion.
Su tweeted the AVAX growth chart with the “Top Ten” label three hours before he made his apology and withdrew his first statement.
The outrage seems to have come in response to Synthetix creator Cain, who in a tweet on November 20 urged people to “sell what they could to maximize profits.”
“Keep this in mind when they all return to the Ethereum ecosystem, when L2 scaling becomes imminent,” Cain wrote.
Sue also urged etherealists to remember the main purpose of decentralized finance – “to provide banking services to those who do not have access to banking services,” and reminded them that Bitcoin (BTC) has been criticized in the past for its $ 0.05 gas. price.
In 2014, Ethereum co-founder Vitalik Buterin, referring to Bitcoin: “The money internet should not cost $ 0.05 per transaction. This is a kind of absurdity. “The current Ethereum gas fee is around 0.012 ETH, or $ 50 per transaction.”
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Antonio Giuliano, founder of the derivatives exchange dYdX, added to the discussion and said that although Sus’ tweet was “much sharper” than he would have liked, he “simply agrees”.
“Ethereum has not been implemented in recent years. I do not remember a single 10x beneficial improvement that Ethereum has achieved in the last * 4 years *.”
Ethereum protocol developer Tim Beiko responded to one of Sus’ tweets, acknowledging concerns about higher gas charges and less spread than expected.
“Many of the smart people who work at Ethereum are aware of this and waste their time trying to fix it,” he said.