$240 Million Ethereum (ETH) Transfer From Tron (TRX) Founder Justin Sun: What’s Its Purpose?

Tron (TRX) founder Justin Sun, with his latest move cryptocurrency came to the fore in the market.

Justin Sun Stakes 150,100 Ethereum to Lido Finance

Sun, one of the controversial names in the crypto world, has a total of 150,100 Ethereum (approximately $ 240 million) to Lido Finance he laid.

Lido converts users’ staked funds into “st-token” assets, which are pegged one-to-one to the underlying staked asset, just as a stablecoin is pegged to the dollar. This indirectly liquidates the original staked funds for use in a DeFi ecosystem.

Justin Sun probably followed such a strategy. Sun received the stETH tokens distributed by Lido Finance in exchange for the Ethereum tokens he staked. In this way, Sun will be able to both earn staking revenues and use these Ethereum tokens in DeFi applications without the need to leave ETH tokens locked for a long time.

Lido Finance’s token as Shanghai update approaches, which will unlock ETH tokens locked by staking on Ethereum LDO There were also increases in the prices of altcoins, which were classified as liquid staking derivatives. Similarly, Rocket Pool, a liquid staking derivative DeFi application, (RPL) The coin also had its share of the rise.

In his previous statements, Justin Sun argued that some of the high-volume transactions seen on-chain are just ‘chain swaps’ and should not be scaled up.

*Not investment advice.