Stani Kulechov, the founder of Aave (AAVE), one of the pioneers of decentralized finance, sold a large amount of an altcoin. As a result of the sale of Kulechov, a sharp drop in the price of the altcoin was observed. Here are the details…
Aave founder sold a large amount of LDO
Aave founder Stani Kulechov seems to have completely abandoned his Lido Finance investments. Offering on-chain data, Lookonchain revealed that Kulevhov has sold its last remaining Lido Finance (LDO) token. cryptocoin.com As we have reported, Stani Kulechov was a seed investor at Lido Finance. Lido is the largest Ethereum liquid staking platform with $5.9 billion staking assets. According to Etherscan, Kulechov sold the remaining 715,000 LDO tokens on December 21. According to Lookonchain, the value of the transfer was approximately $667,269.
Also, according to the charts provided, Kulechov sold eight LDO tokens in 2022. Some sales were at market lows. Just like yesterday’s sale. Lido Finance raised $73 million in a funding round led by Paradigm and Coinbase Ventures in May 2021. Also among the participants were the now bankrupt Three Arrows Capital and Alameda Research.
As a result, the Aave founder sold all 2 million LDO tokens allocated in December 2020. The average selling price, according to the data, was $1.21. Currently, the coin is changing hands at $0.90. This indicates a decrease in value of just over 25 percent. There is the potential to be the sale of Kulechov behind the said decline. Because, the overall cryptocurrency market is trading sideways today.
Lido becomes largest Ethereum staking platform
Lido embarked on another funding round in March 2022 when it raised $70 million under the leadership of Andreessen Horowitz. According to Crunchbase, its most recent fundraising was in September, when it raised $24 million in a Dragonfly Capital-led round. Lido Finance has become the second largest Ethereum staking platform after Beacon Chain. Therefore, it is unclear why Kulechov decided to sell the tokens for a successful platform. Its most recent favorite has been Lens Protocol, a blockchain-based web3 social media platform.
Lido’s staked Ethereum token stETH was withdrawn from Ethereum in November. This triggered fears of another liquidity crisis. The Lido DAO token has not been performing well lately. However, the situation is the same for most DeFi tokens. Also, LDO is down almost 20 percent last week. The token is currently down 87.4 percent from its all-time high of $7.30 in August 2021.
However, Ethereum staking continues to gain momentum. Lido Finance has $5.8 billion staked ETH with a return of 4.8 percent. In total, there is $19 billion worth of Ethereum staked. In other words, 30 percent of all staked ETH is on the Lido platform.
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