Justin Sun stakes over $150 million in Ethereum
Justin Sun, founder of Tron, staked $154.5 million worth of Ethereum on the Lido protocol after withdrawing 45,000 ETH from AAVE. Sun now holds $534 million worth of Ethereum in his public wallets, surpassing his TRX holdings at $519 million. This marks one of the largest staking deposits on the Ethereum network in recent months. Lido protocol allows staking Ethereum while maintaining liquidity via derivative tokens. Earlier this year, Sun proposed strategies to manage the Ethereum Foundation and increase ETH's price to $10,000. At press time, ETH was trading at $3,400, up 3.5% in 24 hours.
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Justin Sun stakes $154.5 million in Ethereum
Justin Sun, the founder of Tron, has staked $154.5 million worth of Ethereum on the Lido protocol. This significant move highlights Sun's increasing focus on Ethereum as his Ethereum holdings now surpass his TRX holdings, according to blockchain analytics.
Details of the Ethereum Deposit
According to data tracked by blockchain analytics firm Arkham Intelligence, Sun withdrew approximately 45,000 Ethereum — worth over $154 million — from the decentralized lending platform AAVE. These tokens were then deposited into the Lido Staking protocol on Wednesday, showcasing his strategic approach to leveraging staking opportunities.
Sun's Ethereum and TRX Holdings
Currently, Justin Sun's public wallets hold $534 million of Ethereum, making it his most significant crypto asset. This amount exceeds his TRX holdings, which stand at $519 million, emphasizing his pivot towards Ethereum in his cryptocurrency portfolio.
Lido Protocol and Institutional Staking
The deposit marks one of the largest institutional staking movements on the Ethereum network in recent months. Lido, a liquid staking protocol, allows users to stake Ethereum while maintaining liquidity through derivative tokens, making it an attractive option for institutional investors like Sun.
Sun's Plan to Influence Ethereum
Earlier this year, Justin Sun proposed a plan aimed at managing the Ethereum Foundation and driving Ether’s price up to $10,000. His strategy involves halting ETH sales and implementing other financial measures to achieve this ambitious goal.
Ethereum Market Status
As of press time, Ethereum (ETH) is trading at approximately $3,400, which marks a 3.5% increase in the last 24 hours, according to CoinGecko. Despite this recent rise, ETH faced a significant pullback earlier in the week, dropping below $4,200, while Bitcoin experienced its lowest level since June, falling below $100,000 amid a market-wide selloff.