The dispute over the public chain pattern triggered by diss, the founder of Three Arrows Capital

Original title: "The Whole Process of the Hottest Controversy of the Year: Three Arrows Capital's Founder's Tweets Caused Half of the KOLs in the Encryption Industry to Crusade"

Original Author: Hu Tao, chain catcher

From

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

The debate first took place around 13:00 Beijing time on Saturday, when Synthetix founder Kain Warwick tweeted, "In this cycle, early on, I respect A lot of people chasing opportunistic gains at the expense of reputation in pursuit of profit maximization. Keep this in mind, as soon as L2 scaling becomes inevitable, they will all flock to the Ethereum ecosystem."

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This remark may be aimed at many industry KOLs and investment institutions who 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, was pushing 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 were posted below, and he replied: “You have chosen the worst scaling solution for users to protect your own ETH positions, thereby effectively impoverishing your own community, and now have the audacity to insult anyone who is not as dull as you?"

Year to date, Synthetix generation Although the currency SNX has risen by nearly 300% at the highest point, it has only risen by about 20% based on the current price ($8.67). It may be one of the worst-performing mainstream DeFi tokens, with a current market value of about $1 billion. Three Arrows Capital became one of SNX's investment institutions in 2020.

Among the mainstream DeFi projects in Ethereum, only a few projects such as Synthetix, MakerDAO, and Uniswap have not been deployed on the L1 public chain outside of Ethereum, and Aave , Compound, Curve, Yearn Finance, Sushiswap and other projects have been deployed on public chains such as Avalanche and Fantom.

Suzhu, as the founder of Three Arrows Capital, has invested heavily in public chain ecological projects such as Avalanche and Solana in the past few months, and even suzhu has invested more than 70% of the past few days The tweets are all fancy support for Avalanche and its token AAVX. 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, it's Fair enough. But you can't act like your approach is more correct than everyone else's without a public whiplash."

"Seeing you're more focused on securing ETH It makes me uneasy that assets go up in value, instead of making sound technical decisions for your community. At Avalanche, we welcome many DeFi projects starting with Ethereum. I urge you to take a closer look and rethink.” suzhu Continue to reply.

Kain Warwick replied to suzhu, saying, "I'm actually impressed by the way you feel inspired by this incident, it almost feels like you are fighting for your own. Choose to feel guilty. Maybe ask an assistant to find you a good therapist?"

Over several hours, the two sides had at least 10 rounds around the aforementioned topic In the above dialogues, fierce criticisms were launched against each other, even reaching the level of personal attacks.

After the debate subsided briefly, suzhu retweeted 4 bloggers’ tweets criticizing Ethereum or Synthetix, but the influence of the discussion was still Rather limited, suzhu's fierce speech the next day really pushed the debate to detonate the entire encryption industry.

Outbreak

At around 8 a.m. Beijing time on Sunday, suzhu tweeted, "Although I Supported Ethereum in the past, but 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 chain."

“Ethereum culture is heavily 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 a new real world elsewhere. Blockchain that supports users."

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 is It aroused the counterattack of many hardcore 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 people who made extraordinary wealth with the backing of the builders of Ethereum.”

Balancer co-founder Ric Burton replied, “It’s only because you don’t Getting 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 who exists only for someone else's work. Other than exiting the narrative, You didn’t create anything.”

Bankless founder David Hoffman replied that giving up decentralization is the biggest sin you have committed in this field. Fixed fees are easier than fixed centralization.

The founder of venture capital firm Placeholder criticized suzhu's public ridicule itself, "If you are an investor operating in the private market, try to It is unacceptable to publicly humiliate an entrepreneur who is making sincere efforts.”

ContinueCapital co-founder Pi Ma indirectly expressed at the level of industry development Support for Kain Warwick, "It has nothing to do with the technical route, it is just an identity attribute, even though we are supporters of the multi-chain ecology. Any company founder needs to be all in, and there are few retreats. The longer it gets, the harder it gets; and the capital It is to optimize the allocation of resources, but it cannot replace the project. For so many years, how many of the top 50 richest people in the world, except Buffett, have invested in it? 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 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 frustrated by the statement that the "Ethereum team doesn't care about users", but you have made great progress as the backbone of the handling fee problem. You have already obtained the withdrawal channel of Binance, and hope to get it in the future." Support for more projects (we are about to develop a decentralized cross-Rollup bridge). "

It can be seen that most of the criticisms are aimed at suzhu's "abandoning" Ethereum. Unfavorable position, almost no well-known KOL stand up to support.

However, many KOLs in the encryption industry still expressed clear support for the development of L1 other than Ethereum. For example, Aave founder Stani Kulechov expressed support for all networks Innovation and decentralization, and YFI founder AC tweeted that Avalanche's consensus mechanism and its implementation are reliable technologies, and it will encounter state expansion problems, but so does ETH.

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

It is worth noting that Three Arrows Capital has become one of SNX’s investment institutions in 2020. After this controversy, the official website of Three Arrows Capital was also found to have withdrawn Ethereum and Synthetix from the institution's investment portfolio.

End

At about 7 o'clock on Sunday night, this incident came to an end 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 Forever grateful to the Ethereum ecosystem for the opportunities it gave us from the beginning. I was pissed off by a small group of people who should realize they don't represent the larger community."

Additionally, 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 fee. Fast forward to now, tons of users are 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 ethereum people have too much nostalgia for the past. Crypto pt is about giving similar opportunities and freedoms to a new generation, Instead of asking them to bow their heads to pay our rent, or marvel at how early we are.”

Therefore, suzhu expressed his preference to see the roadmap of ETH L1, and Hopefully, Ethereum will be more inclined to focus on 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's future relationship 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 more and more fierce, especially public chain currencies such as SOL, AAVX, and FTM have recently been supported by capital. Both ushered in a sharp rise. Due to the conflict of interests, the contradictions among the 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, but Reflected from this debate, Ethereum is too expensive, other L1s are underestimated by Ethereum OG, and the relationship between VC and entrepreneurial projects is still worthy of more people's thinking.

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