Before making a U-turn in a statement, Zhu Su, CEO and founder of hedge fund Three Arrows Capital (3AC), stated on Twitter that he had “abandoned Ethereum despite supporting it in the past.”
Su stated Ethereum’s culture is “seriously troubled by the Founders’ Problem” and that “everyone is already too rich to recall what they originally planned to do” in a speech on Sunday.
He later walked back his statement, albeit the original tweet was still up at the time of writing. He implored his followers to “work towards the same goal” in a follow-up tweet five hours later, writing, “I adore Ethereum and what it stands for.”
Su apologized in a follow-up tweet nearly seven hours later, stating that he wished to “soften” his previous comment, which was deemed “hot right now” and “to leave the wrong name.”
“Large organizations are attempting to measure Eth in L2.” Would you like to see a street map of eth1x? “And I’d rather focus on users than the owners’ welfare in development,” he wrote.
“I’m not sure what the answer is. However, I believe that the millions of new users who are on their way should not be ashamed to switch to a different environment. Developers should not be embarrassed to develop on top of it.
“Two-layer solutions are intended to aid in the measurement of Ethereum and the resolution of high network costs by allowing transactions to be managed without the use of a mainnet, or first layer.”
Three Arrows Capital was revealed as an investor in Blizzard, fundraising for the creation of Avalanche, an Ethereum tournament, in early November.
Following the first tweet, Avalanche’s native cryptocurrency, AVAX, surpassed Dogecoin (DOGE) as the tenth-largest cryptocurrency market, with a market cap of $ 30.32 billion. Since then, it has plummeted to $29.3 billion.
Su published an AVAX growth graph labeled “top ten” three hours before apologizing and retracting her initial remark.
The epidemic appears to be in response to Synthetix inventor Kain Warwick’s tweet on Saturday, in which he dubbed people “sellers for large profits.”
If the L2 rating is inescapable, remember this when they all return back full of Ethereum ecosystem,” Kain stated.
Su further urged Ethereans to remember the first recognized financial policy of “bankruptcy,” noting that Bitcoin (BTC) has been chastised in the past for its $ 0.05 transaction fees.
Vitalik Buterin, co-creator of Ethereum, said of Bitcoin in 2014: “The cost of using ‘Internet Money’ should not be more than $0.05 per transaction. It’s completely absurd.” Ethereum gas is now priced at roughly 0.012 Ether (ETH), or $ 50 per task.
Antonio Juliano, the founder of the derivatives market dYdX, added to the conversation, noting that while Su’s tweet was amusing, “He agrees in some ways that it is more complicated” than he would like. “In the last few years, Ethereum has never been murdered. “I can’t think of a single tenfold advance Ethereum has achieved in the last four years.”