After the USDC depeg, there was a huge fluctuation in the cryptocurrency market. In this process, even the important names of the market took their guard against the market volatility. Vitalik Buterin, the inventor of the leading altcoin Ethereum, invested 500 ETH to print tokens that not everyone is familiar with in the market.
Vitalik Buterin’s interesting altcoin choice!
Ethereum founder and CEO Vitalik Buterin sent 500 ETH to the Reflexer protocol to mint the RAI token. Buterin later traded the RAI token for USDC. This move was very interesting due to the difficult market conditions at the time.
Buterin, one of the co-founders of Ethereum, is known for making strange choices in volatile market conditions. He recently decided to use the Reflexer platform to exchange his ETH for USDC. Buterin’s move caught on-chain crypto detective PeckShieldAlert’s radar, and PeckShieldAlert posted the following on his Twitter account:
Address tagged Vitalik deposited 500 ETH on Reflexer to print 150k RAI and traded 132.5k RAI for 378.5k USDC. Additionally, it has replaced 17.5k RAI with 50k DAI in the last 3 hours.
Why did the Ethereum inventor choose to use RAI?
For cryptocurrency users, the decentralized Reflexer protocol works as a stablecoin platform to provide stability. To do this, the website uses RAI, a stablecoin backed by ETH. Compared to the volatility of Bitcoin (BTC) or Ethereum (ETH), the leaders of the crypto market, the more stable RAI may be a reason for preference.
Buterin’s choice to use RAI to convert his ETH to USDC is critical for several reasons. Because, cryptocoin.comAs you follow, the crypto market has been experiencing great fluctuations in recent days. According to experts, this move first shows that even the co-founder of Ethereum is looking for ways to reduce its exposure to market volatility. Therefore, he could use RAI to convert his ETH, whose price was falling, to USDC at the time.
Second, Buterin’s action highlights how decentralized stablecoins are becoming increasingly important in cryptocurrency. Over the past year, stablecoins have grown in popularity as a solution for users to continue to enjoy the benefits of Blockchain technology while reducing cryptocurrency volatility. The underlying process of the USDC depeg, which is one of the reasons for the market fluctuations in the last days, is almost likely to result in a retracement of the $1 stable. However, Buterin’s decision shows that even the most influential figures in the cryptocurrency space have benefited from it.
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