Vitalik transfers 500 ETH to Reflexer

Vitalik Buterin, the founder of Ethereum (ETH), has reportedly transferred 500 ETH to DeFi platform "Reflexer", raising speculation among crypto enthusiasts. Reflexer is designed to enable users to create stablecoins by using their crypto assets as collateral. The platform issues RAI, a crypto asset backed by Ethereum that aims to maintain a stable value in order to protect holders from market volatility.

According to blockchain security firm PeckShield, Buterin used the 500 ETH to accumulate stablecoins. PeckShield reports that the Ethereum founder used the ETH as collateral on Reflexer to mint 150,000 RAI tokens, subsequently exchanging 132,500 RAI for 378,500 USD Coin (USDC), while the remaining 17,500 RAI was swapped for 50,000 Dai (DAI). The conversion of ETH to stablecoins USDC and DAI reportedly took place within three hours.

Etherscan, a blockchain tracking service, also witnessed the transactions. According to Etherscan, Buterin initially transferred 200 ETH to Reflexer to mint 100,000 RAI. He then sent an additional 300 ETH to Reflexer to mint 50,000 RAI. Etherscan reveals that Buterin paid more than $200 to process both transactions.

At the time of writing, Ethereum is trading for $1674, up over 13% in the last 24 hours. The transfer of funds from Buterin to Reflexer has caught the attention of crypto sleuths, who are speculating about his motives. Some suggest that the move may indicate Buterin's confidence in the DeFi space, while others speculate that it may signal his lack of confidence in Ethereum's long-term prospects