Ethereum co-founder sells 500 ETH in MakerDAO after CEO praises Solana

Ethereum co-founder sells 500 ETH in MakerDAO after CEO praises Solana

Vitalik Buterin, a cryptocurrency expert and one of the founders of the Ethereum blockchain, has liquidated his remaining stake in MakerDAO, worth about $580,000 - after its co-founder and CEO rune Christensen publicly praised Solana blockchain's codebase. The crypto community had to speculate that Buterin's decision was about getting revenge on the tycoon.

Buterin sold his 500 tokens on Sunday to CoW, which is equivalent to 353 ETH or around $580,000, blockchain data revealed. The crypto expert then moved all the received ETH to 0x3f6 address, which currently has more than $1 million in assets, including 415.76 ETH and several other ERC-20 tokens.

Buterin, a early investor in MakerDAO, is a decentralized lending platform that introduced the stablecoin DAI. While it is not known why he made the move, many speculate it has something to do with Christensen's recent statement.

The CEO of MakerDAO shared a blog over the weekend revealing the long-term plans for the reimplementation of NewChain, a project that will be built on a new blockchain that could be forked from Solana.

The plan of MakerDAO moving to Solana is crucial and a huge one for the initiative, which is currently based on Ethereum and written in Solidity.

There are already examples of the Solana codebase being forked and adapted to act as appchains, he said. Most notable is the Python project, which runs its own adapted version of Solana to act as its backend.

In April 2018, Buterin acquired his initial interest in 1071 MKR tokens at $905, bringing in gains of around 27% on the tokens he sold over the weekend. The Ethereum co-founder used his MKR tokens in April 2021 when he donated 100 tokens to India's COVID-19 relief fund.

On Monday, an address linked to Buterin moved 3,000 ETH, worth about $4.9 million, to a Vb 2 labeled address.

ETH was trading up at $1,639.42 as of 4:25 a.m., or about $1,639.42, per the NYSE's daily average. ET on Monday, with a daily trading volume up by 21.11% at $3,346,926,665 - a 0.28% increase in the last 24 hours and a 0.10% loss in the past seven days.

The value of ETH at a $196,994,287,580 market cap, compared to a $196,994,287,580 market cap, is known as ETH's total circulating supply.