Vitalik sells MKR, causing MakerDAO's value to drop
MakerDAO's value drops after ethereum's co-founder sells coins and a new "Endgame" plan is revealed for the platform.
Binance's main digital coin, MakerDAO, dropped 2.5% in value after some news. At the same time, ethereum's price rose a little. People noticed that ethereum's co-founder, Vitalik Buterin, sold a lot of his MakerDAO coins for ethereum coins. He got about half a million dollars from this sale.
Buterin hasn't said why he sold the coins. But his sale came after an announcement from Rune Christensen, the person who founded MakerDAO. Christensen talked about a new plan called "Endgame" for MakerDAO. This plan includes starting a new blockchain system named "NewChain." He suggested using a platform called Solana for this.
MakerDAO was one of the first projects on ethereum. It has a stablecoin called DAI, worth about $5 billion. Many people who support ethereum were surprised by Christensen's announcement. However, he said this change will only affect the decision-making part of MakerDAO. Users won't see any difference.
Christensen thinks the new system will be safer. He mentioned the importance of the ability to make big changes if needed. He says that with the current system on Ethereum, they can't make these big changes easily.
Decentralized Organizations (DAOs) are systems where decisions are made by many people, not just one. But even in DAOs, someone has to carry out the decisions. If that person disagrees, they might not do it. In the world of blockchain, if there's a disagreement, a new version of the blockchain is made. Then, people can choose which version they want to support.
Christensen wants MakerDAO to have the power to make big changes. It might be easier if the decision-making and the operations are on the same system. He also talked about needing more space for "neural tokenomics." This seems to be a way to manage many tokens for decision-making.
This change won't happen quickly. It will take about three years. MakerDAO had made similar changes before. But many ethereum supporters are surprised they might use Solana for the new system. Christensen hasn't said if MakerDAO coin owners will get to vote on this decision.
