The idea of "ETH abandoning users" has sparked heated debates among KOLs in the encryption circle. Will Ethereum give up the crown of the king of the public chain?
The rise of high-performance public chains such as Solana and Avalanche has triggered a KOL debate between the "emerging school" and the "classical school".
On November 20, Kain Warwick, the founder of Synthetix, tweeted that many people he respected before lost their reputations for speculation, and once Ethereum L2 became an inevitable trend, they would all pour into Ethereum. This tweet precisely touched the nerves of the founder of Three Arrows Capital, Suzhu. He ridiculed Kain in the comment area for choosing the worst scaling solution for users (referring to Ethereum and L2).
You know, Three Arrows Capital gained a lot of wealth by investing in the Ethereum project in the early days, and also invested in Synthetix in 2020. However, recently, the investment institution has turned to invest in new public chains and on-chain projects such as Avalanche, reducing its focus on the Ethereum ecosystem. Suzhu believes that Kain, who is still sticking to Ethereum, is slow.
On November 21, Suzhu continued to output his opinion, saying that he had given up on Ethereum, because Ethereum had given up its users, "newcomers can no longer use this chain." As soon as this tweet came out, the Ethereum community couldn't sit still Now, the founders of Uniswap and Balancer have joined the debate, accusing suzhu of inappropriate remarks. Ultimately, the argument was settled with Suzhu's apology.
It can be seen that with the implementation of more high-performance public chains, Ethereum is becoming a "classical school" in the eyes of some people.
However, judging from the recent progress of Ethereum, suzhu's remarks about its "abandoning users" are not objective. At present, the total lock-up value of the Ethereum L2 network has exceeded 6 billion US dollars, creating a record high. Among them, Arbitrum reduces the transaction gas fee to about $5 on the basis of performance improvement, and the other side chain dYdX does not need to consume gas fee.
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The idea of "ETH abandoning users" sparked heated debates among KOLs in the encryption circle
The rise of high-performance public chains such as Solana and Avalanche has set off a new round of public chain wars. Ethereum, which has been on the throne of public chains for many years, has once again become the focus of heated discussions due to the impact of challengers. Last weekend, there was a debate on Twitter involving many opinion leaders in the encryption circle.
On November 20th, on Twitter, Kain Warwick, the founder of Synthetix, the leading synthetic asset protocol on the Ethereum chain, pointedly stated that in this cycle, many people he respected in the early days were pursuing profit maximization at the expense of reputation. Speculation at a price. But once Ethereum Layer 2 inevitably arrives, they will all flood into the Ethereum ecosystem.
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Synthetix Founder's Tweet Sparks Controversy
Suzhu apparently thought Kain's tweet offended him. As an investment institution, Sanjian Capital has fully caught up with this wave of new public chain explosion. It not only invested in the new public chain Avalanche in the early stage, but also invested in projects on the Solana chain including the chain game Nyan Heroes. He continued to comment that there are already many projects on Avalanche that have migrated from Ethereum, "I urge you to take a closer look and rethink."
Hearing this, Kain didn't budge, "You're so excited about this, maybe you should hire a good therapist."
The two big Vs were merciless, and Suzhu simply pointed the finger at Ethereum, "Although I used to support Ethereum, I have given up on it. Although Ethereum used to support users, it has given up on users." Newcomers can no longer use this chain.” After pointing out the shortcomings of Ethereum’s high Gas, he added that everyone on Ethereum is already too rich to remember their original intentions. “Maybe it takes a bear market to remind them, or we have to build a blockchain that actually supports users elsewhere.”
As soon as this remark came out, the quarrel between the two escalated into a group debate. Soon, Uniswap founder Hayden Adams and Balancer co-founder Ric Burton arrived on the battlefield. Adams said that suzhu's statement was very bad and insulted all those who worked hard for ETH 2.0 and Layer2; Burton also began to fight back against suzhu, "It's just because you didn't enter the seed round investment of Arbitrum, Optimism and other Layer2 projects, you have nothing create."
After suzhu angered a lot of bigwigs in the Ethereum community, he seemed to realize that his remarks were inappropriate. He sent another tweet saying that "giving up" was a wrong word. He was too excited at the time. Sorry, he boasted again In order to praise the progress of Layer2, so far, the debate has subsided.
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The new chain is coming fiercely, Ethereum is accumulating Layer 2 and 2.0
Suzhu's remarks caused huge controversy, but it is undeniable that Ethereum's excessively expensive Gas fees did "dissuade" many retail players, and it was therefore dubbed the "Noble Chain".
Currently, when the Ethereum network is slightly congested, a gas fee of about US$10 is required for an ordinary transfer, and the gas fee is as high as US$100 for a transaction on Uniswap. In contrast, when performing general transactions on public chains such as Solana, the Gas fee is less than $1.
In the situation of better performance and lower costs of the new public chain, Ethereum native protocols including Curve, AAVE, and SushiSwap are also gradually expanding their versions on other chains, while protocols such as Maker, Uniswap, Compound, and Synthetix are still sticking to it. In the Ethereum ecosystem.
The choice of protocols has its own considerations, but it is obviously biased to think that "Ethereum gives up users" just because Ethereum Gas is expensive.
According to the data of Okey Cloud Chain, Ethereum is still the public chain with the largest user base and the most deposited value. Its number of currency holding addresses exceeds 69 million, and the total locked value (TVL) on the chain exceeds 169 billion US dollars, accounting for the entire The blockchain ecology has a share of more than 65%.
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The total locked value of the Ethereum L2 network exceeds $6 billion
According to the actual measurement, the transaction fee on Arbitrum can be reduced to about 5 US dollars, and the derivatives transaction on dYdx does not need to spend Gas. This shows that the Layer 2 expansion solution has indeed greatly improved the performance of Ethereum and reduced user costs. .
Recently, Vitalik, the founder of Ethereum, also encouraged Arbitrum's related communities, "I know many people are frustrated by the statement that the "Ethereum team doesn't care about users", but you have made great achievements as the backbone of the solution to the fee problem." progress".
When the new public chains are coming, the development of Ethereum 2.0 is also proceeding as planned. According to the data of Okey Cloud Chain, as of November 22, the total pledged number of ETH2.0 exceeded 8.36 million ETH, accounting for 7.12% of the total supply of ETH, and the total validators of ETH2.0 beacon chain exceeded 260,000.
On November 23, the Ethereum Foundation announced that the 2.0 test network Kintsugi is expected to be launched in the first week of December. After Kintsugi lands, the relevant EIP and specifications will enter the final call state, and the public workload proof and test network will be launched on the new One year for merger transition.
"The team is doing things" still applies to Ethereum. With the development of the Layer2 network and the landing of ETH2.0 in the future, what the founder of Synthetix said "they will all flood into the Ethereum ecosystem" is not unrealizable.
When this debate happened, "which public chain is better" was also widely discussed in the encryption circle. In the opinion of a16z partner Chris Dixon, the more "Ethereum killers", the better. People's demand for the blockchain will always exceed the supply, which will bring more public chain solutions, and the applications on the chain will follow. Evolution, and then promote the birth of a more ideal blockchain, forming a mutually reinforcing positive cycle, "Various experiments are very important, and our greater goal is to mainstream blockchain and Web3."
