Vitalik Buterin intends to donate the profits from Layer-2 to Ethereum’s public benefit and charity.
Vitalik Buterin, the co-founder of Ethereum, discusses the various hypotheses that have emerged in relation to his most recent crypto-related activities. He proposed the donation of all Layer-2 tokens or other project tokens to support public products within the Ethereum ecosystem.
This occurs subsequent to Buterin’s transfer of 2.1 million Starknet tokens (approximately $858K) to a new wallet. He has recently obtained 1.268M STRK (approximately $470K) from Starknet’s grant, which has sparked speculation about a potential sale. Nevertheless, he serves as an initial investor in Starknet.
In an X post, the co-founder of Ethereum disclosed that he has not sold or retained the proceeds since 2018. Buterin has been executing all sales to support a variety of initiatives that he believes are valuable.
Vitalik Buterin stated in his most recent post that the Layer 2 tokens and other project tokens held in the wallets are all subject to the same posture. He committed to donating the entirety of the proceeds to the Ether ecosystem’s public goods or to a broader charitable organization.
Additionally, he declared his intention to refrain from investing in token initiatives or Layer-2 tokens in the near future. Buterin’s objective was to provide financial support to initiatives that were personally valuable to him. It encompasses instances in which constituents of the ecosystem may be underaccounted for.
However, Buterin responded to inquiries that suggested he invest in projects with positive externalities and subsequently apply the proceeds to do good in the future. He replied that there are alternative methods to obtain leverage through providing financial assistance. Emphasizing that the broader perspective is that the benefits of the cycle described are genuine, but they appear to be less substantial than the benefits of establishing a distinct stance that serves as an example.
Vitalik Buterin had transferred $10 million in Ether to an exchange prior to his liquidation response. Since 2015, Arkham Intelligence has disclosed that 422,000 Ether (approximately worth $1.04 billion) have been relocated from his linked wallet. Concurrently, the address has experienced a displacement of 840K ETH over the past two years.
Buterin’s substantial transfers are in accordance with the Ethereum Foundation’s actions, which involved the transfer of 84,000 Ether (approximately valued at $207 million) to exchanges in August. Large ETH transfers have historically been known to elicit market reactions.
In the past 60 days, the price of ether has decreased by over 18%, despite the fact that it has only increased by 4% year-to-date. ETH is currently trading at an average price of $2,378 at the time of publication. Its 24-hour trading volume has decreased by 5% to $13.41 billion.
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