Sunday, February 28, 2021

Three Arrows Capital CEO Gives Reason Why He Thinks Ethereum (ETH) Is Unforkable Now

The CEO of Three Arrows, Su Zhu, has stressed the reason why he thinks the third-largest cryptocurrency by market cap, Ethereum (ETH), is unforkable now.

There have been favorable and unfavorable factors that have impacted growth and development in the Ethereum ecosystem lately.

On one side, the emergence and the success of DeFi tokens and stablecoins are contributing positively to the growth of the community. On the other hand, the increase in gas fees on the Ethereum network has become a major cause of concern for the community members that initiate transactions on the network.

Despite many means devised to reduce congestion on the blockchain, the increase in gas fees seems unrestrainable. However, the much-awaited upgrade is expected to proffer a permanent solution to the major issue.

Ethereum (ETH) Seems Unforkable Now

As it is, many applications have been deployed on decentralized finance (DeFi), which prompted the community to discuss the capability of the Ethereum network to keep powering other platforms.

However, the CEO of Three Arrows Capital, Su Zhu, believes that Ethereum (ETH) has become unforkable, due to its ability to support multiple services on its platform. He made this known on POV Crypto Podcast.

He noted:

“I do think that Ethereum is unforkable now because of the way that things depend on it to run. It’s not going to be able to do a do-over like it did in 2016. So I think that, because of that, there’s very high stakes stuff now happening on Ethereum that may or may not be ready to handle as a platform.”

Going by Zhu’s account, the current structure has remained opaque, which also came up during the discussion about the circulating supply of Ethereum (ETH).

Ethereum Has To Endure High Fees

Vitalik Buterin, the co-founder of Ethereum (ETH) has urged the community to endure high fees of ETH transactions before rollups and sharding are ready.

Vitalik Buterin tweeted, “I agree ethereum has no choice but to endure high fees before rollups and sharding are ready.”

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Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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