Founder Of Tron, Justin Sun, Stakes 190000 ETH In A Day

The biggest daily ETH entrance into Lido Finance‘s system ever happened today, according to the platform that makes it simple to gain revenue by staking on Ethereum. More than 150,000 ETH were reportedly given to Lido for staking, according to a tweet issued by the account. Six hours after the first transactions, another 40,000 ETH were delivered, totaling a one-wallet bet of 190k ETH.

Tron is Creator has Made a Huge Investment

Justin Sun, the creator of Tron, made this roughly $300 million ETH transaction. It was established that Sun sent Lido precisely 190,100 ETH. Around $400 million worth of cryptocurrency was transferred from Justin Sun‘s wallet. 300 million of them are stETHs obtained by staking; the remaining portion is USDT and USDC worth $50 million that are locked in Aave, along with more than 33 thousand ETH worth $53 million.

Founder Of Tron, Justin Sun, Stakes 190000 ETH In A Day

Justin Sun’s ETH Commitment Makes Sense

It seems logical that Justin Sun committed significant quantities of ETH to the liquid staking pool Lido. It is also very evident that Justin Sun is optimistic about the Ethereum Shanghai upgrade and intends to take advantage of the chance. In reality, as the Shanghai upgrade nears, Ethereum staking keeps increasing.

The Shapella (Shanghai/Capella) upgrade will be established on the Sepolia testnet at block height 56832, which is anticipated around 04:04:48 UTC on February 28. This was previously stated by the Ethereum Foundation. Validators will be able to transfer their Ethereum stakes from the Beacon Chain to the execution layer.

As of the day of writing, Ethereum‘s staking yield was 4.9 percent per year. According to Justin Sun’s example, the yearly return on 190,000 ETH will be around 9,300 ETH. This translates as a return of $14,500,000 at the current exchange rate. The second-largest cryptocurrency by market value, Ether, is now trading at $1570 at 23.50 TSI.

You may be interested in: IMF Is Against The Usage Of Cryptocurrencies As Payment

Vera Golubev

Vera holds a master's degree from New York University in Business and Economics, was a banker turned writer who discovered cryptocurrency, now a fintech blogger, crypto journalist, and growth marketer. She is passionate about helping startups spread the word, discover and promote great projects in the crypto and fintech industry.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button