A new notice from on-chain data provider Lookchain has revealed that Tron Founder Justin Sun has invested $240 million in a popular staking protocol. The altcoin platform broke a record after the flow of funds.
Tron Founder Justin Sun’s investment made this altcoin project fly
The related altcoin Lido DAO has reached the staking limit due to 150,100 ETH staked by Justin Sun prior to the Ethereum Shanghai upgrade. The upcoming Ethereum Shanghai upgrade is getting even more intriguing, with Tron founder Justin Sun’s huge staking investor. Although the staking limit seems to have been exhausted and the transaction is becoming more difficult to execute, Ethereum staking volumes continue to rise as the Shanghai upgrade approaches. Despite months of bear market conditions, Lido’s ETH staking volume has risen steadily.
Meanwhile, 5.40 million ETH has been staked by 167,687 stakers so far on the Lido protocol. With the Shanghai upgrade, staked assets can be withdrawn, potentially leading to increased liquidity in the crypto market.
The upcoming upgrade could show the real impact of Merge turning Ethereum’s consensus mechanism to PoS. Unlike the previous PoW mechanism, this system does not need any energy consumption. cryptocoin.com We’ve included what you need to know about the Shanghai upgrade in this article. It seems that the Tron founder sees Ethereum as an opportunity ahead of this change.
Justin Sun invested millions of ETH in Lido
On February 25, on-chain analytics platform Lookonchain revealed that Justin Sun’s crypto wallet has staked 150,100 ETH over $240 million on Lido. DeBand wallet details show 3 transactions today morning with 50,000 ETH transferred to Lido and 100 ETH transferred to Lido.
The Whale Alert platform also reported three transactions from Justin Sun, each containing 50,000 ETH worth 80,077,036 transferred to an anonymous wallet.
Huge amounts of ETH have been staked to the liquid staking pool Lido by Justin Sun. This transaction clearly shows that Justin Sun is bullish on the Ethereum Shanghai update and wants to seize the opportunity. In fact, Ethereum staking continues to increase as the Shanghai upgrade approaches.
Justin Sun also received an equal amount of stETH, which can be used for any liquidity purposes in different transactions. According to the data, more than 17.02 million ETH worth $27.27 billion has been deposited in Beacon Chain. While this staking shows signs of Ethereum security and adoption, Ethereum core developers need to enable withdrawals to maintain a balance in the network.
Altcoin breaks record
Lido protocol recorded the largest daily stock entry ever with over 150,000 ETH on February 25. This could possibly be attributed to the 150,100 ETH that Justin Sun has staked. Intensive staking login enabled an important protocol security feature called Staking Rate Limit. As the Lido team reported, this will result in some users facing delays in recovering stETH.
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