TL; DR
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MakerDAO is switching from Ethereum to Solana, which means network costs will now go to Solana.
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In response, Ethereum founder Vitalik Buterin just sold all of his MakerDAO holdings (~$580k).
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When Steve Jobs was fired from Apple in 1985, he did something similar: sell all but one of his shares.
Full story
When Steve Jobs was fired from Apple in 1985, he sold all but one of his shares and drove off into the sunset.
Vitalik Buterin followed a similar path last week when MakerDAO announced it would switch from Ethereum to Solana.
For those who play at home…
This is what MakerDAO is/does:
MakerDAO is the issuer of the ‘DAI’ stablecoin – a coin that remains pegged to the price of the US dollar.
Here’s what switching from ETH to SOL means:
MakerDAO is overhauling its operations and moving to Solana – which is a bit like a company saying:
“You know what, fuck Microsoft, we’re moving to Apple’s operating system.”
The thing is, the network fees generated by MakerDAO’s new and improved system now go to Solana, instead of Ethereum.
Here’s what Vitalik did in response:
He sold all of his MakerDAO holdings, which amounted to about $580,000.
A small amount in the grand scheme of things, but a powerful reproach when directed at MakerDAO.
It’s no’horse head next to you in bed— but it gets the message across.