HomeCoinsAltcoinsVitalik Buterin Offloads MakerDAO Holdings After CEO's Solana Blockchain Reward – What's Going...

Vitalik Buterin Offloads MakerDAO Holdings After CEO’s Solana Blockchain Reward – What’s Going On?

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Ethereum (ETH) co-founder Vitalik Buterin has offloaded his complete remaining stake in MakerDAO tokens after the challenge’s co-founder praised the Solana blockchain. 

In line with blockchain data, the Ethereum mastermind has bought 500 MKR tokens on CoW Protocol, receiving 353 ETH (value roughly $580,000) in return. 

The transfer was ostensibly in response to a weblog put up by MakerDAO co-founder and CEO, Rune Christensen, which outlined the challenge’s long-term plans for a reimplementation on a brand new blockchain referred to as NewChain. 

Within the weblog put up, Christensen expressed curiosity in forking from the Solana blockchain, a Rust-based codebase and shifting away from the present Solidity-based Ethereum platform.

Christensen supplied three main causes for favoring Solana’s codebase for NewChain. 

Firstly, he praised the “technical quality” of Solana’s codebase, emphasizing its effectivity and optimization. 

He claimed that this aligns effectively with the target of NewChain, which goals to deal with the technical debt of MakerDAO.

“The Solana codebase is engineered well and benefits from being designed long after the bottlenecks and challenges of blockchains were already well understood, which fits nicely with the objective of NewChain itself in fixing the technical debt of Maker.”

Furthermore, Christensen highlighted Solana’s resilience and talent to beat challenges, together with the latest FTX blowup. 

He mentioned that Solana’s ecosystem gives a high-quality expertise pool and cost-effective alternatives for constructing and sustaining NewChain.

Lastly, Christensen famous that Solana’s codebase has been efficiently forked and tailored as appchains, suggesting that MakerDAO may observe an analogous course of in growing NewChain.

When questioned about his choice for Solana over Ethereum Digital Machine (EVM), Christensen acknowledged that whereas the EVM is essential for constructing user-centric purposes, it doesn’t meet the precise necessities of MakerDAO’s backend. 

NewChain will function the backend for the challenge’s SubDAO tokenomics and governance safety, whereas Maker MKR tokens and Dai stablecoin will proceed to operate on the Ethereum community.

MakerDAO’s Dai stablecoin at present ranks because the third-largest USD-pegged stablecoin with a provide of $3.9 billion, trailing behind Tether’s large $82.9 billion provide.

Buterin initially acquired 1071 MKR tokens in April 2018 when the value was $905. 

By promoting the tokens on the present price of $1,130, Buterin has realized positive aspects of roughly 27%. 

It is value noting that Buterin beforehand donated 100 MKR tokens to India’s Covid reduction fund in April 2021, in line with blockchain knowledge.

Buterin Transfers $1M ETH to Coinbase

Final month, Buterin transferred 600 ETH, value round $1 million, from its extensively identified pockets deal with Vitalik.eth to Coinbase

Buterin has made a collection of transactions amid the latest market downturn that has been flagged by a number of crypto observers. 

Only recently, he repaid 251,000 Rai Reflex tokens on Maker and subsequently liquidated 1,000 ETH value round $1.6 million, in line with knowledge from lookonchain. 

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