The co-founder of MakerDAO has recently engaged in several noteworthy transactions, selling Lido DAO tokens and purchasing MakerDAO tokens as cryptocurrency volatility has increased. Over 18.8 million Lido DAO tokens were sold by the co-founder for 27 million DAI, along with 7,553 MakerDAO tokens for $4.67 million and 92 ETH, with an average selling price of $1.68.
The co-founder then went on to spend 4.44 million DAI, 2.8 million Lido DAO tokens, and 604,000 USDT to purchase 15,092 MakerDAO tokens. The typical cost of a purchase was $644.
It's important to remember that these transactions took place when the cryptocurrency market was experiencing greater volatility. It is unknown what prompted the co-founder of MakerDAO to make these decisions, but some observers think that it may have something to do with his belief in the project's long-term viability.
On the Ethereum blockchain, MakerDAO is a decentralized autonomous organization. It enables users to create and exchange Dai, a stablecoin linked to the US dollar. Dollar. The Maker token (MKR), which is used to run the system and decide on its future course, is a key component of the MakerDAO ecosystem.
A liquid staking system called Lido DAO, on the other hand, enables users to earn staking rewards on their Ethereum holdings without locking up their tokens. Staked Ethereum is represented by Lido tokens, which users can trade on a variety of decentralized marketplaces.
A vote of confidence in the MakerDAO project, which has been gaining traction in the DeFi field, might be inferred from the co-choice founder's to sell Lido DAO tokens and purchase MakerDAO tokens. Recently, MakerDAO's total value locked topped $5 billion, making it one of the most well-liked DeFi protocols.