TL;DR
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MakerDAO is switching from Ethereum to Solana, meaning its network fees 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 – selling off all but one of his shares.
Full Story
When Steve Jobs was fired from Apple in 1985, he sold off all but one of his shares and rode off into the sunset.
Vitalik Buterin followed a similar path last week when MakerDAO announced it would be switching from Ethereum to Solana.
For those of you playing at home…
Here’s what MakerDAO is/does:
MakerDAO is the issuer of the ‘DAI’ stablecoin – a coin that stays pegged to the price of the US dollar.
Here’s what switching from ETH to SOL means:
MakerDAO is overhauling its operation, and moving to Solana – which is kind of like a company saying:
“You know what, screw Microsoft – we’re shifting to Apple’s operating system.”
Point being: the network fees that are generated by MakerDAO’s new and improved system are now going to Solana, instead of Ethereum.
Here’s what Vitalik did in response:
He sold all of his MakerDAO holdings, which amounted to roughly $580k.
A small amount of money in the grand scheme of things, but a powerful snub when pointed at MakerDAO.
It’s no ‘horse head next to you in bed‘ – but it gets the message across.