{"id":370585,"date":"2021-11-22T10:38:36","date_gmt":"2021-11-22T07:38:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/three-arrows-capital-ceo-backtracks-on-ethereum-abandonment-comments\/"},"modified":"2021-11-22T10:38:36","modified_gmt":"2021-11-22T07:38:36","slug":"three-arrows-capital-ceo-backtracks-on-ethereum-abandonment-comments","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/three-arrows-capital-ceo-backtracks-on-ethereum-abandonment-comments\/","title":{"rendered":"# Three Arrows Capital CEO backtracks on Ethereum abandonment comments"},"content":{"rendered":"<p>&#8220;<strong># Three Arrows Capital CEO backtracks on Ethereum abandonment comments <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvZjNkNWEzNjYtMDQ3Mi00MDMxLTk3OWItZTM0ZjJjMDE4YTk4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>CEO and founder of hedge fund Three Arrows Capital (3AC) Zhu Su tweeted that he has \u201cabandoned Ethereum despite supporting it in the past,\u201d before making a U-turn on the statement.\u00a0<\/p>\n<p>In the Nov. 21 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/zhusu\/status\/1462216210116853762?s=20\">thread<\/a>, Su claimed that Ethereum culture \u201csuffers massively from the Founders\u2019 Dilemma,\u201d and that \u201ceveryone is already far too rich to remember what they originally set out to do.\u201d\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Yes I have abandoned Ethereum despite supporting it in the past.<\/p>\n<p>Yes Ethereum has abandoned its users despite supporting them in the past.<\/p>\n<p>The idea of sitting around jerking off watching the burn and concocting purity tests, while zero newcomers can afford the chain, is gross.<\/p>\n<p>\u2014 Zhu Su  (@zhusu) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/zhusu\/status\/1462216210116853762?ref_src=twsrc%5Etfw\">November 21, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nHe has since backtracked on the statement, although the original tweet had not been removed at the time of writing. In a follow-up <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/zhusu\/status\/1462286930356277256?s=20\">tweet<\/a> about five hours later, he called on his followers to \u201cwork toward the same goal,\u201d claiming \u201cI love Ethereum and what it stands for.\u201d<\/p>\n<p>In yet another <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/zhusu\/status\/1462386644296683523?s=20\">tweet<\/a> about seven few hours after posting the follow-up, Su apologized and clarified that he wanted to \u201csoften\u201d his original statement which was written in the \u201cheat of the moment,\u201d and that \u201cabandon is the wrong word.\u201d\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Want to soften this and say abandon is the wrong word. Was heat of the moment. I&#8217;m sorry.<\/p>\n<p>There are great teams working on scaling Eth on L2.<\/p>\n<p>Would&#8217;ve preferred to see eth1x roadmap. Also would&#8217;ve preferred focusing on users rather than holders welfare in upgrades. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/N3YTAbfVBi\">https:\/\/t.co\/N3YTAbfVBi<\/a><\/p>\n<p>\u2014 Zhu Su  (@zhusu) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/zhusu\/status\/1462386644296683523?ref_src=twsrc%5Etfw\">November 21, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>\u201cThere are great teams working on scaling Eth on L2. Would&#8217;ve preferred to see eth1x roadmap. Also would&#8217;ve preferred focusing on users rather than holders welfare in upgrades,\u201d he wrote.\u00a0<\/p>\n<blockquote><p>\u201cI don&#8217;t know what the solution is. But I do know for the millions of new users coming, they should not be shamed for going to other ecosystems. Neither should devs be shamed for building on them.\u201d<\/p><\/blockquote>\n<p>Layer-two solutions were designed to help scale Ethereum and solve the network\u2019s high fees by handling transactions off the Mainnet, or layer 1.\u00a0<\/p>\n<p>In early November, Three Arrows Capital was announced as an investor in Blizzard, a fund to promote the development of Ethereum competitor, Avalanche (AVAX).\u00a0<\/p>\n<p>Following the initial tweet, AVAX pushed out Dogecoin (DOGE) from its spot as the 10th largest crypto by market capitalization, reaching a market cap of $30.32 billion. It has since fallen back down to $29.3 billion.<\/p>\n<p>Su <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/zhusu\/status\/1462334395637919750?s=20\">tweeted<\/a> a graph of AVAX\u2019s growth captioned \u201ctop 10\u201d three hours before publishing the apology and retraction of his initial statement.\u00a0<\/p>\n<p>The outburst <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be in response to Synthetix creator Kain, who called out people who have \u201csold out in pursuit of profit maximization\u201d in a Nov. 20 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/kaiynne\/status\/1461932035245707270?s=20\">tweet<\/a>.<\/p>\n<p>\u201cRemember this when they all coming flooding back into the Ethereum ecosystem once L2 scaling becomes inevitable,\u201d Kain wrote.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Man this little tantrum makes all those ratios yesterday from Su and his shill army worth it. At least now the Ethereum community knows what he really thinks. Glad I was able to flush the wolf out of its sheep clothing. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/iQFCQQoljm\">https:\/\/t.co\/iQFCQQoljm<\/a><\/p>\n<p>\u2014 kain.eth (@kaiynne) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/kaiynne\/status\/1462240101476421645?ref_src=twsrc%5Etfw\">November 21, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Su also called for Ethereans to keep in mind decentralized finance&#8217;s initial goal \u201cto bank the unbanked,\u201d reminding them that in the past, Bitcoin (BTC) was criticized for its $0.05 gas fees.\u00a0<\/p>\n<p>In 2014, Ethereum co-creator Vitalik Buterin <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=unMnAVAGIp0\">said<\/a> in reference to Bitcoin: \u201cThe \u2018Internet of Money\u2019 should not cost $0.05 per transaction. It\u2019s kind of absurd.\u201d Current Ethereum gas fees are around 0.012ETH, or $50 per transaction.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Layer-two and multichain DeFi platforms see record inflows as Ethereum fees soar<\/em><\/strong><\/p>\n<p>Derivatives exchange dYdX founder Antonio Juliano <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AntonioMJuliano\/status\/1462455083719823363?s=20\">added<\/a> to the discussion, saying that although Su\u2019s tweet was \u201cmuch harsher\u201d than he would have liked, he \u201csomewhat directionally agree[s].\u201d<\/p>\n<blockquote><p>\u201cEthereum has not executed over the past few years. I can\u2019t think of a single 10x useful improvement Ethereum has made in the past *4 years*.\u201d\u00a0<\/p><\/blockquote>\n<p>Ethereum protocol developer Tim Beiko <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TimBeiko\/status\/1462564209418403844?s=20\">responded<\/a> to one of Su\u2019s tweets, acknowledging concerns about high gas fees and a lower amount of adoption than expected.<\/p>\n<p>\u201cA lot of smart people working on Ethereum are aware of this and spending their time trying to fix it,\u201d he said.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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