Vitalik Buterin Moves $500K ETH to Railgun Amid Market Shifts

• Vitalik Buterin transferred 250 ETH to Railgun, reinforcing privacy on Ethereum.
• The price of Ethereum rose by 0.78% within a week as market turbulence persisted.
• The ETH Volume-Weighted Funding Rate reflects market sentiment and price movements.

Ethereum co-founder Vitalik Buterin recently transferred 250 ETH, valued at approximately $500,000, to the privacy protocol Railgun. This transaction, recorded on Etherscan.io, involved Buterin’s wallet (0x1810c87a…) transferring funds to Railgun’s WETH Helios address (0x1810c87a…). Buterin has consistently supported privacy in the blockchain space, reinforcing his commitment to confidential transactions. 

Source: etherescan

The protocol protects user data, preventing misuse. Further, the tool can protect the funds and restrict unauthorized exposure. The transactions are direct and can be processed with a low gas fee of 0.00003383 ETH, which again showcases the efficiency of the Ethereum network in handling such operations.

Ethereum’s Price Movements Amid Privacy Advocacy

According to CoinMarketCap data, Ethereum is facing fluctuations over the last seven days. As of press time, the price is trading at $2,024.94, marking a 0.78% decrease while the market capitalization is $244.3B, reflecting a 2.13% low in the last 24 hours. However, its trading volume has risen a little by 18.91%, reaching $12.75 billion. 

Source: CoinMarketCap

The coin’s total circulating supply is 120.64 million ETH, with a fully diluted valuation at $244.32 billion, representing a 5.23% volume-to-market cap ratio. Further, the chart highlights ETH’s volatility, peaking near $2,050 on March 23 before dipping slightly to $2,024.94, maintaining its balance while illustrating resilience amid market fluctuations.

ETH Volume-Weighted Funding Rate Reflects Market Sentiment

The data below from CoinGlass reveals the ETH Volume-Weighted Funding Rate and its relationship to the token’s movements from September 2022 to March 2023. The price went above $4,000 in October before dropping below $2K in early March. The funding rate fluctuates, shifting between positive and negative territory in response to Ethereum’s price changes. 

Source: Coinglass

In November, the funding rate turned positive for Ethereum as it managed to surpass $3,500, while in March 2023, the rates were negative after the token witnessed a drop with less than $2,000. These shifts in the funding rate align with Ethereum’s movements, highlighting the importance of how market sentiment affects transactions and liquidity.

Related: Bitcoin and Ethereum Face Q1 Losses Amid Trade Uncertainty

Vitalik Buterin’s Consistent Use of Privacy Protocols

Buterin’s recent transfer of 250 ETH to Railgun demonstrates his use of privacy protocols despite price volatility. His care for privacy measures extends beyond his personal interest in them; it also seeks to protect the identities of the recipients of his gifts. He helps protect users’ financial transactions on the blockchain through the railgun protocol’s privacy, coinciding with his advocacy for privacy in decentralized finance. This action, not tied to any specific end, further provides evidence of his dedication to the aim of balancing transparency and privacy in the ecosystem of blockchain.

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