From Support to Abandonment: Su Zhu’s Tumultuous Journey

In a dramatic twist, Su Zhu, the big cheese at Three Arrows Capital, tweeted about abandoning Ethereum. Yes, you heard that right! One moment he was waving the Ethereum flag, and the next, he was metaphorically throwing it out the window. In a Sunday thread, he boldly asserted that Ethereum’s culture is suffering from what he describes as the “Founders’ Dilemma,” and let’s be honest, he wasn’t holding back. Zhu expressed that many Ethereum founders are simply too wealthy to remember their initial vision.

The Twitter Rant That Shocked the Crypto World

“Yes, I have abandoned Ethereum despite supporting it in the past,” he tweeted. Ouch! He followed that up with some serious criticism, poking fun at the ‘circle-jerk’ mentality of watching transactions burn while newcomers are left wondering if they can afford a digital hotdog on the blockchain.

Backpedaling Like a Pro

But wait, there’s more! Just five hours later, Zhu decided that renouncing Ethereum might not have been the brightest idea. He went on to say, “I love Ethereum and what it stands for,” as if he’d just realized he walked out of the house in two different shoes.

So, What’s the Real Issue With Ethereum?

His tweets raised eyebrows, but also questions. Zhu wasn’t just throwing shade; he was echoing frustrations felt across the Ethereum community. The spike in gas fees and the fear that scaling solutions would cater more to long-time holders rather than new users seemed to be on his mind. Zhu expressed concerns that instead of focusing solely on holders’ welfare, the original intent of Ethereum—to offer financial freedom—was losing its shine.

The Layer 2 Dilemma

Layer-two solutions are meant to alleviate the burden on Ethereum’s main network, which has been akin to a crowded subway during rush hour. But many felt that, in the wake of Zhu’s rant, Ethereum’s current state still left too many people without a ticket to ride. Utilizing L2 solutions may sound good on paper, but in practice, it feels like a band-aid on a broken leg.

AVAX and the Competition’s Growing Pains

In the midst of Zhu’s tweets, his hedge fund made headlines as an investor in Avalanche, one of Ethereum’s competitors. This wanderlust towards Avalanche prompted a digital rise for its native token, AVAX, as it surpassed Dogecoin in market cap. It seems like Zhu may have inadvertently turned into a cheerleader for a rival team. Kind of awkward, right?

Community Reactions: The Crypto Gossip Train

The crypto Twitterati was quick to pounce on Zhu’s statements. The creator of Synthetix, Kain Warwick, threw some shade back, warning the community of those who run off for what he termed “profit maximization.” Zhu’s tweets kinda turned into a popcorn moment for many in the Ethereum ecosystem.

The Road Ahead: What’s Next for Ethereum?

As the digital landscape evolves, Zhu’s comments remind us that innovation is key. With gas prices soaring like a kite in the wind, and new platforms promising lower fees, it’s a wild race where being united under the Ethereum banner feels more challenging than ever. Vitalik Buterin’s previous critique of transaction costs still hangs in the air like stale air freshener; he claimed Bitcoin’s fees were absurd back in 2014, and here we are, 10 years later, echoing similar sentiments about Ethereum.
The question remains: can Ethereum rise to the challenge and fulfill its original mission to bank the unbanked, or will it continue to let high fees shutter the doors to newcomers? Only time will tell!