September 3, 2023 10:27 AM | 2 min read
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Vitalik Buterin, co-founder of Ethereum (CRYPTO: ETH), has offloaded his entire MakerDAO (CRYPTO: MKR) token holdings.
What Happened: The move closely follows news from MakerDAO’s top brass about a potential pivot towards the Solana (CRYPTO: SOL) blockchain.
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Ethereum’s mastermind, Buterin, recently cashed out 500 MakerDAO tokens, securing a handsome 353 ETH, which translates to a value of nearly $580,000. The strategic exit coincides with a significant disclosure from MakerDAO’s helm, The Block reported.
Rune Christensen, the CEO and co-founder of MakerDAO, unveiled in a recent post the company’s consideration of transitioning to a fresh blockchain platform, possibly inspired by Solana. If this transition materializes, it would signify a departure from Ethereum’s Solidity framework to Solana’s Rust-centric architecture.
Also Read: Vitalik Buterin Stakes ‘Small Portion’ Of ETH Citing Safety Concerns, Cardano Creator Chimes In
Christensen’s rationale for gravitating toward Solana is rooted in three factors: Solana’s advanced technical framework; its ecosystem’s robustness, especially in the aftermath of the “FTX blowup;” and the track record of successful Solana offshoots, like the Pyth Network.
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He reportedly articulated a scenario where NewChain could emerge as a pivotal link between Ethereum and Solana, thereby enhancing the synergy of the multichain landscape. Additionally, Cosmos is being evaluated as an alternative foundation for NewChain.
At present, MakerDAO’s dai stablecoin is positioned as the third dominant USD-pegged stablecoin, with a circulation of $3.9 billion. Yet, it remains overshadowed by the market behemoth, Tether (USDT), which commands a supply north of $82.9 billion.
Buterin’s tryst with MakerDAO tokens began in April 2018, when he invested in 1071 MKR tokens at a rate of $905 apiece.
Now Read: Ethereum At A Crossroads: Vitalik Buterin Points To Three Make-Or-Break Transitions
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock
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