Vitalik Buterin Sells Remaining Stake of MakerDAO Tokens

Vitalik Buterin, co-founder of Ethereum (ETH) network sold his remaining stake of MakerDAO Tokens.

Onchain data from Etherscan, shared by Lookonchain, shows that Buterin sold 500 MKR tokens he had in his possession for the last two years.

The reduction, made through the cow protocol, netted Butrin a total of 353 Ethereum, or approximately $580,000 at current rates.

Buterin invested in MakerDAO in April 2018, purchasing 1071 MKR tokens for $905 each. His last sale means a profit of about 27%. The co-founder of Ethereum’s last interaction with his MKR tokens was in April 2021, when he donated 100 tokens to India’s COVID Relief Fund.

This action follows a September 1 blog entry by Rune Christensen, co-founder and CEO of MakerDAO. In the post, Christensen outlined ambitious plans for a new iteration of the project on a different blockchain, tentatively called NewChain.

MakerDAO Move to Solana

According to the MakerDAO team leader, the proposed blockchain is likely to be a fork of Solana (SOL), which is an important development especially considering MakerDAO’s current root in Ethereum.

In the blog, Christensen explains that his choice to explore Solana was motivated by three key reasons. He noted the technical quality and improvement of Solana’s database, the ability to bear the hardships that Solana showed after the collapse of FTX, and the success stories of previous Solana forks, such as Pyth Network, which runs an adapted version of Solana as its background.

Christensen imagines a future NewChain acting as a secure channel between Ethereum and Solana. However, he did not limit his options to Solana. He also mentioned Aptos, Sui, and Cosmos as potential replacements.

One of the main benefits of Cosmos was its “big, high-quality” pool of talent, as well as its vast range of independent developers, Christensen said.