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Frontman of Ethereum sells some of his ETH as coin nears $2,000 level

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According todata shared by @lookonchain, an analytics platform that tracks large crypto transactions and transfers of "Smart Money" wallets, Vitalik Buterin sent nearly half a million worth of Ethereum to a major exchange.

After he did that, the Ethereum Foundation did the same but transferred a lot more Ethereum to the same platform nearly $30 million worth of it.

In the meantime, the second largest cryptocurrency, ETH, is trading at the $1,960 level. Santiment on-chain data company believes that ETH is on the cusp of breaking above $2,000.

Lookonchain shared that the vitalik.eth wallet was the first to move 200 Ethereum (worth about $400,000) to the U.S.-based Kraken exchange. Following Buterin's transaction, the Ethereum Foundation did the same but on a much bigger scale they shifted 15,000 ETH to Kraken as well.

Together with Buterin's crypto, that makes $40,000,000 USD in fiat. The second transaction was also noticed and highlighted by the popular crypto tracker Whale Alert.

It seems that Buterin just sells Ethereum from time to time in more or less the same amounts. As reported by U.Today earlier, in the middle of February, he sold 210 ETH for roughly $325,000 in the USDC stablecoin. Curiously, that chunk of ETH was also sold on Kraken.

Back then, Ethereum was trading at $1,545.

On March 13, he moved another 200 ETH to Kraken, selling it at the price of $1,656 per coin.

Santiment data aggregator reported on Friday that ETH had reached an eight-month high in flows to crypto exchanges. The analytics team believes that this may be a sign of an upcoming volatility increase similar to what it was like after the collapse of FTX in early November and the Merge in mid-September.

In a tweet that followed, Santiment added that while "sky-high active deposits" of ETH to exchanges are the highest since November last year, ETH is now showing signs of decoupling from BTC and may be about to break above the $2,000 level.

Besides, a record amount of ETH was burned at the end of this week, as U.Today reported. That was down to the meme coin season unwrapping at the moment the majority of meme coins run on Ethereum and so are being actively moved with high ETH fees, providing a great opportunity to burn ETH and decrease the circulating supply.

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Vitalik Buterin and ETH Foundation Sell $30 Million in Ethereum As ETH About to Break $2,000 - U.Today

The founder of Ethereum, one of the pioneering entities of the entire cryptocurrency industry, is one of the most recognizable names in the digital asset sector. Yet, as the brains behind one of the most used blockchains on the planet, just who is Vitalik Buterin, and what is his net worth?

Buterin is a well-respected industry leader and has catapulted his Ethereum network to unprecedented heights. Moreover, understanding the development of Ethereum, his early life, and his impact on the industry provides an interesting context for just how much the co-founder is worth.

Vitalik Buterin was born on January 31, 1994, in Kolomna, Russia, and migrated to Canada at the age of six. After leaving Russia, Buterins early life was set in the province of Ontario, where he gained some notoriety as a programmer during his teenage years.

At a young age, it was clear that Buterin had a strong passion for digital assets. Specifically, Buterin was taught about the fundamentals of Bitcoin (BTC) by his father when he was 17 years old.

Although he was tremendously interested, there was really no way for the young Russian Canadian to obtain the asset. Yet he would eventually begin writing blog posts for Bitcoin as compensation. Subsequently, that work would culminate in 2011, when he co-founded Bitcoin Magazine.

Buterin would study collegiately at the University of Waterloo, taking advanced cryptography courses. Then, he would become a research assistant to former Tor Project board chairman, Ian Goldberg.

In 2012, Buterin took home bronze in the International Olympiad in Informatics. There, he began to collaborate with some of the brightest young development minds on the planet. Eventually, in 2014, billionaire Peter Theill established the Thierl Fellowship. Subsequently, Buterin was offered a $100,000 grant to focus full-time on Ethereum. Leading the young developer to drop out of college and chase his dream.

Moreover, Buterin created a host of open-source projects until he eventually co-founded Ethereum in 2013. The young developer co-founded the Ethereum network alongside Hoseph Lubin, Charles Hoskinson, Anthony Di Lorio, and Gavin Wood.

Ethereum was created to combat certain flaws that Buterin observed in various crypto projects like Bitcoin. Following the publication of the Ethereum technical book, the industry was able to observe how the Ethereum Virtual Machine (EVM) truly functions. Subsequently, presenting the primary technology behind the Ethereum network, and orchestrating its vast potential.

In 2015, the Ethereum brain trust was able to present the original, fully formed version of the network, Frontier. The arrival followed a rather long crowdfunding campaign and became somewhat of a viral sensation. Following its launch, tech giants like IBM and Microsoft were interested in the capabilities of the project.

The founders group behind Ethereum eventually sold ETH for more than 31,000 BTC, which equates to $18 million. Subsequently, the Ethereum Foundation was born. The foundation was a non-profit based in Switzerland and used to oversee the Ethereum networks open-source software development.

Overall, the Ethereum network benefited from the principles that it held firm to. Specifically, the design of the network ensures simplicity, modularity, universality, agility, non-discrimination, and non-censorship. All qualities that have drawn in users. Consequently, aspects that have continued to drive its popularity in the industry.

All of that exposition sets up the answer to the question of Vitalik Buterins net worth. Currently, Data Wallet approximates that the Ethereum co-founder boasts a net worth of around $540 million as of 2023. Specifically noting the significant amount of Ethereum that is held by the creator.

What perhaps makes the net worth of Buterin interesting, however, is how he perceives his wealth. The Ethereum co-founder has stated his adherence to decentralization as a principle. Moreover, he shares his desire to use his wealth for philanthropic purposes. Additionally, the estimates are strictly that, as Buterin has assured that he is not exponentially wealthy. Conversely, he states that he ends up donating most of his income.

This is a facet that has been seen in the past, as Buterin has been known to donate large amounts of cryptocurrency. Specifically, Buterin had been given more than 50 trillion Shiba Inu (SHIB) in 2021. Subsequently, by the end of May of that year, he had donated almost all of it to the CryptoReleif fund. The total was more than $1.2 billion at the time.

In 2022, Buterin donated another $9.4 million to the University of Maryland to support the School of Public Healths research into germicidal ultraviolet light. Subsequently, pointing to the philanthropic nature of the Ethereum founder.

Ultimately, Buterins net worth is based on various assets that are held in three wallets, according to Data Wallet. Specifically, the wallets 0xab, 0xD0, and 0x22 have all been verified to belong to the founder. Subsequently, those wallets hold a combined $500 million. Alternately, there is an additional estimate of $40 million in off-chain assets held by Buterin.

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What is Vitalik Buterin's Net Worth? - Watcher Guru

BitcoinBTC has climbed following the Federal Reserve following through on its well-telegraphed 10th consecutive interest rate hikewith traders now turning to a looming $31.4 trillion problem.

Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market roller-coaster

The bitcoin price has come back to within touching distance of $30,000 per bitcoin despite sudden fears emerging that China, U.S. president Joe Biden and the Fed could be about to "destroy all value of bitcoin." EthereumETH, the second-largest cryptocurrency after bitcoin, has also soared, climbing back toward highs not seen since last summer (even after founder Vitalik Buterin issued a bull run warning).

Now, bullish bitcoin and crypto price analysts have predicted the Federal Reserve's 10th hike could be its last of this cyclepotentially setting bitcoin up for a "strong rally."

It's at the beginning of a bull run you need up-to-date information the most! Sign up now for the free CryptoCodexA daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market

"While the Fed has raised interest rates by another 25 basis points, the probability that this was the last hike for this cycle is high, which could set up the market for another strong rally," Markus Thielen, head of research at crypto-services provider Matrixport, wrote in an emailed note.

Thielen predicts the bitcoin price could now add 20% before mid-June, potentially making one bitcoin worth $35,000 and adding $100 billion to the bitcoin market capitalization.

"At the same time, we continuously see bank failure, which requires liquidity injections and guarantees from the government for any acquiring party," Thielen added, referring to the ongoing regional U.S. bank crisis that's now hit PacWest after pushing First Republic over the edge this week.

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Meanwhile, growing instability in the banking sector is increasing bitcoin's appeal, according to Decentral Park Capital's portfolio manager Lewis Harland.

"You see outperformance of bitcoin within the crypto market when regional bank share prices collapse. This signals that bitcoin is the high-quality anti-dollar liquid play for investors as the crisis unfolds further," Harland told Coindesk, adding bitcoin dominance, a measure of bitcoin's value compared to the wider cryptocurrency market, is now near the upper end of the multi-year range.

"A break of 50% would likely signal a new market regime of prolonged bitcoin outperformance within the market."

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

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A New Market RegimeThe Fed May Have Just Triggered A $100 Billion Bitcoin Price Boom As Ethereum Surges Back - Forbes

MILAN, May 6, 2023 /PRNewswire/ -- Phemex, a leading crypto exchange platform,is bolstering its exciting plans to transition from centralized to hybrid semi-centralizedwith the launch of their innovative Phemex Soul Pass. The non-transferable digital token creates massive potential for growth and value by empowering users with full and transparent ownership of their online identities and assets in the growing Web 3.0 space.

Trust is imperative for any social environment to thrive, and in a decentralized world without a central authority, the need for it to be cultivated between all participants is vital. In early 2022, Ethereum co-founder Vitalik Buterin outlined his vision for a publicly verifiable and non-transferable token on the blockchain in a whitepaper on Soulbound Tokens (SBT). SBTs can create a more extensive Web 3.0 environment by functioning as the building blocks of decentralized credibility and trust-building by permanently binding someone's genuine reputation and credentials to the Soul, a personal crypto wallet, that cannot be sold or transferred.

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SOURCE Phemex

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Phemex Launches Its Revolutionary Phemex Soul Pass to Boost ... - PR Newswire

Despite Ethereums Shapella upgrade going live just three weeks ago, the Ethereum Foundation is already looking ahead to the networks next upgrade, dubbed Dencun.

According to a May 3 blog post from Ethereum Foundation community manager Tim Beiko, Ethereums core developers are already in the final stages of planning for Dencun.

We currently have a tentative set of [Ethereum Improvement Proposals] included in the next network upgrade, Beiko said.

The primary update included in Dencun is EIP-4844, also known as Proto-Danksharding or The Surge. Researchers anticipate the update will reduce the costs associated with transacting on Ethereum Layer 2 by orders of magnitude. Beiko did not offer any timeline for when Dencun might be activated.

The news comes as Layer 2 networks have emerged as the leading Ethereum scaling solution. Layer 2s surpassed the Ethereum mainnet by daily transaction volume in February, with L2s currently beating Ethereum by double with 2M transactions daily. L2 transactions peaked at nearly 4M six weeks ago, while mainnet activity trended steady at roughly 1M each day for the past six months.

L2s represent a combined total value locked (TVL) of $9.3B, according to L2Beat, equal to one-fifth of the entire DeFi TVL, according to DeFi Llama.

EIP-4844 will replace the blockspace-intensive calldata currently stored on-chain alongside transactions with blobs, with analysts tipping the upgrade will improve Layer 2 throughput by orders of magnitude. Unlike calldata, Blobs do not compete with Ethereum transactions for gas, significantly reducing the blockspace associated with processing transactions on L2.

In a recent appearance on The Defiant Podcast, Carl Beekhuizen of the Ethereum Foundation said the cost of storing data on-chain is the main barrier restricting the scalability of Layer 2 networks. The idea behind Danksharding and EIP-4844 is to provide really cheap data storage so the L2s can provide cheap transactions to their users, Beekhuizen said.

Beiko confirmed that Dencun will include at least three other upgrades.

EIP-1153 will introduce transient storage, which allows certain data to be discarded from transactions rather than stored on-chain. The upgrade will further improve blockspace availability and reduce the costs associated with storing data on-chain.

EIP-6475, also called SSZ Optionals, is a companion to proto-danksharding which introduces a new type of transaction that uses simple serialize (SSZ) encoding. Beiko said EIP-6475 ensures transaction formats are forward-compatible future SSZ-upgrade devs plan to introduce in the future.

EIP-6780 will deactivate the SELFDESTRUCT opcode, which is used to terminate a smart contract. Beiko said the function is not behaving as expected for certain use cases, adding that client teams are currently considering different solutions for modifying the code.

Ethereum is currently undergoing a period of significant transformation which began with the Merge last September, transitioning Ethereum to Proof of Stake consensus. Once the Surge is live following Dencun, Ethereum will undergo three other major upgrades in the form of the Verge, the Purge, and the Splurge.

The Verge will introduce Verkle trees and stateless clients to make Ethereum more lightweight and bolster decentralization. Vitalik Buterin, Ethereums co-founder and chief scientist, said that after The Verge, users will be able to launch nodes without having hundreds of gigabytes on your disc.

The Purge will remove old history from the blockchain, meaning nodes wont be required to store the entire history of the blockchain. The network will delete transaction data after it is 30 days old, with infrastructure providers like the Etherscan block explorer expected to continue compiling older historical data.

Finally, the Splurge will introduce all of the other fun stuff bolstering the networks efficiency and performance not included in other upgrades.

Ethereums core devs expect the network will enter a phase of relative stability following the Splurge, with Vitalik predicting that Ethereum will look more like a system that optimizes for safety and predictability.

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Ethereum Developers In 'Final Stages Of Planning' Next Major ... - The Defiant - DeFi News