Vitalik Liquidates MakerDAO Holdings Following CEO Christensen’s Recommendation of Solana-Powered Blockchain

Vitalik Buterin Sells MakerDAO Stake

Vitalik Buterin, co-founder of Ethereum, has made a significant move by liquidating his remaining stake in MakerDAO. The stake was valued at approximately $580,000.

Christensen’s Praise for Solana Blockchain

This decision came shortly after Rune Christensen, co-founder and CEO of MakerDAO, publicly praised the Solana blockchain’s codebase in a blog post.

Ethereum co-founder Vitalik Buterin sold all of his remaining 500 MakerDAO tokens on CoW Protocol. In exchange, he received 353 ETH, which is equivalent to approximately $580,000, according to blockchain data.

Rune Christensen’s Vision for NewChain

Rune Christensen’s blog post, published on a Friday, outlined the project’s long-term plans for a reimplementation on a new blockchain, referred to as NewChain. This blockchain could potentially be forked from the Solana blockchain. This move is significant as MakerDAO’s current code is written in Solidity and is based on Ethereum.

Christensen identified three key reasons for considering Solana’s codebase as the most promising option for NewChain:

• The technical quality and optimization of the Solana codebase.
• The resilience of the Solana ecosystem following the “FTX blowup.”
• Past examples of successful forks of Solana, such as the Pyth Network.

Christensen envisions a future where MakerDAO’s NewChain serves as a secure bridge between Ethereum and Solana, contributing to the network effect of the multichain economy.

Christensen also mentioned Cosmos as another strong contender for NewChain’s codebase.

MakerDAO’s Current Position

MakerDAO’s dai stablecoin is currently the third-largest USD-pegged stablecoin, with a total supply of $3.9 billion. However, it lags significantly behind the leader, Tether, which has a supply of $82.9 billion, according to data from The Block.

Vitalik Buterin’s Sale Details

Vitalik Buterin initially acquired 1071 MKR tokens in April 2018 when the price was $905 per token. With the recent sale, he has realized gains of approximately 27% on the tokens he sold.

Notably, this isn’t the first time Buterin has interacted with his MKR tokens. In April 2021, he donated 100 tokens to India’s Covid relief fund, as evidenced by blockchain data.