Vitalik Buterin Sells MakerDAO Tokens as Project Eyes Solana Transition
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Vitalik Buterin recently sold his remaining stake in MakerDAO, valued at approximately $580,000.
According to blockchain data, Ethereum co-founder Vitalik Buterin has sold his remaining 500 MakerDAO tokens on CoW Protocol, converting them into 353 ETH valued at around $580,000.
The decision followed a blog post by MakerDAO’s CEO Rune Christensen outlining plans to re-implement the project on a new blockchain called NewChain, possibly derived from Solana.
This marks a significant shift from Ethereum’s Solidity-based code.
Christensen cited three reasons for choosing Solana’s codebase: technical quality, resilience post-“FTX blowup,” and successful forks like Pyth Network.
He envisions NewChain as a bridge between Ethereum and Solana, enhancing the multichain ecosystem’s network effect. Cosmos is also considered.
MakerDAO’s DAI stablecoin ranks third with a $3.9 billion supply, trailing Tether with $82.9 billion.
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Buterin initially acquired 1071 MKR tokens in April 2018 at $905 each, resulting in gains of roughly 27% from his recent token sale.
Buterin’s last MKR token activity was in April 2021, when he donated 100 tokens to India’s Covid relief fund, as per blockchain records.