Terra (LUNA) Developers Have Loaded This Altcoin: Disposal All!

Terra (Luna) developer Terraform Labs, according to movements observed in a wallet tagged by Nansen, From Lido Finance (LDO) altcoin Made a massive sale.

Terraform Labs Has Sold All Its LDO Altcoins

According to the data, developers sold 15.3 million LDOs at an average of $2.1, generating a total revenue of $32 million from these sales. These sales took place on decentralized exchanges.

In addition, the LUNA team sent 4.7 million LDO tokens to Binance in May of last year and sold 4.7 million LDO tokens for $ 9.4 million, while the price was $ 2.

Thus, the company has sold all the Lido Finance altcoins it holds. On the total balance sheet, Terraform Labs sold 20 million LDOs at an average of $2.07.

Terraform Labs participated in Lido’s $2 million funding round in 2020 and obtained 20 million LDO tokens.

Lido is a “liquid” Ethereum staking protocol, meaning it allows users to unlock staked ETHs and use them in various DeFi applications to generate returns. Lido does this by minting its native token stETH for each ETH staked through its protocol. stETH is a tokenized version of staked ETH.

Of course, this service has a cost. According to the information on the website, Lido charges 10% on staking rewards. Cryptocurrency exchanges also offer ETH staking services, but Lido said its solution “does not rely on private key management by a single party.”

*Not investment advice.

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