Liquid Staking Platform Lido Sees Largest Daily Stake Entry, Receives 150,000 ETH Reportedly From Tron Founder – Bitcoin News

by James · February 26, 2023

Liquid Staking Platform Lido Sees Largest Daily Staking Inflow, Receives 150,000 ETH Reportedly From Tron Founder

On Saturday, the floating stake protocol Lido tweeted about the largest daily stake entry to date when 150,000 ethereum was staked. Reports indicate that ethereum, worth more than $240 million, belongs to Justin Sun, founder of Tron.

Table of Contents

Liquid Staking Protocol Lido Records 150,000 Ether Inflow

Lido, the liquid staking platform with the highest amount of ethereum (ETH) locked up, noted that it received the largest daily staking inflow to date, with 150,000 ether worth $240 million. “The Lido protocol has recorded its largest daily staking inflow so far with over 150,000 ETH staked,” Lido so. “When you reached this number, a strange (but important) protocol security feature called Staking Rate Limit was activated.”

Lido stated that the staking rate limit is a dynamic mechanism that handles large inflow spikes by reducing the chance of diluting value without explicitly pausing staking deposits. In the last 24 hours, Lido’s Total Value Locked (TVL) experienced a peak of 2.09%, according to statistics. Over the past month, Lido’s TVL increased by 9.02% to $8.93 billion.

Tron founder must have deposited the ether

Of the total $8.93 billion, $8.7 billion is in hedged ether (STETH), making it the 12th largest crypto asset by market capitalization. According to Hildobby, a researcher and data analyst at Dragonfly Capital, the deposit of 150,000 ETH in Lido was allegedly made by Justin Sun of Tron.

“Today [Justin Sun] bet 150K [ether] through [Lido Finance] (~0.9% of all staked ETH). This is now the highest week measured in effort in almost a year, says Hildobby so. “This is now the largest daily bet for Lido, it also activated Lido’s rate cap feature for the first time,” the researcher added.

In January 2023, Lido announced plans to create a withdrawal feature for ethereum deposits ahead of Ethereum’s Shanghai hardfork, which is expected to happen in March. “The process must be asynchronous, due to the asynchronous nature of Ethereum withdrawals,” the Lido developers explained at the time.

Tags in this story

asynchronous, blockchain, cryptoassets, cryptocurrency, data analyst, decentralized finance, developers, dilutive value, Dragonfly Capital, Ethereum, Ethereum withdrawal, future, Hildobby, Impact, justin sun, largest daily stake entry, Lido, Liquid Staking, Mars, Market Capitalization, protocol, researcher, Shanghai hard fork, Spikes, stake deposit, Staked Ether, Staking Rate Limit, Statistics, STETH, technology, tron, TVL, value locked, withdrawal function

What are your thoughts on Lido’s biggest daily influx of ether? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.