Did Vitalik Buterin buy USDC on sale?

When Vitalik Buterin goes shopping – The genius behind creation of the Ethereum blockchain would he buy the dip this weekend during the panic? Movements made by a wallet bearing his name have been noticed by an on-chain analysis company. We detail the case for you.

When stablecoins panic, Vitalik reappears

This will probably not have escaped anyone. This weekend, the USDC stablecoin was victim a temporary de-indexation against the value of the dollar, reaching the heart of the crisis not far from $0.87. A fall as surprising as it is brutal for this hitherto snow-white stablecoin. A catastrophe narrowly avoided and whose responsibility lies with the bankruptcy of a bank. That of Silicon Valley Bank (SVB).

And yes, for once, it is the abuses of the traditional financial system that are jeopardizing the crypto world, and not the other way around. Will it become a habit? Still, with funds locked in the SVB, panic gripped USDC holders. They rightly fear that they will not be able to recover their funds. A panic now resorbed. Phew!

And when some panic, the others think of the opportunities generated. This is the case of vitalik.eth, a digital wallet with a very unusual name, it is true. This wallet, created 7 years earlier, would hold more than 5360ETH. A nice sum. During the weekend, its owner, perhaps Vitalik himself, used 500ETHis around $700,000in order to obtain stablecoins RAI. A still little known stablecoin which has the merit of not being indexed at all to the dollar.

This RAI stablecoin was developed by the team of Reflex Finance. It is stable, sure, but worth around $2.8. Its reserves are entirely covered by ETH, in over-collateralisation.

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A RAI of light among stablecoins?

The vitalik.eth wallet has therefore deposited its 500 ETH in the protocol in order to borrow $150,000 from RAI. Then, he exchanged $132,500 of RAI for $378,500 of USDC deindexedaccording to on-chain analytics firm PeckShield.

Following this, the wallet would also have converted 17,500 RAI into 50,000 DAI, another stablecoin. To carry out such maneuvers last weekend, you still had to have a strong heart.

But is it Vitalik Buterin who is hiding behind this wallet? The latter had actually interested previously to this stablecoin and this, from last May.

From there to lending him the risky activities spotted this weekend via the vitalik.eth wallet, there is only one step that we will refuse to take. Any individual who has had the opportunity at some point to name their wallet vitalik.eth. It might as well be a spotlight on the RAI stablecoin in these troubled times where confidence in the various mainstream stablecoins is dwindling. A maneuver that I believe is very timely and clever if it turns out to be correct since indeed, we are talking about it in this article.

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