The founder of the Tron blockchain, Justin Sun has staked 60,000 ETH – worth approximately $114.56 million – on the liquid staking protocol Lido. In exchange for this, Sun will receive 1,740 ETH in yield every year until his ETH stays staked there.
Onchain intelligence platform, Arkham noted the transaction and showcased that Sun has received 60k stETH, the liquid derivative token for ETH, which he can use for trading or staking further to earn additional yields.
Lido is a very popular liquid staking protocol that currently offers a yield of 2.9% APR (annual percentage rate) and it has nearly $17.5 billion in total staked funds.
The move from Tron founder has sparked discussions on ETH as it has been one of the most underperforming crypto assets throughout the past year and has failed to show any significant price action.
As per Arkham data, Sun’s onchain portfolio currently stands at a valuation of $1 billion with his most holding laying in TRX and stETH. Over the past 2 years, he has staked thousands of ETH on Lido and now holds 167.67k stETH, worth approximately $314 million.
Some people are commenting that Sun has now found out the best time to acquire and stake ETH as it might have greater potential in the near future. This move has also regained confidence of the Ethereum community, which collectively expects a better future for ETH.
Also Read: Justin Sun Shakes Up Crypto World Announcing TRX on Solana
