{"id":180900,"date":"2023-09-04T23:40:14","date_gmt":"2023-09-04T23:40:14","guid":{"rendered":"https:\/\/precoinnews.com\/?p=180900"},"modified":"2023-09-04T23:40:14","modified_gmt":"2023-09-04T23:40:14","slug":"no-vitalik-no-problem-whale-sells-ethereum-eth-for-maker-mkr","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/no-vitalik-no-problem-whale-sells-ethereum-eth-for-maker-mkr\/","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>\u00a0his Maker (MKR) stash for ETH, one crypto whale has done the opposite. On-chain data on September 4\u00a0<\/span>shows<\/span>\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>, \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

<\/p>\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

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

<\/p>\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>, 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

<\/p>\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>\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

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>\u00a0on Solana\u2019s code. The new blockchain, dubbed NewChain, is part of MakerDAO\u2019s roadmap, \u201cEndgame\u201d.<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Less than a week after Vitalik Buterin,<\/p>\n","protected":false},"author":3,"featured_media":180899,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nNo Vitalik, No Problem: Whale Sells Ethereum (ETH) For Maker (MKR) - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/no-vitalik-no-problem-whale-sells-ethereum-eth-for-maker-mkr\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No Vitalik, No Problem: Whale Sells Ethereum (ETH) For Maker (MKR) - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Less than a week after Vitalik Buterin,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/no-vitalik-no-problem-whale-sells-ethereum-eth-for-maker-mkr\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-04T23:40:14+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/09\/No-Vitalik-No-Problem-Whale-Sells-Ethereum-ETH-For-Maker-MKR.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/no-vitalik-no-problem-whale-sells-ethereum-eth-for-maker-mkr\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/no-vitalik-no-problem-whale-sells-ethereum-eth-for-maker-mkr\/\",\"name\":\"No Vitalik, No Problem: Whale Sells Ethereum (ETH) For Maker (MKR) - 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