Vitalik Buterin, co-founder of Ethereum ETH/USD, has offloaded his entire MakerDAO MKR/USD token holdings.

What Happened: The move closely follows news from MakerDAO’s top brass about a potential pivot towards the Solana SOL/USD blockchain.

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.

Join Benzinga’s Future of Crypto in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

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

Leave a Reply

Your email address will not be published. Required fields are marked *