Saturday, November 27, 2021
HomeCrypto MiningBillionaire Avalanche backer Su Zhu stirs up controversy after Ethereum criticism

Billionaire Avalanche backer Su Zhu stirs up controversy after Ethereum criticism


Crypto billionaire Su Zhu took to Twitter yesterday to criticize Ethereum, the world’s second-largest blockchain by market cap, setting off controversy in crypto circles and its enchantment for buyers and builders alike. 

“Sure, I’ve deserted Ethereum regardless of supporting it prior to now,” he shared. The 34-year-old added that the excessive transaction gasoline of Ethereum is hindering its mass adoption and is making it troublesome for builders to deploy sensible contracts. 

Ethereum payment hike 

In accordance with BitInfoCharts, the common value of sending a transaction over the Ethereum community has risen significantly over the previous couple of years, hovering as much as 1,360% for the reason that starting of June 2021. 

The gasoline charges paid every time a transaction is initiated are pocketed by crypto miners, who’re accountable for processing and confirming the transactions despatched over the community. 

Excessive transaction prices are largely pushed by elevated demand for processing transactions over Ethereum, which immediately contributes to the hovering gasoline charges costs. 

Zhu condemns the Ethereum payment hike

Zhu has accused early adopters of possessing a “rentier mentality” and has condemned the fixed surge recorded within the transaction charges charged on the Ethereum community.

He additionally acknowledged how the gradual rise in Ethereum’s costs has been driving away buyers and has hampered its mass adoption. 

“Customers are furious that they’re promised a imaginative and prescient of the longer term, then instructed that they must pay $100 to $1,000 per transaction to take pleasure in it. That is dystopian and ought to be handled as such. As a substitute, it’s celebrated due to the payment burn,” he additional added.

Because of the Ethereum payment spike, cheaper blockchain networks resembling Solana, Avalanche, and Ronin have benefited tremendously by attracting new buyers and likewise by accommodating professionals who’re trying ahead to adopting networks which have excessive low transaction charges and a monitor file that boasts sooner processing of crypto transactions. 

Nonetheless, the crypto billionaire had, afterward, softened his stance on Ethereum and lauded the scalability of its L2 integration. It’s to be famous that Su Zhu is an energetic Avalanche proponent, and has tweeted a number of instances in assist of the community. Three Arrows Capital

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