Vitalik Buterin Sells MakerDAO Tokens as Project Eyes Solana Transition
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.
READ MORE: OKX Reveals $10.4 Billion in Crypto Reserves
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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
