Ethereum Co-founder Sells Off Last MakerDAO Holdings

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As of today, Ethereum (ETH) co-founder Vitalik Buterin no longer has any stake in MakerDAO.

According to data from etherscan, the billionaire sold his last 500 MakerDAO holdings worth approximately $580,000 on CoW Protocol. Markedly, Buterin acquired his first stake of 1071 MKR tokens in April 2018. At that time, the price was only about $905. This leaves him with a 27% profit from his recent sales.

MakerDAO CEO Triggers Buterin’s Sales 

Before now, he donated 100 tokens to India’s Covid-19 relief fund. His decision to sell the remaining holding follows a Friday blog post from MakerDAO co-founder and Chief Executive Officer (CEO) Rune Christensen which hinted at a re-implementation of the project to a new blockchain.

Christensen highlighted the project’s long-term vision which includes plans to adjust its underlying technology. He also mentioned that MakerDAO could be re-implemented on a new blockchain called NewChain, which could be forked from the Solana (SOL) blockchain. This move would be pivotal for MakerDAO which is currently written in Solidity and utilizes an Ethereum-based architecture.

MakerDAO CEO Sees Prospect For New Blockchain 

As far as MakerDAO’s CEO is concerned, Solana’s codebase is the “most promising” to explore for NewChai. He went ahead to cite the technical quality and optimization of the Solana codebase, and the resilience of the Solana ecosystem following the “FTX blowup,” as some of the reasons why it is the best choice. 

Finally and, he highlighted past examples of successful forks of Solana, like the Pyth Network to demonstrate the blockchain’s adaptability amongst other features. 

He envisions a future where this NewChain serves as a link between Ethereum and Solana, thereby, offering “a useful boost to the network effect of the entire multichain economy.” Notably, Christensen acknowledged that Cosmos is a close rival of the NewChain codebase. 

MakerDAO Earning Report Shows Slipped Revenue 

Meanwhile, MakerDAO’s earnings reports from earlier this year showed that the firm’s earnings and revenue plummeted significantly from that of the previous year which was filled with chaos and unfavourable market conditions. It seems like the aftermath of the harsh crypto market was pushed into the new year.

“We believe this activity is essential to ongoing efforts to diversify the collateral backing and sustainability of Dai,” MakerDAO said in a statement.

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