Su Zhu is the CEO of Three Arrows Capital Ltd in Singapore, a hedge fund that charges high transaction fees.

Zhu voiced his frustration in a series of tweets on Sunday, confirming that he had “abandoned Ethereum despite supporting it in the past.” According to the 34-year-old crypto billionaire, he was giving up on the network because it had given up on its users. He explained:

Ethereum culture suffers massively from the ‘founders dilemma’. Everybody is far too wealthy to recall what their original goals were. We may need to create another market or remind them that there is a bear-market.

Is it possible to blame Zhu? Despite numerous upgrades like the London hard fork to Ethereum’s network, transaction costs have continued to rise over the last few months. This is especially true during peak seasons. According to data from BitInfoCharts, the network’s average transaction fee has risen by 1,360% since the beginning of June to date, surging from just $2.80 to $40.19. The fees reached a peak of $62 in Nov. 9 and are currently at $51.

Users are charged fees by miners to confirm their transactions and add them to the blockchain. How congested the network can affect how much transaction cost. High fees are likely to be charged if transactions using the Ethereum network are in high demand.

‘Dangerous rentier mentality’Zhu also accused early ETH advocates of having a “dangerous rentier mentality.” He claimed that high gas fees made it difficult for new users and those looking to deploy smart contracts to embrace Ethereum.

Users are livid that they’re promised a vision of the future, then told that they have to pay $100 to $1,000 per transaction to enjoy it. It is a dystopian scenario and must be treated accordingly. Instead of celebrating the fee burn,

He takes it further and accuses early Ethereum users of wanting to keep the status quo, rather than pushing for lower fees.

The point of crypto is to offer new generations similar opportunities and freedom, not to ask them to bow down and pay us rent, or to marvel at how early we were,” he said. “I don’t know what the solution is. For the many millions of users who are coming to these ecosystems, it is not something I can say. Developers should not be ashamed for building upon them.

As extreme as it appears, you’d have to admit that Ethereum’s fee issues have given room to cheaper blockchains like , Ronin, and .

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