- Zhu announced his departure from the network on Sunday.
- Three Arrows Capital, announced as a sponsor of Blizzard.
Mr. Su Zhu, the CEO, and CIO of Three Arrows Capital, a Singapore-based investment management company, has tendered his departure from Ethereum. Which is the world’s second-largest cryptocurrency by market capitalization, effective immediately. Zhu announced his departure from the network on Sunday after abandoning the network’s users. According to the CEO, the high Ethereum blockchain expenses discourage newcomers from investing.
Zhu said:
“they’re promised a vision of the future, then told that they have to pay $100-1k per tx to enjoy it, and then get told some tales about how they should’ve been smart enough to buy ETH at $10.”
Then he said that Ethereum was experiencing “the founder’s dilemma.” In which prominent people have become too affluent to remember their original goal. According to Zhu, a bear market would be beneficial in recalling them. Developers are free to build in other places.
Avalanche Developers Funded
Earlier this month, the CEO of Three Arrows Capital sent out a series of tweets to the Ethereum network. Stating his support for the Ethereum 1.x plan and his desire to see consumers rather than holders prioritized in network developments.
Three Arrows Capital has been announced as a sponsor of Blizzard. A fund that has pledged more than $200 million to developers working on Avalanche. Moreover, this proof-of-stake cryptocurrency is dubbed the “Ethereum killer.”According to CoinMarketCap, the Ethereum (ETH) price today is $4,372.23 USD with a 24-hour trading volume of $14,363,419,119 USD. Ethereum has been up 2.87% in the last 24 hours.
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