Three Arrows Capital Billionaire CEO Su Zhu Boldly Drops Ethereum for This Reason - Bitxcon
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Three Arrows Capital Billionaire CEO Su Zhu Boldly Drops Eth...
Investment, News

Three Arrows Capital Billionaire CEO Su Zhu Boldly Drops Ethereum for This Reason

Su Zhu is the CEO and chief information officer at Three Arrows Capital, a Singapore-based fund management company. He has announced that he has decided to leave Ethereum, despite being an advocate of the second-largest cryptocurrency market capital.

Su Zhu outlines his bearish thesis for Ethereum

CEO Su Zhu declared on Sunday that he will be leaving Ethereum in the same manner as the network abandoned its users. The exorbitant Ether blockchain fees that keep newcomers away from crypto hedge funds are causing Zhu great pain.

Zhu claimed that users are frustrated that they’re promised a future vision, then told they must pay $100-1k per TX to enjoy it. Then they’re told stories about how they should have been smart enough to purchase ETH at $10.

The founder’s dilemma is where influential people in the ecosystem are too wealthy to remember their original purpose. Zhu believes that a bear market could help remind these people. Developers can also build elsewhere, which is even better.

The Three Arrows Capital CEO has been posting a series of tweets over the last few hours aimed at Ethereum network. One of these tweets stated that he would prefer to see the Ethereum 1.x roadmap and a greater focus on users than holders welfare in network upgrade.

Three Arrows Capital was revealed as one of the contributing investors to Blizzard. This fund offers over $200 million to developers who use proof-of-stake Avalanche.

Avalanche’s decentralized finance (DeFi), and non-fungible tokens (NFT) sectors have grown in popularity. This is partly due to the low-cost ecosystem that attracts users from Ethereum. According to DeFi Llama data, the Avalanche network’s total value has reached $12.62 billion. Avalanche currently holds the fourth-largest PoS Network with a $33.5 Billion staked capitalization, and 61.8% of its current supply.

Avalanche’s native symbol, AVAX has been on a roll recently. AVAX is up 22.4% in the last 24 hours. The token, which has a market capital of $31.53 billion is now the 10th most valuable network in the cryptocurrency marketplace.

Read Also: KuCoin launches $ 100 Million funds and joins the Metaverse Race

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