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\t\t\t\t\t\t\t\tPosted: September 3, 2023 MakerDAO [MKR]<\/a>, a prominent player in the decentralized finance (DeFi) sector, has maintained a strong presence over the years. It has garnered trust and popularity for its governance token MKR and its stablecoin DAI. However, recent events involving Ethereum\u2019s co-founder, Vitalik Buterin, and MakerDAO\u2019s ambitious \u201cNewChain\u201d project are reshaping its narrative.<\/p>\n Is your portfolio green? Check out the MakerDAO Profit Calculator<\/a><\/p>\n In an unexpected move that garnered significant attention, Vitalik Buterin made a substantial sale of his Maker holdings. This transaction involved the sale of 500 MKR tokens for 350 ETH and was executed via CoWswap.<\/p>\n Notably, this sale marked Vitalik\u2019s first disposition of MKR in two years. Following the sale, the 350 ETH proceeds were transferred to the address 0x3F\u20262aEB. As of now, this address held assets valued at $1.09 million, including 415.76 ETH.<\/p>\n After 2 years of dormancy, @VitalikButerin<\/a> sold all remaining 500 $MKR<\/a> for 353 $ETH<\/a> ($580K) 6 hrs ago.https:\/\/t.co\/S6EC2lwxLq<\/a> pic.twitter.com\/tj8baxcJgO<\/a><\/p>\n \u2014 Lookonchain (@lookonchain) September 2, 2023<\/a><\/p>\n<\/blockquote>\n In response to these developments, the price of MKR experienced a noticeable decline, falling by 3.725% within a 24-hour period. The effects rippled through the market as the network growth of MKR saw a sharp reduction.<\/p>\n This decrease indicated a diminished interest from new addresses toward MKR trading. Moreover, the velocity of MKR, a metric representing its trading frequency, showed signs of slowing down.<\/p>\n Source: Santiment<\/p>\n<\/div>\n Beyond the ramifications of Vitalik\u2019s MKR sale, MakerDAO was embarking on a significant journey with the development of \u201cNewChain.\u201d Rune Christensen, a co-founder of MakerDAO, stands as a key proponent of this initiative.<\/p>\n NewChain is a critical component of the overarching \u201cEndgame\u201d upgrade, a comprehensive project spanning three years. The project\u2019s primary objective is the complete re-implementation of the Maker protocol within a new and independent blockchain ecosystem.<\/p>\n Realistic or not, here\u2019s MKR\u2019s market cap in BTC\u2019s terms<\/a><\/p>\n Rune Christensen\u2019s proposal introduces a paradigm shift for MakerDAO. He advocated for serious consideration of the Solana codebase as the foundational framework for NewChain. This strategic pivot away from MakerDAO\u2019s Ethereum roots signifies the project\u2019s commitment to exploring alternative blockchain solutions in pursuit of enhanced protocol capabilities.<\/p>\n The last phase of Endgame is the launch of a native blockchain for Maker with the codename NewChain<\/p>\n It will make the ecosystem more secure and efficient<\/p>\n After some research, I believe the Solana codebase should be considered as the basis for NewChainhttps:\/\/t.co\/KyGxBBGlVH<\/a><\/p>\n
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Impact on Market Sentiment and MKR\u2019s Price<\/h4>\n
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<\/a><\/p>\nNew steps for MakerDAO<\/h4>\n
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