Ethereum

Solana

Vision

Rune

Cosmos

<p><strong>Vitalik Buterin sold his remaining MakerDAO stake following an interesting proposal for a Solana blockchain fork.</strong></p><h2 id="vitalik-buterin-sells-makerdao-stake">Vitalik Buterin Sells MakerDAO Stake</h2><p>Ethereum co-founder, Vitalik Buterin, <a href="https://www.cryptopolitan.com/makerdao-co-founder-proposes-solana-fork-for-newchain-development/" rel="noopener noreferrer nofollow">has completed the sale of his remaining</a> MakerDAO stake valued at around $580,000. This decision comes in response to MakerDAO’s CEO, Rune Christensen, expressing interest in the Solana blockchain’s codebase.<br> Recent blockchain data reveals that Vitalik Buterin sold his entire stake of 500 MakerDAO tokens on CoW Protocol. This sale earned him 353 ETH, which amounts to roughly $580,000.</p><blockquote class="twitter-tweet"><p>Vitalik sells MakerDAO stake after CEO Christensen suggests Solana-based blockchain <a href="https://t.co/yHJPTQm5K1" rel="noopener noreferrer nofollow">https://t.co/yHJPTQm5K1</a></p><p>— The Block (@TheBlock__) <a href="https://twitter.com/TheBlock__/status/1698043079620538500?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 2, 2023</a></p></blockquote><p>&gt;</p><h2 id="christensen-s-solana-based-vision">Christensen’s Solana-based Vision</h2><p>MakerDAO’s CEO, Rune Christensen, unveiled a blog post outlining plans to reimplement the project on a new blockchain, referred to as NewChain. This blockchain could be forked from the Solana blockchain, known for its Rust-based codebase. This is significant as MakerDAO is currently built on Ethereum’s Solidity.</p><h2 id="reasons-for-christensen-s-confidence-in-solana">Reasons for Christensen’s Confidence in Solana</h2><p>Christensen provided three key reasons for favoring Solana’s codebase for NewChain. He highlighted Solana’s robust technical quality, its <a href="https://walletinvestor.com/magazinadmin/solana-whale-buys-into-new-into-the-pomerdoge-presale-which-chatgpt-predicts-a-winner-over-pepe/" rel="noopener noreferrer nofollow">resilience following challenges</a> like the “FTX blowup,” and successful past forks, such as the Pyth Network.<br> Christensen envisions NewChain acting as a secure bridge connecting Ethereum and Solana, enhancing the multichain economy’s network effect.<br> Christensen also mentioned Cosmos as a contender for NewChain’s codebase, but he favored Solana due to its efficiency and strong central foundation organization.</p><h2 id="makerdao-s-dai-stablecoin-and-solana-fork-proposal">MakerDAO’s Dai Stablecoin and Solana Fork Proposal</h2><p>MakerDAO’s dai stablecoin ranks third among USD-pegged stablecoins with a supply of $3.9 billion, trailing Tether’s supply at $82.9 billion. Christensen’s proposal for a Solana fork for NewChain’s development is a notable departure from MakerDAO’s Ethereum roots.<br> This proposal is part of the “Endgame” upgrade and could significantly impact the DeFi ecosystem.</p><h2 id="newchain-s-role-in-governance-and-sustainability">NewChain’s Role in Governance and Sustainability</h2><p>NewChain is a crucial aspect of MakerDAO’s “Endgame” upgrade, aiming to enhance governance and protocol sustainability. It will serve as a backend tools hub, enabling the ecosystem to recover from governance attacks or technical failures.</p><blockquote class="twitter-tweet"><p>MakerDAO moving off Eth and Vitalik dumping <a href="https://twitter.com/search?q=%24MKR&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$MKR</a><a href="https://t.co/tlk8OvWMdD" rel="noopener noreferrer nofollow">https://t.co/tlk8OvWMdD</a><a href="https://t.co/h4PzxwSK1t" rel="noopener noreferrer nofollow">pic.twitter.com/h4PzxwSK1t</a></p><p>— Nakamotolisk.eth (@Nakamotolisk) <a href="https://twitter.com/Nakamotolisk/status/1697968793564192929?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 2, 2023</a></p></blockquote><h2 id="prospective-collaboration-and-bridge-implementation">Prospective Collaboration and Bridge Implementation</h2><p>Christensen envisions a symbiotic relationship between MakerDAO and the Solana community. He proposed a Two-Stage Gravity Bridge from NewChain to Solana and Ethereum, which could bolster the multichain economy’s network effect.</p><h2 id="potential-impact-and-consideration-of-alternatives">Potential Impact and Consideration of Alternatives</h2><p>While awaiting community approval, this proposal signals a potential turning point for MakerDAO, which has traditionally been associated with Ethereum. The alternative contender, Cosmos SDK, was deemed less efficient and more costly to maintain.</p><h2 id="conclusion">Conclusion</h2><p>In essence, Vitalik Buterin’s sale of his MakerDAO stake and Rune Christensen’s proposal for NewChain’s development using Solana’s codebase mark significant developments in the cryptocurrency landscape. These moves reflect evolving strategies and potential shifts in the DeFi ecosystem’s dynamics.</p>

Vitalik Buterin Sells MakerDAO Stake Following Solana-Related Development

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