This article reviews the beginning and end of the fierce debate between Suzhu, the founder of Three Arrows Capital, and the Ethereum community

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This weekend, a rare large-scale debate took place in the Twitter circle of the encryption industry. Almost most of the well-known KOLs participated in it, and it gradually evolved from a personal quarrel to a public chain structure dispute.

The debate first occurred around 13:00 on Saturday, Beijing time. Synthetix founder Kain Warwick tweeted, "In this cycle, many people I respect in the early days were chasing opportunistic gains at the expense of reputation in pursuit of profit maximization. Please Keeping this in mind, once L2 scaling becomes inevitable, they will all flood the Ethereum ecosystem.”

This remark may be aimed at the behavior of KOLs and investment institutions in many industries to strongly support public chains such as Avalanche, Solana, and Fantom, boosting the price of their tokens and benefiting from them.

Half an hour later, Suzhu, the founder of Three Arrows Capital, posted the price K-line of SNX/BTC and the news link of Kain Warwick’s purchase of real estate for more than 30 million U.S. dollars under his Twitter, and replied: “You have chosen Worst scaling solution to protect your own ETH positions, thereby effectively impoverishing your own community, and now have the audacity to insult anyone not as obtuse as you?"

Since the beginning of the year, although the Synthetix token SNX has risen by nearly 300% at the highest point, it has only risen by about 20% based on the current price ($8.67), which may be one of the worst-performing mainstream DeFi tokens. The current market value in circulation is about $1 billion. Three Arrows Capital became one of SNX's investment institutions in 2020.

Among the mainstream DeFi projects on Ethereum, only a few projects such as Synthetix, MakerDAO, and Uniswap have not yet been deployed on the L1 public chain outside of Ethereum, while projects such as Aave, Compound, Curve, Yearn Finance, and Sushiswap have all been deployed on Avalanche, Fantom Wait for public chain deployment.

As the founder of Three Arrows Capital, suzhu has invested heavily in public chain ecological projects such as Avalanche and Solana in the past few months, and even more than 70% of suzhu’s tweets in the past few days have been fancy support for Avalanche and its token AVAX. Therefore, suzhu believes that Kain Warwick is too stubborn on the Ethereum ecology, and believes that supporting L1 public chains such as Avalanche is a very reasonable choice.

"I'm trying to fund and support projects that bring greater economic freedom to the world, and Avalanche is doing just that. You're doing your own thing, and that's fair. But you can't show your methods without a public whiplash more correct than others."

“It disturbs me to see you focus more on ensuring the value of your ETH asset rises than on making sound technical decisions for your community. At Avalanche we welcome many DeFi projects starting with Ethereum. I urge You observe carefully and rethink." Suzhu continued to reply.

Kain Warwick replied to suzhu, saying, "I'm actually impressed with how you feel aroused by this incident. It almost feels like you are feeling guilty for your choice. Maybe you should ask an assistant to find you a good therapist ?”

Within a few hours, the two sides had at least 10 rounds of dialogue around the above-mentioned topic, and fiercely criticized each other, even reaching the level of personal attacks.

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At 8:00 a.m. Beijing time on Sunday, Suzhu tweeted, "Although I used to support Ethereum, I have given up on it. Although Ethereum has supported users in the past, it has given up on users. Newcomers can no longer use this article." chained."

“Ethereum culture is deeply shaped by the founders’ plight. Everyone is already too rich to remember where they started. Maybe it needs a bear market to remind them, or we have to build new real user-supporting zones elsewhere.” blockchain."

In this speech,Suzhu, as one of the biggest beneficiaries of the ecological explosion of Ethereum, made it clear that he would abandon Ethereum, which aroused the counterattack of many die-hard supporters of the Ethereum ecosystem, including Unsiwap founder Hayden Adams, Balancer co-founder Ric Burton, etc., Ethereum founder Vitalik indirectly responded to this matter in Discord.

Unsiwap founder Hayden Adams commented: "This is a very bad practice and incredibly insulting to everyone working on ETH 2.0 and L2s, especially from those who have gained extraordinary wealth from the support of Ethereum builders. "

Balancer co-founder Ric Burton replied, "Just because you didn't get into the seed round of Arbitrum, optimism, or any decent ZK project, doesn't mean we're sitting there as a community. You're a very insulting supplicant , just exist for someone else’s work. You’re creating nothing but exiting the narrative.”

Bankless founder David Hoffman replied,Giving up on decentralization is the biggest sin you can commit in this space. Fixed fees are easier than fixed centralization.

The founder of venture capital firm Placeholder criticized Suzhu's public mocking behavior itself, "If you are an investor operating in the private market, it is unacceptable to try to publicly humiliate an entrepreneur who is making a sincere effort. "

ContinueCapital co-founder Pi Ma indirectly expressed support for Kain Warwick at the level of industry development, "It has nothing to do with technical routes, but identity attributes, although we are supporters of multi-chain ecology. Any company founder needs to be all in. , and there are few retreats, the longer it gets, the harder it becomes; and capital is ultimately about optimizing resource allocation but cannot replace projects. For so many years, how many of the top 50 richest people in the world except Buffett rely on investment? They are all founders of top companies.Creating value is far better than discovering value.”

At the same time, suzhu did not mention the value of the Ethereum L2 expansion plan at all in his previous speech, which also caused dissatisfaction among many people. Vitalik also indirectly responded to this matter in Arbitrum's discord community, "I know that many people are interested in the "Ethereum team" Don’t care about users” remarks, but you have made great progress as the backbone of the solution to the handling fee problem, and now you have obtained the withdrawal channel of Binance, and hope to get support from more projects in the future (we will soon develop Centralized cross-Rollup bridge).”

It can be seen that most of the criticisms are aimed at suzhu's "abandoning" Ethereum. Such a relentless statement puts suzhu in an extremely unfavorable position in the field of public opinion, and almost no well-known KOLs stand up to support it.

However, many KOLs in the encryption industry still expressed clear support for the development of L1 outside of Ethereum. For example, Stani Kulechov, the founder of Aave, expressed support for the innovation and decentralization of all networks, while AC, the founder of YFI, tweeted that Avalanche’s Consensus mechanisms and their implementations are solid technologies that suffer from state bloat, but so does ETH.

Arthur, founder of DeFiance Capital, said that from the perspective of game theory, the best move for top Eth DeFi applications is to deploy to any legal EVM-compatible L1. If not, another team forks it and magically sucks billions of value out of you with minimal work, "We're likely to see some SNX forks on other chains gain more than SNX Higher valuations, which is really unfortunate."

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At about 7 o'clock on Sunday night, the incident ended with Suzhu's apology. Suzhu tweeted, "I want to soften this and say quitting is the wrong word. I was too excited. Sorry."

"I will be forever grateful to the Ethereum ecosystem for giving us the opportunity from the very beginning.I'm pissed off by a small group of people who should realize they don't represent the larger community. "

In addition, suzhu also recognized Ethereum L2, saying that there are many excellent teams on L2 dedicated to expanding Eth, and the strongest L2 product is dydx on starkware.

But at the same time, suzhu also defended his previous argument, "In 2019, DeFi's focus is to provide banking services for the unbanked. In 2016, many Ethereum people criticized Bitcoin for charging $0.05. Rapid development By now, tons of users are being locked out, their funds are stranded on-chain, etc.”

"I don't know what the solution is. But I do know that with millions of new users coming, they shouldn't be ashamed of entering other ecosystems. Developers shouldn't be ashamed of building on top of them either." .”

“I think both bitcoiners and ethereumers have too much nostalgia for the past. Crypto pts are about giving a new generation similar opportunities and freedoms, not asking them to bow their heads and pay our rent, or marvel at how much we morning."

Therefore, Suzhu said that he is more willing to see the roadmap of ETH L1, and hopes that Ethereum will pay more attention to users rather than the welfare of holders when upgrading.

Suzhu's apology calmed the anger of Ethereum supporters to a certain extent, but as Kain Warwick said, "At least now the Ethereum community knows what he really thinks. I am very happy that I can drive the wolf out of the sheep's clothing.", suzhu Future Relations with the Ethereum community may take a long time to ease.

For a long time, the competition between Ethereum and major public chains has become increasingly fierce. In particular, public chain currencies such as SOL, AAVX, and FTM have all ushered in recent surges under the support of capital.Due to the conflict of interests, the contradictions among the various public chain communities are actually gradually accumulating, this debate is actually an outbreak of contradictions.

There is no doubt that the cohesion of the Ethereum community has been fully reflected in this debate, and its position as the leader of the public chain is still stable. Issues such as Fang OG’s underestimation and the relationship between VC and entrepreneurial projects are still worthy of more people’s thinking.