Vitalik sell MKR after MakerDAO decides to fork Solana

There is an atmosphere of uneasiness between MakerDAO and the greater Ethereum community. This is due to the fact that MakerDAO’s founder has decided to fork Solana for upcoming appchain shifting. As a result, MKR, which is the governance token of MakerDAO, fell by 5.6% after the increase the day before, following the founder of Ethereum, Vitalik Buterin, selling his share of 500 MKR for 353 ETH, or $580,000 due to the news.

Following that, Buterin appeared in the Discord server for Reflexer and is into building RAI, which is an ETH-supported and unattached competition for MakerDAO’s DAI stablecoin. He suggested Reflexer accept minority liquid staking tokens (LSTs) to increase its stake in Ethereum’s stablecoin arena during Maker’s decision to leave the network.

In Buterin’s opinion, RAI should play a more active role in matters of governance and back secondary types of staked ETH. Presently, Lido is in charge of almost three-quarters of the liquid staking scenario.

Recently, the Co-Founder of MakerDAO, Rune Christensen, got his thesis published. His thesis revolves around why MakerDao should launch its forthcoming appchain deployment on a fork of the Solana codebase. It provides the reason for MakerDAO delivering its futuristic appchain positioning on a fork Solana codebase. He laid stress on the upgradability of Solana, along with the various clients for safety and the set rules of projects delivering Solana forks in the form of specific appchains. His inclination is more towards Solana than Cosmos.

Earlier on, Christensen initially divulged his plan of action for an appchain shifting, which would be the final stage for Maker’s continuing Endgame modification. The process would entail the deliverance of a fresh network targeting the organizing of MakerDAO. There would be alterations carried out with regard to the MKR and the DAI tokens, rearranging them into a sequence of special subDAOs and restructuring its governance procedures.

NewChain provides the method of handling eight years of technical debt in the protocol. This signifies the fact that rebuilding all segments of the protocol makes it possible for them to play their respective roles in the last and permanent Endgame technical design. As per Christensen’s opinion, the appchain deliverance will not happen before the next three years.

This idea is arising at a time when appchains are gaining popularity as an opportunity for putting up applications that are in need of quick, cost-effective transactions and a high level of throughput. Recently, the community of dYdX finalized a proposal to shift from Ethereum to a Cosmos-oriented Layer 1. Lens, which is a decentralized social media protocol belonging to Aave, utilizes Momoka, which is a Layer 3 appchain controlled by Ethereum.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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