Crypto

Three Arrows Capital CEO Leaves Ethereum (ETH). Why ?

Su Zhu, CEO and CIO of Singapore-based fund management firm Three Arrows Capital, announced that he left Ethereum when he was previously a supporter of the world’s second-largest cryptocurrency by market capitalization, reveals Zycrypto.com.

Su Zhu offers his bearish ether thesis

Zhu announced on Sunday that he was abandoning Ethereum in the same way that the network has abandoned its users. The head of the crypto hedge fund gets caught up in exorbitant fees on the Ethereum blockchain that keep newcomers away.

Zhu went on to say that users were upset:

“They were promised a vision for the future, then they were told they had to pay $ 100-1000 per Tx to enjoy it, then they were told stories about how they should have been smart enough to buy ETH for $ 10. ”

The founder’s dilemma

Zhu went on to say that Ethereum suffered from the “founder’s dilemma,” where influential people in the ecosystem became too rich to remember their original mission. For Zhu, a bear market would be a great help to remember these people or, better yet, developers can build elsewhere.

Over the past two hours, the CEO of Three Arrows Capital has posted several tweets targeting the Ethereum network, stating at one point that he would have preferred to see the Ethereum 1.x roadmap, as well as a focus on the well-being of users. . of headlines in network updates.

Two weeks ago, Three Arrows Capital was revealed to be one of the contributors to Blizzard, a fund offering more than $ 200 million to developers who rely on the proof-of-stake from Avalanche, an “Ethereum killer.”

AVAX to the top?

Avalanche has grown in popularity this year as its decentralized finance (DeFi) and non-fungible token (NFT) sectors flourished, in part thanks to the inexpensive nature of the ecosystem that attracts Ethereum users. The total guaranteed value of the avalanche network has officially passed a huge milestone of $ 12.62 billion, as data from DeFi Llama shows. Additionally, Avalanche is currently the fourth largest point of sale network with a capitalization of $ 33.5 billion and 61.8% of its offering currently up for grabs.

Avalanche’s native token, AVAX, was recently launched, currently up 22.44% on the day. With a market capitalization of around $ 31.53 billion, the token surpassed SHIB to become the 10th most popular network in the cryptocurrency market.

You still have the chance to participate in the contest organized by Bybit to win $ 2000 in bitcoins! To play, click here.

Clemente Dubois

I like cryptocurrencies. I have been studying it for several years, but also investing in it and working in this field. Also, I do articles on the subject where I try to be sharp.

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