{"id":9046,"date":"2023-09-04T02:29:46","date_gmt":"2023-09-04T02:29:46","guid":{"rendered":"https:\/\/marketmakersjournal.com\/index.php\/2023\/09\/04\/vitalik-buterin-offloads-makerdao-holdings-after-ceos-solana-blockchain-praise-whats-going-on\/"},"modified":"2023-09-04T02:29:46","modified_gmt":"2023-09-04T02:29:46","slug":"vitalik-buterin-offloads-makerdao-holdings-after-ceos-solana-blockchain-praise-whats-going-on","status":"publish","type":"post","link":"https:\/\/marketmakersjournal.com\/2023\/09\/04\/vitalik-buterin-offloads-makerdao-holdings-after-ceos-solana-blockchain-praise-whats-going-on\/","title":{"rendered":"Vitalik Buterin Offloads MakerDAO Holdings After CEO\u2019s Solana Blockchain Praise \u2013\u00a0What\u2019s Going On?"},"content":{"rendered":"

\u00a0co-founder\u00a0Vitalik Buterin<\/strong>\u00a0has offloaded his entire remaining stake in\u00a0MakerDAO <\/strong>tokens after the project\u2019s co-founder praised\u00a0the Solana\u00a0<\/strong>blockchain.\u00a0<\/p>\n

According to\u00a0, the Ethereum mastermind has sold 500 MKR tokens on CoW Protocol, receiving 353 ETH (worth approximately $580,000) in return.\u00a0<\/p>\n

The move was ostensibly in response to a blog post by MakerDAO co-founder and CEO,\u00a0Rune Christensen<\/strong>, which outlined the project\u2019s long-term plans for a reimplementation on a new blockchain called NewChain.\u00a0<\/p>\n

In the blog post, Christensen expressed interest in forking from the Solana blockchain, a Rust-based codebase and shifting away from the current Solidity-based Ethereum platform.<\/p>\n

Christensen provided three primary reasons for favoring Solana\u2019s codebase for NewChain.\u00a0<\/p>\n

Firstly, he praised the \u201ctechnical quality\u201d of Solana\u2019s codebase, emphasizing its efficiency and optimization.\u00a0<\/p>\n

He claimed that this aligns well with the objective of NewChain, which aims to address the technical debt of MakerDAO.<\/p>\n

\u201cThe 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.\u201d<\/p>\n

Moreover, Christensen highlighted Solana\u2019s resilience and ability to overcome challenges, including the recent FTX blowup.\u00a0<\/p>\n

He said that Solana\u2019s ecosystem provides a high-quality talent pool and cost-effective opportunities for building and maintaining NewChain.<\/p>\n

Lastly, Christensen noted that Solana\u2019s codebase has been successfully forked and adapted as appchains, suggesting that MakerDAO could follow a similar process in developing NewChain.<\/p>\n

When questioned about his preference for Solana over Ethereum Virtual Machine (EVM), Christensen acknowledged that while the EVM is crucial for building user-centric applications, it does not meet the specific requirements of MakerDAO\u2019s backend.\u00a0<\/p>\n

NewChain will serve as the backend for the project\u2019s SubDAO tokenomics and governance security, while Maker MKR tokens and Dai stablecoin will continue to function on the Ethereum network.<\/p>\n

MakerDAO\u2019s Dai stablecoin currently ranks as the third-largest USD-pegged stablecoin with a supply of $3.9 billion, trailing behind Tether\u2019s massive $82.9 billion supply.<\/p>\n

Buterin initially acquired 1071 MKR tokens in April 2018 when the price was $905.\u00a0<\/p>\n

By selling the tokens at the current rate of $1,130, Buterin has realized gains of approximately 27%.\u00a0<\/p>\n

It\u2019s worth noting that Buterin previously donated 100 MKR tokens to India\u2019s Covid relief fund in April 2021, according to blockchain data.<\/p>\n

Buterin Transfers $1M ETH to Coinbase<\/h2>\n

Last month, Buterin\u00a0, worth around $1 million, from its widely known wallet address\u00a0\u00a0to\u00a0.\u00a0<\/p>\n

Buterin has made a series of transactions amid the recent market downturn that has been flagged by several crypto observers.\u00a0<\/p>\n

Just recently, he repaid 251,000 Rai Reflex tokens on Maker and subsequently liquidated 1,000 ETH worth around $1.6 million, according to data from lookonchain.\u00a0<\/p>\n

<\/div>\n\n
This post appeared first on cryptonews.com<\/div>","protected":false},"excerpt":{"rendered":"

\u00a0co-founder\u00a0Vitalik Buterin\u00a0has offloaded his entire remaining stake in\u00a0MakerDAO tokens after the project\u2019s co-founder praised\u00a0the…<\/p>\n","protected":false},"author":0,"featured_media":9047,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-9046","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/posts\/9046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/comments?post=9046"}],"version-history":[{"count":0,"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/posts\/9046\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/media\/9047"}],"wp:attachment":[{"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/media?parent=9046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/categories?post=9046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marketmakersjournal.com\/wp-json\/wp\/v2\/tags?post=9046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}