Soo Zhu, co-founder of Three Arrows Capital, a cryptocurrency hedge fund, said he no longer supports the Ethereum ecosystem. In his opinion, the developers of the project have forgotten about its main goal.
Su Zhu was an Ethereum fan and preacher. However, now the direction in which the project is developing does not suit him at all. Zhu stressed that the creators of the second cryptocurrency got too rich and forgot the original goals of the project.
“Yes, I left Ethereum despite past support. Just like Ethereum left its users, although it previously supported them. The developers sit and look at the burning of coins with pleasure, conduct tests for purity, and at this time beginners simply cannot afford to use this network. It’s disgusting”, – wrote Zhu on Twitter.
These are high transaction fees on the Ethereum network. Now, according to BitInfoCharts, the median commission is $ 15. At the same time, a few days ago it reached $ 65. According to Zhu, the founders of Ethereum became so rich that they forgot their original goals.
“Perhaps a bear market is needed to remind them of their goals. Or we need to develop projects on other networks “, – writes he.
Yesterday, November 21, Three Arrows Capital transferred almost 18,000 ETH (about $ 75 million) to the FTX wallet. It looks like the coins are planned to be sold. That said, the company recently invested in Blizzard’s venture capital fund focused on supporting projects for the Avalanche network, which is being promoted as a faster and cheaper alternative to Ethereum.