As reported by Decrypt, the Ethereum network has been the target of harsh criticism linked to transaction fees in recent times.
Last weekend, Three Arrows Capital co-founder Su Zhu claimed on Twitter that he was leaving the network developed by Vitalik Buterin, due to increased transaction costs and decreased usability of the network.
According to Decrypt, Zhu wrote on Twitter:
Yes, I abandoned Ethereum, despite having supported the network in the past. Yes, Ethereum has abandoned its users, despite having supported them in the past.
The co-founder of Three Arrows Capital then continued, stating that, in the networking community, people have to pay hundreds of dollars for transactions just to “hear some stories about how they should have been smart enough to buy ether (ETH) a US$ 10.”
Yes I have abandoned Ethereum despite supporting it in the past.
Yes Ethereum has abandoned its users despite supporting them in the past.
The idea of sitting around jerking off watching the burn and concocting purity tests, while zero newcomers can afford the chain, is gross.
— Zhu Su ???? (@zhusu) November 21, 2021
According to Decrypt, while Zhu apologized for the words he used and praised the teams behind Ethereum’s second-tier protocols, the co-founder’s tweets had already taken on a certain proportion and awareness, including by Ethereum developers who didn’t. enjoyed hearing Zhu’s comments.
For Ric Burton, one of the developers of Ethereum, Zhu’s criticism of the network’s attempt to obtain more income is ironic, due to the team he has as an investor.
In that regard, Burton wrote on Twitter that Zhu is “an insulting supplicant who simply exists through the work of others.”
According to Decrypt, the co-founder of Three Arrows has insisted that he himself is a user of the platforms he invests in. It is important to emphasize that Three Arrows Capital invests heavily in Ethereum and in decentralized applications (“dapps”, in English), such as the Axie Infinity game (AXS) and the Aave loan protocol (AAVE).
However, the company does not stop there: Three Arrows Capital also has a diversified portfolio, which includes bitcoin reserves (BTC), dogecoin, in addition to Ethereum’s competitors such as Avalanche (AVAX) and Solana (SOL).
However, after the co-founder’s comments, some hypotheses were raised regarding Zhu’s speech.
One is that his comments, given that the multi-billion dollar reserves of several cryptocurrencies, had been an attempt to raise the prices (“pump”) of these cryptos, in order to receive more money. This assumption counters that some view rival Ethereum networks as inferior.
According to Decrypt, there is at least one positive side to Ethereum’s continuing high rates: this indicates that demand for the network remains high.
For David Hoffman, founder of Bankless, the current situation of the network developed by Buterin is not permanent. In addition, Hoffman stressed that those who wish to jump ship should put security and decentralization at the top of the list of products that may not hold up on Web 3.0.
According to the founder of Bankless, abandoning decentralization is the biggest sin in this sector and “it is easier to fix fees than to fix centralization.”
Source From: Moneytimes
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