On Monday, a pockets belonging to Ethereum co-founder Vitalik Buterin (vitalik.eth) transferred roughly $1 million (600 ETH) to Coinbase, initially reported by crypto cybersecurity group PeckShieldAlert.
Buterin Additionally Pays Again RAI Tokens
Buterin, in line with Etherscan and blockchain knowledge evaluation agency Lookonchain, revealed that Buterin additionally occurred to repay 251,000 Rai Reflex Index (RAI) tokens on Maker and withdrew roughly $1.6 million (1,000 ETH) simply hours earlier than he moved the ETH over to Coinbase.
RAI is an Ethereum-backed stablecoin that launched in 2021 from then blockchain startup Reflexer Labs, which isn’t pegged to any fiat forex. Its financial coverage is managed via an on-chain, autonomous controller that enables for the digital asset to take care of its personal value stability with out being pegged to the U.S. greenback.
Buterin’s Ethereum pockets, nevertheless, continues to be holding round $6.5 million, in line with Etherscan.
Whereas there appears to be numerous theories as to why Buterin made this switch, one of many theories that basically stands proud surrounds Coinbase’s new layer-2 blockchain, Base, which launched earlier this month and is constructed on prime of the Ethereum blockchain.
Having mentioned that, it’s onerous not to take a look at that and never surprise what this implies for Ether, as buyers are additionally turning nearer consideration to Bitcoin and Ordinals.
Over the weekend, numerous main cryptocurrencies, together with Bitcoin, continued to stay fragile. In keeping with TradingView and CoinTelegraph Markets Professional, BTC skilled a lack of 11 p.c. This comes after final week’s vital drop by BTC from $29,000 to $25,500. It presently sits at round $26,000 as of press time.
ETH, nevertheless, which suffered a ten% decline during the last seven days, appeared to extend barely throughout the final 24 hours, buying and selling at $1,700 as of press time.
Hopefully with the times to return, we’ll know extra behind Buterin’s choice in transferring that sort of ETH quantity over to Base.