21 November 2021 17:40, UTC
Reading time: ~ 2 m
Cryptocurrency billionaire and head of a large investment fund ditched Ethereum. The community supported him. Why?
Su Zhu, a cryptocurrency billionaire and head of Three Arrows Capital (3AC), has ditched Ethereum. Although the CEO used to side with Buterin, now he admits: online fees are exorbitant, the platform is clearly unfriendly to newcomers, and community leaders are not trying to solve the problem.
Su Zhu’s tweets didn’t stop there. Today, $ 77 million worth of coins were sent to the FTX exchange from the Three Arrows ETH address.
In early November, 3AC partnered with Avalanche (AVAX), a modular blockchain and potential Ethereum killer. Similar to Solana and other platforms, Avalanche offers better performance at lower fees.
Cooperation with Deloitte Corporation plays in favor of AVAX. The support of large players was enough for a beginner to bypass Shiba Inu – we already wrote about this – and then Dogecoin. Right now, the AVAX token continues to set new highs and is already in the top 10 largest.
The community supported Su Zhu’s position, agreeing that Ethereum had no advantages over its competitors.
#Arrows #CEO #ditches #Ethereum