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Sujit Kumar
Sep 6, 2024
by Sujit Kumar

Vitalik Buterin to Focus on Philanthropy, Avoids Layer-2 Investments

Vitalik Buterin to Focus on Philanthropy
Ethereum co-founder Vitalik Buterin has made it clear that he has no plans to invest in Layer-2 (L2) projects in the foreseeable future. Buterin announced that he would sell any L2 tokens in his wallet, and the proceeds would go to support public goods within the Ethereum ecosystem or charitable causes. This decision has raised questions within the crypto community, with some suggesting that Buterin should invest in L2 projects and use the returns for charitable purposes.

Not Focused on Profits, But on Setting Standards

Buterin responded to these suggestions by emphasizing that his decision is not driven by profit but by a desire to maintain transparency and avoid any potential conflicts of interest. He stated, "I’m not part of some plot to twist the Ethereum protocol in directions that benefit random infra/L2 tokens that I hold." Instead of short-term gains, Buterin aims to set a clear standard for the Ethereum community.

Philanthropy Over Profit

As a known philanthropist, Buterin has a history of donating millions of dollars to various causes, including a $1 billion donation during the COVID-19 pandemic to aid India. He believes there are better ways to contribute to the Ethereum ecosystem than investing in L2s. Instead, he prefers to leverage funds for projects committed to positive outcomes for Ethereum and humanity.

Clarifying Recent ETH Sales

The discussion around Buterin’s ETH holdings intensified in August when his wallet made significant transfers, sparking rumors of an ETH sell-off. Buterin clarified that all ETH sales since 2018 have been used to fund Ethereum projects or charitable endeavors, dismissing any notion of personal profit from these transactions.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Vitalik Buterin to Focus on Philanthropy
Vitalik Buterin to Focus on Philanthropy, Avoids Layer-2 Investments
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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