In less than a week following Vitalik Buterin’s sale of his Maker (MKR) holdings for Ethereum (ETH), another crypto whale has executed the reverse maneuver. On-chain data from September 4 reveals that an Ethereum holder traded 694 ETH, valued at approximately $1.13 million at the time of writing, in exchange for 1,010 MKR. During this swap, MKR was being transacted at a rate of $1,122 per token.
Crypto whale exchanges ETH for MKR.
As of September 4, the wallet address “0x3737” boasted assets valued at more than $20.37 million. While this whale engages in trades against Vitalik and strengthens their position in MKR, a closer examination of the wallet’s portfolio reveals that its largest holding is Ethereum (ETH).
The wallet contains a substantial holding of 10,000 ETH, valued at $16.3 million based on current market rates, constituting over 75% of the entire portfolio. Additionally, the wallet boasts significant positions in other assets, including Arbitrum (ARB) valued at $2.9 million and MKR with a valuation of $1.1 million.
MKR, the token issued by MakerDAO, a decentralized autonomous organization (DAO) responsible for governing the creation of DAI, an algorithmic stablecoin on the Ethereum network, has been experiencing remarkable growth in recent months.
MKR plays a pivotal role in the stability of the DAO and serves as a final safeguard. Holders actively engage in governance activities, voting on proposals aimed at maintaining the stability of the algorithmic stablecoin. These proposals cover aspects such as accepted collateral types, adjustments to stability fees, and other critical factors.
Starting from June, MKR has more than doubled in value, surging by 125% and reaching a peak of approximately $1,300 in early August. Currently, it is trading at over $1,100, marking a 13% increase from its August lows.
Maker Unveils Endgame
The token’s remarkable surge can be attributed to various factors, with a particular highlight being the unveiling of the “Endgame” roadmap by MakerDAO. Within this strategic plan, MakerDAO intends to embark on several initiatives, including the launch of their blockchain, a rebranding effort, and the introduction of two additional tokens.
This development carries significant weight as MakerDAO stands among the pioneering decentralized finance (DeFi) protocols. According to data from DeFiLlama, the protocol boasts an impressive total value locked (TVL) exceeding $5 billion, cementing its position as the world’s largest decentralized money market.
In the meantime, DAI, MakerDAO’s algorithmic yield-earning stablecoin, has demonstrated stability in recent times and has solidified its position as the largest such stablecoin within the Ethereum ecosystem. As of the latest data available, DAI commands a market capitalization of $5.3 billion, ranking 12th in terms of market cap among cryptocurrencies. This places DAI as the third-largest stablecoin, trailing behind only USDT and USDC.
It’s noteworthy that despite the exceptional performance of MKR compared to the broader cryptocurrency market, Vitalik Buterin liquidated $580,000 worth of MKR. This decision followed MakerDAO’s co-founder, Rune Christensen, announcing the consideration of launching a new blockchain, “NewChain,” designed to bridge with Ethereum and built upon Solana’s code. The introduction of NewChain is an integral component of MakerDAO’s “Endgame” roadmap.