Ethereum (ETH) co-founder Vitalik Buterin has sold all of his remaining MakerDAO tokens after the project’s co-founder expressed support for the Solana blockchain. According to blockchain data, Buterin sold 500 MKR tokens on CoW Protocol for a total of 353 ETH, equivalent to approximately $580,000.
The sale came in response to a blog post by MakerDAO’s co-founder and CEO, Rune Christensen, who outlined the project’s plans to transition to a new blockchain called NewChain. Christensen praised Solana’s codebase for its technical quality, efficiency, and resilience, suggesting it would better align with MakerDAO’s objectives. He also noted the successful forking and adaptation of Solana’s codebase as appchains, indicating a similar process for developing NewChain.
When asked about the preference for Solana over the Ethereum Virtual Machine (EVM), Christensen explained that while the EVM is essential for user-centric applications, it doesn’t meet the specific requirements of MakerDAO’s backend. NewChain will serve as the backend for the project’s SubDAO tokenomics and governance security, while Maker MKR tokens and Dai stablecoin will continue to operate on the Ethereum network.
In addition to selling the MakerDAO tokens, Buterin recently transferred $1 million worth of ETH to Coinbase. These transactions have caught the attention of crypto observers amidst the market downturn. Buterin has also made previous donations, including 100 MKR tokens to India’s Covid relief fund.
Buterin Transfers $1M ETH to Coinbase
Last month, Buterin transferred 600 ETH, worth around $1 million, from his well-known wallet address “Vitalik.eth” to Coinbase. He has also repaid Rai Reflex tokens on Maker and liquidated 1,000 ETH worth approximately $1.6 million.
