Published:

23 nov 2021 00:14 GMT

The investor and manager of a hedge fund points out that the founders of the decentralized network have moved away from the initial goals of their crypto project.

Su Zhu, CEO of Singaporean hedge fund Three Arrows Capital, has announced that he is stopping supporting Ethereum over the huge commissions that are charged for transactions carried out in this decentralized system.

In a publication On his Twitter account, the 34-year-old billionaire confirms that he has abandoned Ethereum, although he supported it in the past, because “Ethereum has abandoned its users“.

After indicating that no newcomer can afford the use of the ‘blockchain’, the manager accused the founders of the crypto project of forget the objectives that had been raised at the beginning.

“Everyone is already too rich to remember what they initially planned to do. Perhaps, it will take a bear market to remind him or maybe we should pursue other projects, but this is what it is, nothing new under the sun “, he lamented the investor.

The commissions charged for transactions, whose value depends on the pressure of the transactions on the system, has been a source of discontent among many of the Ethereum users. Recently driven by projects like non-fungible tokens (NFT, for its acronym in English) and decentralized finance (DeFi) using the Ethereum protocol, these charges have periodically experienced unexpected and exorbitant leaps.

According to graphs from the BitInfoCharts service, the average commission grew more than three times in the last three months, registering a maximum of $ 62.84 last November 9.

Currently, this ‘blockchain’ is undergoing an update aimed at stabilizing rates.

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