Vitalik Buterin Sells Remaining MakerDAO Tokens Worth $578K as Project Considers Solana-Based NewChain

By CoinMarketCap Alexandria September 04, 2023 In Cryptocurrencies, Ethereum, Solana

Vitalik Buterin Sold The Remaining MakerDAO Tokens

Ethereum co-founder, Vitalik Buterin, has completed the sale of his entire remaining stake of 500 MakerDAO tokens on CoW Protocol, earning 353 ETH, valued at approximately $578,000, according to CoinMarketCap data.

This significant action by Buterin happened at the same time as a blog post by Rune Christensen, co-founder and CEO of MakerDAO, describing the project’s long-term goals. In Christensen’s idea, MakerDAO is proposed to be reimplemented on a new blockchain dubbed “NewChain,” which may fork off the Solana network. For MakerDAO, which presently uses Ethereum and is written in Solidity, this potential switch to Solana’s Rust-based codebase is significant.

Christensen justified his preference for Solana’s codebase by highlighting three key factors: the technical quality and optimization of Solana’s codebase, the resilience of the Solana ecosystem during challenges like the “FTX blowup,” and past successful forks of Solana, such as the Pyth Network.


Additionally, Christensen sees NewChain as a secure bridge between Solana and Ethereum that could improve the multichain ecosystem’s network impact. He also named Cosmos as an alternative for the NewChain codebase.

MakerDAO’s Dai stablecoin, currently the third-largest USD-pegged stablecoin with a supply of $5.3 billion, lags behind Tether USDT’s $82.8 billion supply.

Buterin initially acquired 1,071 MKR tokens in April 2018 when their price was $905 each. His sale today yields gains of approximately 27% on the tokens he divested. Notably, Buterin’s prior interaction with his MKR tokens was in April 2021, when he donated 100 tokens to India’s COVID relief fund.

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