Vitalik Buterin send 500 ETH to a very less known protocol


The Ethereum co-founder showed his crypto financial activities on an Ethereum blockchain-based protocol Reflexer.

Reflexer is a Defi protocol, which allows crypto holders to use their crypto assets as collateral to mint stablecoins. According to this Defi platform, Stablecoins, as opposed to fiat currencies, are not pegged to anything, very similar to how the US Dollar is not pegged and is still considered stable. In short, Reflexer provides stablecoin against crypto assets collateral. This platform gives RAI tokens to Reflexer users and further RAI tokens can be used to swap into stablecoins. 

On 11 March 2023, Popular crypto analytic platform Peckshield noted that Ethereum co-founder Vitalik Buterin transferred 500 ETH to the Reflexer platform to mint 150k $RAI, and swapped 132.5k $RAI for 378.5k $USDC. After that Vitalik swapped 17.5k $RAI for 50k $DAI.

Data on the popular Ethereum network tracking platform Etherscan noted that Vitalik spent around $200 gas fee to complete all of his transactions. 

Earlier this week, Vitalik swapped around $700k worth of crypto assets for ETH. All the swapped crypto assets were received by him from crypto projects for free, obviously as a part of the promotional strategy.

It seems that Vitalik is trying to use his free ETH holding on the innovative crypto platforms, which are failing to grab attention. 

ETH price action

The current trade price of ETH is $1,579 & this trade price is 8.51% high than the last 24 hours’ trade price. 

Vitalik Buterin send 500 ETH to a very less known protocol 1

Read also: Republican senators’ letter to Fed agencies over crypto discrimination