The creator of Ethereum is “revenging” on cryptocurrency, pouring millions into the market

Ethereum co-founder Vitalik Buterin
Ethereum co-founder Vitalik Buterin

A tension and possible revenge occurred last Saturday (2), when Ethereum co-founder Vitalik Buterin sold millions of dollars worth of cryptocurrency MakerDAO (MKR).

The sale was closely followed by the market as Vitalik went two years without moving his $MKR.

MakerDAO is a decentralized protocol built on the Ethereum blockchain that enables the creation of stablecoins, a form of cryptocurrency that is stable against a fiat currency such as the US dollar.

The main decentralized stablecoin created by MakerDAO is Dai (DAI), designed to hold its value close to 1 US dollar.

After a nod to Solana from MakerDAO founder, Ethereum co-founder retaliates by selling millions of cryptocurrencies on the market

Developer Rune, from the foundation that manages MakerDAO’s board, posted on his blog that the “NewChain” project should have a blockchain breakthrough.

All this is part of a project to improve the efficiency of their DAOs, and with that they are studying to use an already consolidated blockchain in the process, making it a fork.

To that end, Rune indicated that Solana (SOL) would be a viable option for the project as the network struggled with resilience. Another option for using a new blockchain is Cosmos. The publication took place on September 1, 2023.

A day later, Vitalik Buterin, coincidentally or not, dumped MKR 500,000 on the market, the equivalent of $580,000. For many, the sale a day after the MakerDAO developer nodded to Solana showed that the Ethereum co-founder was angry and was “revenging” with the immediate sale of his tokens.

It is worth remembering that, even with the new MakerDAO project, the main base of the project must remain in Ethereum, i.e. there are no plans to move the main structure to another network, only new builds.

Potential MakerDAO migration pressure is putting pressure on the Ethereum ecosystem

MakerDAO was instrumental in the development of the DeFi ecosystem, enabling the creation of decentralized stablecoins and providing a financial framework for lending and other financial services on blockchain.

However, an eventual change of air for Solana could mean a broad discussion about the future of the Ethereum network, currently the largest in smart contract development.

Since Vitalik Buterin only believes in Ethereum as a blockchain network, he expected a new coin to leave his network and has already started his move.

In recent years, several projects have migrated from the Ethereum ecosystem to Solana, the network that caught the attention of developers in 2021.

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Source: Live Coins

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