Ethereum (ETH) co-founder Vitalik Buterin has sold off the rest of his Maker (MKR) tokens after not making any moves for two years, on-chain data shows.
First spotted by blockchain tracking firm Lookonchain, Etherscan data shows Buterin’s Ethereum address trading 500 MKR for 353 ETH, worth about $580,000.
The trade came 861 days after Buterin’s last move, which was a 100 ETH donation to an Indian Covid Relief program.
MKR is the governance token that supports the stablecoin DAI.
Buterin’s trade came just two days after Rune Christensen, the founder of MakerDAO and DAI, issued a statement proposing plans to build a new native chain for the Maker ecosystem on a Solana (SOL) fork.
Christensen, who made the proposal as part of the “EndGame” for Maker, said that Solana offered high efficiency and resiliency with a history of being successfully forked.
Said Christensen,
“The first reason is the technical quality of the Solana codebase, as it is highly optimized for the purpose of operating a singular, highly efficient blockchain, which is what NewChain requires. The Solana codebase is engineered well and benefits from being designed long after the bottlenecks and challenges of blockchains were already well understood, which fits nicely with the objective of NewChain itself in fixing the technical debt of Maker. Solana also already has two client implementations, which is crucial for resilience.
The second reason is that the Solana ecosystem has proven its resilience by having gone through the FTX blowup. Despite all of the issues and hardships, the project still has a thriving developer community. This means that it has a significant Lindy Effect and is likely to stick around long term and means that the costs for development and maintenance will be much lower and that there will always be a high-quality pool of talent available for Maker to access and contribute to.
The third reason is that there already exists examples of the Solana codebase being forked and adapted to act as appchains. Most notable is the Pyth project which runs its own adapted version of Solana to act as its backend.”
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