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 information 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 foreign money. Its financial coverage is managed by means of an on-chain, autonomous controller that permits for the digital asset to keep up its personal value stability with out being pegged to the U.S. greenback.
Buterin’s Ethereum pockets, nevertheless, remains to be holding round $6.5 million, in line with Etherscan.
Whereas there appears to be plenty of theories as to why Buterin made this switch, one of many theories that actually stands out 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 laborious not to take a look at that and never marvel what this implies for Ether, as traders are additionally turning nearer consideration to Bitcoin and Ordinals.
Over the weekend, plenty of main cryptocurrencies, together with Bitcoin, continued to stay fragile. Based on TradingView and CoinTelegraph Markets Pro, BTC skilled a lack of 11 %. 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 over the past seven days, appeared to extend barely inside the final 24 hours, buying and selling at $1,700 as of press time.
Hopefully with the times to come back, we’ll know extra behind Buterin’s resolution in transferring that type of ETH quantity over to Base.