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Ethereum creator “takes revenge” on cryptocurrency and pours millions into the market
Tension and possible revenge occurred last Saturday (2), with Ethereum co-founder Vitalik Buterin selling millions of dollars of the MakerDAO (MKR) cryptocurrency.
The sale was closely monitored by the market, as Vitalik remained without moving his $MKR for two years.
MakerDAO is a decentralized protocol built on the Ethereum blockchain that allows the creation of stablecoins, a form of cryptocurrency that remains stable relative to a fiat currency such as the US dollar.
The main decentralized stablecoin created by MakerDAO is Dai (DAI), designed to maintain its value close to 1 US dollar.
After a nod to Solana from the founder of MakerDAO, the co-founder of Ethereum takes revenge by selling millions of cryptocurrencies on the market
Developer Rune, from the foundation that manages MakerDAO governance, published on his blog that the “NewChain” project should have a blockchain advance.
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, performing a fork of it.
To this end, Rune indicated that Solana (SOL) would be a viable option for the project, as the network has been going through difficulties with resilience. Another option for using a new blockchain would be Cosmos. Publication took place on September 1, 2023.
A day later, coincidentally or not, Vitalik Buterin poured 500 thousand MKR into the market, the equivalent of 580 thousand dollars. For many, the sale a day after the MakerDAO developer's nod to Solana showed that the Ethereum co-founder was upset, "taking revenge" 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, that is, there are no plans to move the main structure to another network, only new constructions.
Possible MakerDAO migration puts pressure on Ethereum ecosystem
MakerDAO has played an important role 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, a possible change of scene for Solana could represent a broad discussion about the future of the Ethereum network, currently the largest in the development of smart contracts.
As Vitalik Buterin only believes in Ethereum as a blockchain network, he anticipated a new departure of a currency from its network and has already started to carry out its movement.
In recent years, several projects have migrated from the Ethereum ecosystem to Solana, a network that attracted the attention of developers in 2021.