{"id":53244,"date":"2021-11-21T17:06:14","date_gmt":"2021-11-21T15:06:14","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=53244"},"modified":"2025-09-03T14:13:16","modified_gmt":"2025-09-03T11:13:16","slug":"three-arrows-capital-chief-criticises-ethereum-and-calls-the-cryptocurrency-an-anti-utopia","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/three-arrows-capital-chief-criticises-ethereum-and-calls-the-cryptocurrency-an-anti-utopia\/","title":{"rendered":"Three Arrows Capital chief criticises Ethereum and calls the cryptocurrency an &#8216;anti-utopia&#8217;"},"content":{"rendered":"<p>The CEO of Singapore-based venture capital firm Three Arrows Capital (3AC), Zhu Su, criticised Ethereum for high fees that prevent newcomers from using the blockchain.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Yes I have abandoned Ethereum despite supporting it in the past.<\/p>\n<p>Yes Ethereum has abandoned its users despite supporting them in the past.<\/p>\n<p>The idea of sitting around jerking off watching the burn and concocting purity tests, while zero newcomers can afford the chain, is gross.<\/p>\n<p>\u2014 Zhu Su \ud83d\udd3a (@zhusu) <a href=\"https:\/\/twitter.com\/zhusu\/status\/1462216210116853762?ref_src=twsrc%5Etfw\">November 21, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abYes, I have abandoned Ethereum, despite supporting it in the past. [\u2026] The idea of sitting around idle and jerking off watching the <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-coin-burning-and-how-does-it-affect-prices\">burn<\/a> and concocting purity tests, while exactly zero newcomers can afford the chain, is gross,\u00bb \u2014 wrote him.<\/p>\n<\/blockquote>\n<p>According to Zhu, Ethereum largely suffers from the <a href=\"https:\/\/thierry-muhoza.medium.com\/summary-of-the-founders-dilemmas-by-noam-wasserman-control-vs-wealth-276a0805a2b5\">\u00abfounders\u2019 dilemma\u00bb<\/a> \u2014 the latest ones are <a href=\"#\">already too rich to remember what they originally set out to do<\/a>. His remark drew more than 4,000 likes in an hour.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abUsers are furious that they are promised a future, then say that they must pay between $100 and $1000 per transaction to enjoy it, and afterward tell stories about how it would have been smarter to buy ETH at $10\u00bb, \u2014 <a href=\"https:\/\/twitter.com\/zhusu\/status\/1462234764140683269?s=20\">\u043e\u0431\u044a\u044f\u0441\u043d\u0438\u043b<\/a> Zhu.<\/p>\n<\/blockquote>\n<p>The head of 3AC also retweeted a post by Messari founder Ryan Selkis, who noted that fully using Ethereum is affordable only to accredited investors.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I love ETH but it takes $10k to test a few new products and learn the ropes. Better than college, I guess.<\/p>\n<p>\u2014 Ryan Selkis (@twobitidiot) <a href=\"https:\/\/twitter.com\/twobitidiot\/status\/1462261400269733890?ref_src=twsrc%5Etfw\">November 21, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00ab\u041d\u0435 \u0438\u043c\u0435\u0435\u0442 \u0437\u043d\u0430\u0447\u0435\u043d\u0438\u0435, \u044f\u0432\u043b\u044f\u0435\u0442\u0441\u044f \u043b\u0438 Ethereum \u0446\u0435\u043d\u043d\u043e\u0439 \u0431\u0443\u043c\u0430\u0433\u043e\u0439, \u043f\u043e\u0442\u043e\u043c\u0443 \u0447\u0442\u043e \u0435\u0434\u0438\u043d\u0441\u0442\u0432\u0435\u043d\u043d\u044b\u0435 \u043b\u044e\u0434\u0438, \u043a\u043e\u0442\u043e\u0440\u044b\u0435 \u043c\u043e\u0433\u0443\u0442 \u0441\u0435\u0431\u0435 \u043f\u043e\u0437\u0432\u043e\u043b\u0438\u0442\u044c \u0438\u0441\u043f\u043e\u043b\u044c\u0437\u043e\u0432\u0430\u0442\u044c \u0435\u0433\u043e, \u0432 \u043b\u044e\u0431\u043e\u043c \u0441\u043b\u0443\u0447\u0430\u0435 \u0430\u043a\u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0432\u0430\u043d\u044b. \u042f \u043b\u044e\u0431\u043b\u044e ETH, \u043d\u043e \u0434\u043b\u044f \u0442\u043e\u0433\u043e, \u0447\u0442\u043e\u0431\u044b \u043f\u0440\u043e\u0442\u0435\u0441\u0442\u0438\u0440\u043e\u0432\u0430\u0442\u044c \u043d\u0435\u0441\u043a\u043e\u043b\u044c\u043a\u043e \u043d\u043e\u0432\u044b\u0445 \u043f\u0440\u043e\u0434\u0443\u043a\u0442\u043e\u0432 \u0438 \u043d\u0430\u0443\u0447\u0438\u0442\u044c\u0441\u044f \u0440\u0430\u0431\u043e\u0442\u0430\u0442\u044c \u0441 \u043d\u0438\u043c\u0438, \u043d\u0443\u0436\u043d\u043e \u043f\u043e\u0442\u0440\u0430\u0442\u0438\u0442\u044c $10 000. \u041b\u0443\u0447\u0448\u0435, \u0447\u0435\u043c \u043a\u043e\u043b\u043b\u0435\u0434\u0436, \u044f \u0434\u0443\u043c\u0430\u044e\u00bb, \u2014 \u043d\u0430\u043f\u0438\u0441\u0430\u043b \u0421\u0435\u043b\u043a\u0438\u0441.<\/p>\n<\/blockquote>\n<p>Subsequently, Zhu softened his stance, saying that the term \u201cabandon\u201d was the wrong word. He acknowledged he got carried away and there are \u201cgreat teams\u201d working on <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-layer%e2%80%912-solution-in-blockchain\">layer-2 scaling solutions<\/a>.<\/p>\n<p>He said he would like to see a roadmap for the first iteration of the network, as well as updates that \u201cfocus on users rather than the welfare of holders.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Want to soften this and say abandon is the wrong word. Was heat of the moment. I\u2019m sorry.<\/p>\n<p>There are great teams working on scaling Eth on L2.<\/p>\n<p>Would\u2019ve preferred to see eth1x roadmap. Also would\u2019ve preferred focusing on users rather than holders welfare in upgrades. <a href=\"https:\/\/t.co\/N3YTAbfVBi\">https:\/\/t.co\/N3YTAbfVBi<\/a><\/p>\n<p>\u2014 Zhu Su \ud83d\udd3a (@zhusu) <a href=\"https:\/\/twitter.com\/zhusu\/status\/1462386644296683523?ref_src=twsrc%5Etfw\">November 21, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00ab\u0421\u0435\u0433\u043e\u0434\u043d\u044f \u043f\u043e\u043a\u0443\u043f\u043a\u0430 \u0434\u043e\u043c\u0435\u043d\u043d\u043e\u0433\u043e \u0438\u043c\u0435\u043d\u0438 [\u0440\u0435\u0447\u044c \u043e \u0441\u0438\u0441\u0442\u0435\u043c\u0435 Ethereum Name Service] \u043e\u0431\u0445\u043e\u0434\u0438\u0442\u0441\u044f \u0432 $2 000. \u0420\u0430\u0437\u0432\u0435\u0440\u0442\u044b\u0432\u0430\u043d\u0438\u0435 \u043a\u043e\u043d\u0442\u0440\u0430\u043a\u0442\u043e\u0432 \u2014 \u0432 $1000. \u041f\u0440\u043e\u0441\u0442\u0430\u044f \u043e\u0442\u043f\u0440\u0430\u0432\u043a\u0430 \u0442\u043e\u043a\u0435\u043d\u0430 \u0441\u0442\u043e\u0438\u0442 $50. \u042d\u0442\u043e \u0430\u043d\u0442\u0438\u0443\u0442\u043e\u043f\u0438\u044f \u0438 \u043a \u043d\u0435\u0439 \u0441\u043b\u0435\u0434\u0443\u0435\u0442 \u043e\u0442\u043d\u043e\u0441\u0438\u0442\u044c\u0441\u044f \u0438\u043c\u0435\u043d\u043d\u043e \u0442\u0430\u043a, \u0430 \u043d\u0435 \u043f\u0440\u0430\u0437\u0434\u043d\u043e\u0432\u0430\u0442\u044c \u0441\u0436\u0438\u0433\u0430\u043d\u0438\u0435 \u043a\u043e\u043c\u0438\u0441\u0441\u0438\u043e\u043d\u043d\u044b\u0445. \u042d\u0442\u043e \u043c\u0435\u043d\u0442\u0430\u043b\u0438\u0442\u0435\u0442 \u0440\u0430\u043d\u0442\u044c\u0435, \u043a\u043e\u0442\u043e\u0440\u044b\u0439 \u044f \u0441\u0447\u0438\u0442\u0430\u044e \u043e\u043f\u0430\u0441\u043d\u044b\u043c\u00bb, \u2014 <a href=\"https:\/\/twitter.com\/zhusu\/status\/1462386649652809738?s=20\">\u0434\u043e\u0431\u0430\u0432\u0438\u043b<\/a> \u043e\u043d.<\/p>\n<\/blockquote>\n<p>Ethereum has long been criticised for high transaction fees. In October 2021, the average above $50. According to <a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&#038;category=&#038;m=fees.VolumeMean&#038;s=1634910650&#038;u=1637502650&#038;zoom=30\">Glassnode<\/a>, at the time of writing the average fee in the network stood at $39.<\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"995\" height=\"580\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu.-Dannye-Glassnode.-3-2.png\" alt=\"Head of Three Arrows Capital criticises Ethereum and calls the cryptocurrency 'anti-utopia'\" class=\"wp-image-156548\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu.-Dannye-Glassnode.-3-2.png 995w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu.-Dannye-Glassnode.-3-2-300x175.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu.-Dannye-Glassnode.-3-2-768x448.png 768w\" sizes=\"auto, (max-width: 995px) 100vw, 995px\" \/><figcaption>Data: <a href=\"https:\/\/u1f987.com\/en\/news\/october-2021-in-numbers-record-bitcoin-etf-debut-meme-token-rally-and-2-9b-for-ethereum-miners\">ForkLog\u2019s analytical report for October 2021<\/a>.<br \/><\/figcaption><\/figure>\n<p>As noted in November, Binance <a href=\"https:\/\/u1f987.com\/en\/news\/binance-adds-support-for-ethereum-layer-2-solution-arbitrum-one\">announced the integration of Arbitrum One<\/a>. Clients gained the ability to deposit ETH through the network of this Layer-2 solution.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CEO of the Singapore-based venture capital firm Three Arrows Capital (3AC), Zhu Su, criticised Ethereum for high fees that prevent newcomers from using the blockchain.<\/p>\n","protected":false},"author":1,"featured_media":53245,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1178,46,1138,1352],"class_list":["post-53244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockchain-fees","tag-ethereum","tag-opinions","tag-three-arrows-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=53244"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53244\/revisions"}],"predecessor-version":[{"id":53246,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53244\/revisions\/53246"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/53245"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=53244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=53244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=53244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}