In Brief:
- Three Arrow Capital’s CEO, Zhu Su revealed a reason to leave Ethereum in past.
- In later, Su apologized for the wrong word “Abandoned” in his tweet and praised Etherum development.
- Ethereum is working on a Layer-2 scaling solution to reduce transaction fees.
The CEO of Three Arrow Capital (3AC) , Zhu Su revealed the reason behind his move on to Ethereum in a tweet, he said that he has “abandoned Ethereum despite supporting it in the past,”. 3AC is a hedge fund firm.
Yesterday, Zhu Su condemned Ethereum culture that it “suffers massively from the Founders’ Dilemma,” and that “everyone is already far too rich to remember what they originally set out to do.”
After this tweet went viral, Su came back to Twitter to change his words and posted another tweet, which was completely in contrast with the last tweet. In a second tweet, he revealed that he “works toward the same goal,” claiming “I love Ethereum and what it stands for.”
However, later Zu apologized for his first tweet. He stated that it was just a “heat of the moment” and “abandon” is not the right word to describe his move on from Ethereum. Also, he praised the Ethereum blockchain team for progress on the Ethereum layer-2 scaling solution.
One of the largest blockchains, Ethereum is working on a layer-2 scaling solution to handle congestion due to a large number of transactions execution at the same time, which ultimately increases the transaction fees. Using a layer-2 scaling solution, blockchain is planning to reduce transaction fees with instant execution of the process.
Recently, leading Crypto Exchange platform Binance announced its deposit facility on Ethereum blockchain through Arbitrum, which is the first layer-2 scaling solution on Ethereum.
