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Vitalik Buterin, the co-founder of Ethereum, has been in the spotlight recently due to his significant transfers in various altcoins. Not long ago, Buterin made headlines by transferring 15 million USD Coin (USDC) worth 15 million dollars to Gemini, a US-based cryptocurrency exchange. The prominent figure in the crypto world has now explained the reason behind these altcoin transfers.
Vitalik Buterin Clarifies ETH Transfers
The co-founder of Ethereum has shed light on the reason behind his significant altcoin transfers, which has left the crypto community puzzled. Buterin addressed the issue and stated the following in a statement from his personal account:
“If you come across an article saying ‘Buterin sent XXX amount of ETH to a cryptocurrency exchange,’ it doesn’t mean I’m selling ETH. Almost always, I am donating to a charity, non-profit organization, or another project, and the recipient sells to cover the expenses. Since 2018, I have not ‘sold’ ETH for personal gain.”
Buterin’s crypto wallet is filled with numerous cryptocurrencies sent as part of various altcoin projects launched on the Ethereum network. The co-founder of Ethereum transfers these altcoins to cryptocurrency exchanges at certain times, selling them and making donations. Buterin was an active donor during the COVID-19 period, making millions of dollars in donations to help victims through difficult times.
Interestingly, Buterin has become much more active with his frequent transfers to cryptocurrency exchanges in the past month. This has drawn attention as it coincided with a time when the market was facing strong selling pressure, leading to increased skepticism in the crypto world. In early October, Buterin also transferred ETH worth 1.64 million dollars to the cryptocurrency exchange Bitstamp.
Decentralized Staking
In addition to transfers, Buterin is also focusing on developments within the Ethereum ecosystem. In a recent blog post, Buterin evaluated the future of Ethereum staking, particularly addressing the existing centralization issue in the Ethereum ecosystem. He emphasized the need for changes that can rebalance the system and promote more decentralization.
Buterin also highlighted the concentration of power among Ethereum’s liquid staking providers, pointing out that Lido DAO, a leading liquid staking pool, holds more than 32% of the staked ETH. He noted that stronger solutions are needed to overcome these challenges.
To increase decentralization in liquid staking within Ethereum, Buterin is considering protocol updates rather than relying solely on moral persuasion to encourage stakeholders to diversify their staking provider choices.
