Members of the cryptocurrency community pondered the reason behind Vitalik Buterin, the co-founder of Ethereum, transferring $330,000 worth of crypto into Railgun’s private transaction system.
On April 15, according to Scopescan’s blockchain monitoring, Ethereum co-founder Vitalik Buterin moved 100 Ether (ETH) to the decentralized finance platform Railgun. He conducted this transaction through his ENS-labeled wallet identified as vitalik.eth.
According to reports, Buterin has regularly used the protocol within the last six months, transferring modest quantities of ETH on multiple occasions.
Vitalik recently moved $100 worth of ETH, equivalent to around $330,000, to the address of Railgun (@RAILGUN_Project), a secretive DeFi project.— Scopescan (@0xScopescan) April 15, 2024
Using DefiLlama’s information, Railgun is a decentralized app on the Ethereum Virtual Machine (EVM) that provides privacy for lending and token exchanges on the blockchain. It utilizes zk-SNARK, a type of encryption derived from zero-knowledge technology, enabling users to confirm ownership of assets or data without revealing the details.
Starting from its debut on Ethereum in January 2021, this privacy-focused platform has accumulated approximately $35 million worth of assets.
Railgun jumps over 147% on Vitalik Buterin backing
Vitalik Buterin, a well-known blockchain developer, addressed the controversy surrounding his use of Railgun on social media. Some people assumed that Ethereum’s co-founder was trying to profit from Ethereum’s ecosystem anonymously, while others believed he had personal expenses to cover.
Vitalik Buterin’s statement was “Privacy is standard,” and he went on to clarify that Railgun ensures anonymity without jeopardizing security.
After Buterin’s post, the value of Railgun’s native token RAIL jumped over 140% according to CoinGecko. Subsequently, the cryptocurrency was priced at approximately $1.36 in the market.
An Ethereum token’s price has previously surged following endorsements of its underlying protocol by Buterin, either on X or in his blog posts. For instance, in January, Buterin spoke positively about Ethereum Name Service (ENS) in favor of more trustless and Merkle-proof solutions. Not long after, ENS’s native cryptocurrency experienced a nearly 40% price increase.
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2024-04-15 18:50