GM Readers!šŖ It's BitDegree Insider, and it's time to make it count.
āļøToday's selection:
- šVitalik vs Solana (MKR Sell-Off)
- š°Venture Mondays
- šSelected Meme of The Day
- š°Bite-Sized News
BUTERIN GIVES UP ON MakerDAO
In a move that has caught the attention of the crypto community, Vitalik Buterin, Ethereum's founder, has sold his remaining 500 MakerDAO ($MKR) tokens. This is especially noteworthy given MakerDAO's importance in the Ethereum ecosystem as one of the first and most successful decentralized finance (DeFi) projects. Buterin traded his tokens for 353 ETH, translating to about $580,000.
The timing of this sale is intriguing. It comes right after Rune Christensen, MakerDAO's co-founder, proposed a significant shift for the platform: migrating to a new blockchain-based alternative on the Solana network. Solana is lauded for its scalability and efficiency, but what does this mean for MakerDAO and Ethereum?
Vitalik hasn't publicly commented on his decision to sell, sparking speculation and leading some to wonder:
"Could Vitalik's Sale Signal Doubts About Solana?"
The last time he moved his $MKR was in 2021, when he donated 100 tokens to a Covid-19 relief fund.
Financially, the sale made sense for Buterin. He originally acquired 1071 MKR tokens in April 2018 for $905 each. At the time of this sale, the price per token had risen to $1127, netting him a 27% profit.
Interestingly, the $MKR price shot up to $1170 roughly at the same time Christensen made his announcement. Shortly thereafter, the price corrected significantly, a change that notably coincided with Vitalik's decision to sell his tokens. As of this writing, the price is stabilizing, but at the lower level of approximately $1124.
So, with all these developments, where does this leave MakerDAO, Solana, and Ethereum? While it's too soon to draw any concrete conclusions, these moves might hint at broader changes in the crypto ecosystem.
Let's not forget, the crypto world is a dynamic place. Recent decisions could shape the landscape for years to come. Just consider the unexpected turns with FTX; today's events, while noteworthy, are not necessarily dramatic in the grand scheme of things.
Also, An unknown major whale has withdrawn 11,231 MKR tokens from Binance, totaling $12.3 million. Who they are and what they intend to do with the tokens is currently unknown.
So, MakerDAO finds itself in the midst of things.
TL;DR: Ethereum founder Vitalik Buterin sold his remaining 500 MakerDAO tokens for about $580,000, coinciding with MakerDAO's potential move to Solana, raising speculation about his intentions. Meanwhile, an unidentified major whale withdrew $12.3 million worth of MKR tokens from Binance, adding to the uncertainty surrounding MakerDAO's future in the evolving crypto landscape.
VENTURE MONDAYS
Decentralized recommendation engine in the Web3 social network Tako Protocol raised $2M in a Pre-seed funding round from UOB Venture Management, DWF Labs, Mask Network, Signum Capital, AC Capital, Smrti Lab, RSS3, HashBrown Research.
It may sound super difficult, but no have no worries!
In Tako's decentralized recommendation model, individual users take the reins in curating and recommending content. Unlike traditional platforms where algorithms control the narrative, Tako enables secure, peer-to-peer exchanges of recommendations, empowering users to influence the content landscape.
There is no information on precise use and how the bots will be avoided, yet - you may take a look at such a diagram:
Adding a layer of versatility, Tako is designed for compatibility across multiple ecosystems. It functions as an overlay, seamlessly connecting and enhancing the functionalities of various decentralized social networks, such as LENS (we wrote about them here) and others, including upcoming platforms.
Web3 forms and surveys platform DeForm raised $4.60M in a Seed funding round led by Kindred Ventures, with participation from Elad Gil, Next Web Capital, Scalar Capital, A Capital, and Alchemy Ventures.
DeForm is a form builder designed to meet the specialized needs of Web3 marketers. Unlike traditional form builders, it includes features for validating onchain digital asset holdings and tracking social media engagement. This makes it suitable for more complex tasks, such as managing NFT giveaways, creating Web3-related surveys, and analyzing community interactions
SELECTED MEME OF THE DAY
