Vitalik Buterin Announces Donation of All Layer-2 Token Holdings to Charity, Vows Against Selling for Profit

Ethereum co-founder Vitalik Buterin has announced his intention to donate the proceeds from the sale of Layer-2 tokens and other project assets to charitable causes. Buterin, who has refrained from selling Ether for profit since the altcoin’s initial coin offering (ICO) in 2018, recently shared his philanthropic plan with his followers.

The cryptocurrency market has been closely monitoring Buterin’s on-chain transfers, with Ethereum (ETH) holders particularly attentive to any potential selling pressure on the altcoin. Despite the increased supply of ETH on exchanges, which currently stands at 21.01 million according to Santiment data, Buterin has assured the community that his transfers are not driven by profit motives.

In addition to holding onto his Ether holdings, Buterin has extended his commitment to not selling Layer-2 tokens for personal gains. He has pledged to direct these assets or the proceeds from their sales towards charitable endeavors, focusing on supporting public goods within the Ethereum ecosystem and broader philanthropic initiatives, such as biomedical research and development.

The Ethereum co-founder’s dedication to philanthropy was underscored by his statement on social media platform X, where he emphasized his altruistic approach to handling project assets. Buterin’s proactive stance on donating proceeds from token sales aligns with his past contributions to protocols that enhance the Ethereum ecosystem’s utility and functionality.

Meanwhile, the value of Ether currently hovers around $2,382, with the cryptocurrency market observing a gradual recovery trend. Ethereum’s active addresses experienced a notable uptick of nearly 10% in September, coinciding with a rise in exchange supply. Despite the availability of ETH for sale on exchanges contributing to potential selling pressure, Buterin’s steadfast commitment to charitable giving has reassured stakeholders within the Ethereum community.

As Ethereum continues its path to recovery from a recent low of $2,111 on August 5, on-chain data from Lookonchain revealed that the Ethereum Foundation executed a transfer of 1,000 Ether to a multisignature wallet. This transaction further underscores the foundation’s operational activities within the Ethereum ecosystem, reflecting ongoing developments and movements within the cryptocurrency space.

Buterin’s principled stance on philanthropy and his decision to channel proceeds from token sales towards charitable causes highlight the broader ethos of giving back within the cryptocurrency community. As Ethereum and its co-founder navigate the evolving landscape of digital assets, their commitment to social impact and support for public goods serve as a testament to the potential for positive change through blockchain technology.