The CEO of the Three Arrows Capital cryptocurrency fund, Su Zhu, refused to support Ethereum due to high fees.
"I left Ethereum, although I supported it in the past. Ethereum has abandoned its users, although it has supported them in the past. No newcomer can afford operations in this network," he wrote.
Zhu also stated that the creators of Ethereum got too rich and forgot what they were going to launch initially.
"Maybe we need a bear market to remind them of this, or we need to create on other protocols," he added.
According to BitInfoCharts, the average commission in the Ethereum blockchain is now $35. Last week, the indicator rose to $65.
Zhu backed up his words with deeds. Today, Three Arrows Capital sent $77 million in ETH from its own wallet to the FTX exchange. Previously, the fund invested in Blizzard's initiative aimed at developing the Avalanche protocol. AVAX this Sunday knocked Dogecoin out of the top ten cryptocurrencies and updated the highs at around $146. The price of the token has more than doubled in a month.