Vitalik Buterin says all Layer-2 token holdings will be donated to charity, won’t sell for profit
- Vitalik Buterin plans to donate proceeds from the sale of Layer-2 tokens and other project assets to charity.
- The Ethereum co-founder shared his plan on X, and said he hasn’t sold Ether for profit since 2018.
- Ether hovers under $2,400 at the time of writing.
Vitalik Buterin, Ethereum co-founder, has not sold Ether since the altcoin’s ICO in 2018. On-chain transfers by Buterin make headlines as ETH holders keep eyes peeled for selling pressure on the altcoin.
Ether trades at $2,382 at the time of writing.
Ethereum co-founder won’t sell Layer 2 token holdings for gains
Ethereum active addresses surged nearly 10% in September. Alongside a rise in active addresses, there has been an increase in supply on exchanges. Exchange supply is up to 21.01 million, per Santiment data.
Rising exchange supply increases the availability of Ethereum to sell and contributes to selling pressure on the asset. While ETH holders keep their eyes peeled when co-founder Vitalik Buterin makes on-chain transfers, the latter has assured them that it is not intended for profit-taking.
Buterin has not sold Ether for profit since the 2018 ICO.
The Ethereum co-founder informed his followers on X that the same applies to Layer 2 tokens and he intends to send these assets or proceeds from their sales to charities. Buterin is known to send funds to protocols that he finds useful within the Ethereum ecosystem
BTW the above also applies to L2 tokens or other project tokens I hold (incl not-yet-liquid): all proceeds will be donated, again either to support public goods within the ethereum ecosystem or broader charity (eg. biomedical R&D).
— vitalik.eth (@VitalikButerin) September 5, 2024
I also do not intend to invest into L2s or…
Ether trades under $2,400
Ethereum trades at $2,385 at the time of writing. The altcoin added 0.69% to its value on the day. The second largest cryptocurrency is on its path to recover from August 5 low of $2,111.
On-chain data from Lookonchain shows that the Ethereum foundation transferred 1,000 Ether to a multisignature wallet.
The #Ethereum Foundation transferred 1,000 $ETH($2.38M) to a multi-signature wallet"0xbC9a" again 15 mins ago.
— Lookonchain (@lookonchain) September 6, 2024
According to the previous transaction, this multi-signature wallet will transfer $ETH to wallet"0xd779" and swap it for $DAI.https://t.co/1DMzORJ9Eg pic.twitter.com/ZMwM9yRt62
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
