Vitalik Buterin, co-founder of Ethereum, opens up on the multiple theories emerging over his recent crypto-linked movements. He suggested that all the Layer-2 tokens or other project tokens will be donated to support public goods within the Ethereum ecosystem.
This comes after Buterin had moved 2.1 million Starknet tokens (approx worth $858K) to a new wallet. He recently unlocked 1.268M STRK (approximately $470K) from Starknet’s grant, fueling talks of a potential selloff. However, he is a seed investor in Starknet.
Vitalik to donate all layer-2 tokens
Ethereum co-founder in an X post had revealed that he hasn’t sold and kept the proceeds since 2018. All sales being executed so far have been done to support various projects that Buterin thinks are valuable.
In the latest post, Vitalik Buterin mentioned that all the same stance stands for the Layer 2 tokens or other project tokens held in the wallets. He pledged that all proceeds would be donated to support public goods within the Ether ecosystem or broader charity.
He also vowed not to invest in Layer-2 tokens or token projects in the foreseeable future. Buterin intended that his goal is to give projects money in order to support things that are valuable to him. It includes cases where parts of the ecosystem might be undervalued.
Buterin addressed queries suggesting that he invest in projects with positive externalities and then use the profits for good in the future. He replied that there are other options to get leverage out of giving money. Highlighting that the bigger picture is that the gains of the described cycle are real but seem less than the gains of having a clear stance that sets an example.
Over 840K ETH moved in 2 years
Before his liquidation response, Vitalik Buterin had moved $10 million worth of Ether to an exchange. Arkham Intelligence revealed 422,000 Ether (approx worth $1.04 billion) has been transferred from his linked wallet since 2015. Meanwhile, 840K ETH have moved out of the address in the last two years.
Buterin’s massive transfers coincide with moves made by the Ethereum Foundation – shifting 84,000 Ether (approx worth $207 million) to exchanges in August. Historically, large ETH transfers can stir market reactions.
Ether’s price has seen a decline of more than 18% in the last 60 days, while it is still up by just 4% on the year to date basis. ETH is trading at an average price of $2,378, at the press time. Its 24 hour trading volume is down by 5% to stand at $13.41 billion.
Source: https://www.cryptopolitan.com/vitalik-vows-to-donate-l2-tokens/