TRON founder Justin Sun staked millions of altcoins on Lido ahead of the most anticipated Ethereum Shanghai update. cryptocoin.com As TRON, we have compiled the developments made by the inventor of TRON before the update for you.
TRON founder staked millions
Tron founder Justin Sun staked millions of Ethereum (ETH) on Ethereum liquid staking platform Lido Finance ahead of the most anticipated Ethereum Shanghai upgrade in March.
On February 25, on-chain data platform Lookonchain revealed that an address marked as Justin Sun has staked 150,100 ETH over $240 million on Lido. DeBand wallet details show three transactions with 50,000 ETH transferred to Lido and 100 ETH transferred to Lido around 07:20 UTC today.
The Whale Alert platform also reported three transactions containing 50,000 ETH worth 80,077,036 each transferred from Justin Sun to an unknown wallet.
Huge amounts of ETH have been staked to the liquid staking pool Lido by Justin Sun. This 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.
Founder also bought stETH
Justin Sun received an equal amount of stETH that can be traded, borrowed or used for any other liquidity purposes. According to available on-chain data, more than 17.02 million ETH worth $27.27 billion has been invested in Beacon Chain. While increased ETH staking on Beacon Chain shows signs of Ethereum security and adoption, Ethereum core developers need to enable withdrawals to maintain a balance in the network.
Data from Nansen shows that the number of unique staking depositors is roughly 96.9K. However, data from BeaconScan shows that the number of active validators is about 525,923.
Meanwhile, the Ethereum Foundation has previously announced that the Shapella (Shanghai/Capella) network upgrade will be enabled on the Sepolia testnet at block height 56832, which is expected to be at 04:04:48 UTC on February 28. It will allow validators to withdraw their Ethereum. It is staked on the Beacon Chain to the execution layer.
Ethereum price is down over 3% in the last 24 hours and ETH price is currently trading below the $1,600 level on cryptocurrency exchanges. The 24-hour low and high are $1,583 and $1,652, respectively. The cryptocurrency market witnessed a free fall on Friday with the US PCE inflation data coming in hot.
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