{"id":549996,"date":"2023-09-04T22:00:33","date_gmt":"2023-09-04T22:00:33","guid":{"rendered":"https:\/\/wncen.com\/?p=549996"},"modified":"2023-09-04T21:13:24","modified_gmt":"2023-09-04T21:13:24","slug":"no-vitalik-no-problem-whale-sells-ethereum-for-maker","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/defi\/no-vitalik-no-problem-whale-sells-ethereum-for-maker\/","title":{"rendered":"No Vitalik, No Problem: Whale Sells Ethereum (ETH) For Maker (MKR)"},"content":{"rendered":"

Less than a week after Vitalik Buterin, one of the co-founders of Ethereum,\u00a0<\/span>sold<\/span><\/a>\u00a0his Maker (MKR) stash for ETH, one crypto whale has done the opposite. On-chain data on September 4\u00a0<\/span>shows<\/span><\/a>\u00a0that one Ethereum holder sold 694 ETH, worth roughly $1.13 million when writing, for 1,010 MKR. At the time of the swap, MKR was changing hands at $1,122.\u00a0<\/span><\/p>\n

Whale Swaps ETH For MKR<\/span><\/h2>\n

As of September 4, the\u00a0<\/span>address<\/span><\/a>, \u201c0x3737,\u201d had over $20.37 million worth of assets. While the whale trades against Vitalik and doubles down on MKR, zooming in on the address\u2019s portfolio shows that the largest holding is ETH.\u00a0<\/span><\/p>\n

\"Whale's
Whale’s portfolio: DeBank<\/figcaption><\/figure>\n

The address holds 10,000 ETH worth $16.3 million at spot rates, representing over 75% of the total portfolio. Meanwhile, some of his other major holdings include Arbitrum (ARB), worth $2.9 million, and MKR, worth $1.1 million.\u00a0<\/span><\/p>\n

Related Reading: XRP Summer Showdown: Trading Hype Versus Price Reality, What Lies Ahead?<\/a><\/div>\n

MKR, the token issued by MakerDAO, the decentralized autonomous organization (DAO) that controls the minting of DAI, a stablecoin on Ethereum, has been ripping higher in the last few months.\u00a0<\/span><\/p>\n

MKR plays a key role in stabilizing DAO and is used as a last resort. Holders participate in governance, voting on proposals that best stabilize the algorithmic stablecoin, deciding collateral types accepted, stability fee adjustments, and others.<\/span><\/p>\n

From June, MKR has more than doubled, rising 125% to peak at around $1,300 in early August. It is now trading at over $1,100, up 13% from August lows.<\/span><\/p>\n

\"Maker<\/a>
Maker price on September 4: Source: MKRUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

Maker Presents Endgame<\/span><\/h2>\n

The token\u2019s surge has been attributed to multiple factors, specifically the release of the \u201cEndgame\u201d roadmap. Under this plan, MakerDAO plans to, among other things, release their blockchain, rebrand, and introduce two more tokens.\u00a0<\/span><\/p>\n

This move is significant because MakerDAO is among the first decentralized finance (DeFi) protocols. According to DeFiLlama\u00a0<\/span>data<\/span><\/a>, the protocol has a total value locked (TVL) of over $5 billion. It is the largest decentralized money market in the world.\u00a0<\/span><\/p>\n

\"MakerDAO
MakerDAO TVL: DeFiLlama<\/figcaption><\/figure>\n

Meanwhile, DAI, its algorithmic yield-earning stablecoin, has been stable recently and is the largest in Ethereum. At press time, DAI\u00a0<\/span>had<\/span><\/a>\u00a0a market cap of $5.3 billion, perched at 12th on the leaderboard. At this pace, DAI is the third-largest stablecoin after USDT and USDC.<\/span><\/p>\n

Related Reading: Shiba Inu Whales Begin Accumulation As Shibarium Grows<\/a><\/div>\n

Vitalik Buterin, despite the stellar performance of MKR relative to the broader crypto market, liquidated $580,000 worth of MKR after MakerDAO\u2019s co-founder, Rune Christensen, said it was considering launching a new blockchain bridging to Ethereum that\u2019s\u00a0<\/span>based<\/span><\/a>\u00a0on Solana\u2019s code. The new blockchain, dubbed NewChain, is part of MakerDAO\u2019s roadmap, \u201cEndgame\u201d.<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Less than a week after Vitalik Buterin, one of the co-founders of Ethereum,\u00a0sold\u00a0his Maker (MKR) stash for ETH, one crypto whale has done the opposite. On-chain data on September 4\u00a0shows\u00a0that one Ethereum holder sold 694 ETH, worth roughly $1.13 million when writing, for 1,010 MKR. At the time of the swap, MKR was changing hands at $1,122.\u00a0 Whale Swaps ETH For MKR As of September 4, the\u00a0address, \u201c0x3737,\u201d had over $20.37 million worth of assets. While the whale trades against Vitalik and doubles down on MKR, zooming in on the address\u2019s portfolio shows that the largest holding is ETH.\u00a0 The address holds 10,000 ETH worth $16.3 million at spot rates, representing over 75% of the total portfolio. Meanwhile, some of his other major holdings include Arbitrum (ARB), worth $2.9 million, and MKR, worth $1.1 million.\u00a0 Related Reading: XRP Summer Showdown: Trading Hype Versus Price Reality, What Lies Ahead? MKR, the token issued by MakerDAO, the decentralized autonomous organization (DAO) that controls the minting of DAI, a stablecoin on Ethereum, has been ripping higher in the last few months.\u00a0 MKR plays a key role in stabilizing DAO and is used as a last resort. Holders participate in governance, voting on proposals that best stabilize the algorithmic stablecoin, deciding collateral types accepted, stability fee adjustments, and others. From June, MKR has more than doubled, rising 125% to peak at around $1,300 in early August. It is now trading at over $1,100, up 13% from August lows. Maker Presents Endgame The token\u2019s surge has been attributed to multiple factors, specifically the release of the \u201cEndgame\u201d roadmap. Under this plan, MakerDAO plans to, among other things, release their blockchain, rebrand, and introduce two more tokens.\u00a0 This move is significant because MakerDAO is among the first decentralized finance (DeFi) protocols. According to DeFiLlama\u00a0data, the protocol has a total value locked (TVL) of over $5 billion. It is the largest decentralized money market in the world.\u00a0 Meanwhile, DAI, its algorithmic yield-earning stablecoin, has been stable recently and is the largest in Ethereum. At press time, DAI\u00a0had\u00a0a market cap of $5.3 billion, perched at 12th on the leaderboard. At this pace, DAI is the third-largest stablecoin after USDT and USDC. Related Reading: Shiba Inu Whales Begin Accumulation As Shibarium Grows Vitalik Buterin, despite the stellar performance of MKR relative to the broader crypto market, liquidated $580,000 worth of MKR after MakerDAO\u2019s co-founder, Rune Christensen, said it was considering launching a new blockchain bridging to Ethereum that\u2019s\u00a0based\u00a0on Solana\u2019s code. The new blockchain, dubbed NewChain, is part of MakerDAO\u2019s roadmap, \u201cEndgame\u201d. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":549999,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[11920,54512,89306,8323,1946,16218,12532,16359,4398],"class_list":["post-549996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-dai","tag-defi","tag-endgame","tag-eth","tag-ethereum","tag-maker","tag-makerdao","tag-mkr","tag-vitalik-buterin"],"acf":[],"yoast_head":"\nNo Vitalik, No Problem: Whale Sells Ethereum (ETH) For Maker (MKR)<\/title>\n<meta name=\"description\" content=\"Crypto whale sells Ethereum for Maker days after Vitalik exited his MKR position. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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