MakerDAO co-founder has been making some notable transactions recently, selling Lido DAO tokens and buying MakerDAO tokens amid the rise of cryptocurrency volatility. According to reports, the co-founder sold around 18.8 million Lido DAO tokens for 27 million DAI, 7,553 MakerDAO tokens for $4.67 million, and 92 ETH, with the average selling price pegged at $1.68.
The co-founder then proceeded to buy 15,092 MakerDAO tokens, using 4.44 million DAI, 2.8 million Lido DAO tokens and 604,000 USDT. The average buying price was $644.
The cofounder of MakerDAO (@RuneKek) is buying $MKR and selling $LDO.— Lookonchain (@lookonchain) February 26, 2023
He sold ~18.8M $LDO for 27M $DAI, 7,553 $MKR($4.67M) and 92 $ETH, the average selling price is $1.68.
And bought 15,092 $MKR with 4.44M $DAI, 2.8M $LDO and 604K $USDT, the average buying price is $644. pic.twitter.com/UkyURUmSjM
It is worth noting that these transactions happened during a period of increased volatility in the cryptocurrency market. While it is unclear what motivated the MakerDAO co-founder to make these moves, some analysts believe that the transactions could be a sign of his confidence in the long-term potential of the MakerDAO project.
MakerDAO is a decentralized autonomous organization that operates on the Ethereum blockchain. It allows users to issue and trade a stablecoin called Dai, which is pegged to the U.S. Dollar. The MakerDAO ecosystem relies heavily on the Maker token (MKR), which is used to govern the system and make decisions about its future development.
Lido DAO, on the other hand, is a liquid staking protocol that allows users to earn staking rewards on their Ethereum holdings without locking up their tokens. Lido tokens are used to represent staked Ethereum, and users can trade them on various decentralized exchanges.
The co-founder's decision to sell Lido DAO tokens and buy MakerDAO tokens could be seen as a vote of confidence in the MakerDAO project, which has been gaining traction in the DeFi space. MakerDAO recently surpassed $5 billion in total value locked, making it one of the most popular DeFi protocols.