It appears that Vitalik Buterin has made a conscious effort to decrease the number of cryptocurrencies in his portfolio. Thanks to the transparency of the crypto industry, it is now possible to easily track various crypto portfolios, including that of Vitalik Buterin. However, this is not the main focus of the matter at hand.
Vitalik Buterin recently sold large amounts of MakerDAO tokens. This comes shortly after MakerDAO made some significant announcements regarding their platform. The project revealed plans to transcend from an average decentralized protocol to an independent blockchain.
What Happened?
Recently, some crypto wallet tracking platforms noticed significant transactions in the portfolio of Vitalik Buterin, the founder of Ethereum. The transaction involved the sale of 500 MKR tokens for 350 ETH through CoWswap.
There is some controversy surrounding the sale, as it is the first time in two years that Buterin has made a transaction involving MakerDAO tokens. The proceeds from the sale were transferred to a wallet address with the first and last letters being 0x3F...2aEB.
Several wallet monitoring platforms also provided insights on the amount Vitalik Buterin is currently holding. So, the Ethereum co-founder has a stash worth around $1.09 million at the time of writing, including 415.76 ETH. As expected, the sell-off from the Ethereum co-founder had an incredible effect on the price of MakerDAO tokens. The only issue here was that it was on the negative side.
The price of MKR dropped visibly after the sell-off. Even more, some aspects of the fundamental network growth were slowed down by wide margins. The sale of MakerDAO tokens by the Ethereum co-founder coincides with when the network makes an important decision concerning its future.
However, the incident does not seem too negative for MKR as it still stays on the green side, with over 6% positive gains in the last 7 days.
MakerDAO Makes Future Decisions Amid Buterin Sell-off
MakerDAO is currently in a crucial phase of its cryptocurrency project. They aim to transition away from operating with another blockchain network and instead create their independent blockchain and truly stand as some of the best DeFi protocols in crypto. To achieve this goal, the crypto project plans to establish significant partnerships and make decisive integrations.
One of them is developing a new project called "NewChain." This NewChain project will help steer MakerDAO to its goals. However, NewChain is part of another of their projects called "Endgame." The Endgame is a crypto developmental project that spans over a period of 3 years.
The project's objective is to enhance the development of the Maker protocol in a new and independent blockchain ecosystem. Rune Christensen, co-founder of MakerDAO, is pulling the strings regarding this project. He wants it to take MakerDAO to another level. But this is where the unspoken problem comes in. MakerDAO intends to move away from Ethereum and host their developmental project on the Solana Codebase.
MakerDAO's co-founder states that the project is actively seeking alternative blockchain solutions to reduce their heavy reliance on the Ethereum network to pursue advanced protocol capabilities.