Ethereum Co-Founder Vitalik Buterin Transferred 3,000 ETH to a Multi-Sig Wallet

The co-founder of Ethereum, Vitalik Buterin transferred 3,000 ETH, approximately $8 million to a multi-sig wallet.

Ethereum co-founder Vitalik Buterin has transferred 3,000 ETH, valued at approximately $8 million, to a multi-sig wallet, according to a recent transaction spotted by Lookonchain on August 9, 2024. While the transaction initially sparked speculation about a possible donation, further analysis suggests that the funds may be transferred internally within Buterin's wallets.

The destination wallet, which receives the 3,000 ETH, is reportedly linked to Buterin through the signatories. This connection may indicate that the transfer is an internal movement rather than an external contribution to a charity organization. As the transaction unfolds, the community is closely monitoring subsequent activities from the involved addresses for further insights.

Buterin's recent activity also includes other transactions connected to his wallets. On August 5, another wallet linked to Buterin, known as “Vb 3,” transferred an amount of 3,000 ETH back to Buterin's main wallet. A historical analysis reveals that this “Vb 3” wallet has been previously active in transactions connected to Buterin's main wallet.

Moreover, Buterin's wallet interactions extend beyond ETH transactions. In a recent notable token sale, he swapped 17.15 billion Neiro tokens for 44.53 ETH on the Uniswap V2 platform. This transaction briefly impacted Neiro's market value before it stabilized.

As Buterin continues to be an influential and active presence in the cryptocurrency market, these activities are closely followed by the community to gauge movements within the Ethereum network and the broader crypto space.

Buterin Advocates for Cross-Chain Trade Standards

On a related note, Vitalik Buterin has been actively involved in introducing new technologies within the Ethereum ecosystem. He recently expressed support for ERC-7683, a proposal to introduce standardized execution for cross-chain trades. The initiative aims to enhance the seamless flow of activities in decentralized networks.

In a tweet, Buterin referred to ERC-7683 as an “open standard for marking cross-chain orders,” which would allow for efficient asset transfers between different blockchains. This involves a secure transfer mechanism in which the assets are locked in a “lockbox” and can only be released to other entities that prove their identity on the receiving blockchain.

The future is cross-chain.ERC-7683 helps us get there ✨ https://t.co/qtn52jEUFA

If implemented, the proposal may enhance the capability of cross-chain operations and the broader integration of blockchains in the future.

Surge in Ethereum Layer-2 Activity

Meanwhile, statistics reveal that Ethereum has seen a significant boost in transactions through its layer-2 solutions, including Base, Arbitrum, Blast, Optimism, and Mantle. On August 7, these platforms were collectively averaging 318 transactions per second.

This surge is attributed to the rapid increase of innovative networks such as Xai and Proof of Play, which are quickly gaining traction in the layer-2 space.

The Total Value Locked (TVL) of these layer-2 solutions now amounts to $11.7 billion natively and $36.7 billion when inclusive of bridge deposits. At the same time, over 8.5 million addresses were recorded on L2s throughout the month of July.

Over 8.5M addresses on L2s last monthThat's almost double the previous all-time high ? pic.twitter.com/n7bFWFuoMv

Impact on Ethereum's Network Strength

This remarkable increase in layer-2 transactions showcases Ethereum's capacity to facilitate a volume that is 24 times greater than the base chain. By reducing the operational costs associated with rollups, these developments enhance transaction efficiency.

As Ether eyes a recovery to the $3,000 price level, the activities and capabilities of Ethereum's layer-2 networks are pivotal in absorbing the demand and enabling further scalability for the world computer.

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