Tron Founder Bets 150,000 ETH – The Cryptonomist
What hildobby reported a few days ago on Twitter is really curious: Tron founder Justin Sun reportedly staked 150,000 ETH on the Lido crypto platform.
Today, @justinsuntron bet 150k $ETH through @LidoFinance (~0.9% of all staked ETH) 🤯
This is now the highest week measured in effort in almost a year 🥩
Source: pic.twitter.com/n2lREjiHF4
— hildobby (@hildobby_) 25 February 2023
With this move, the week beginning February 20 was the week with the most ETH staked since March 2022.
In fact, as Lido reports, Justin Sun’s 150,000 ETH is the largest single daily inflow ever on the platform.
The Lido protocol has recorded its largest daily staking inflow so far with over 150,000 ETH staked. 🎉
When you reached this number, a strange (but important) protocol security feature called Staking Rate Limit was activated.
This is how it works🧵👇 pic.twitter.com/ngBtWz7q18
— Lido (@LidoFinance) 25 February 2023
It is worth mentioning that the ETH stake cannot currently be withdrawn, and that a total of more than 17.3 million have been deposited so far.
To date, more than 14% of all ETH has been staked, with a total value of more than $28 billion, and of these, 150,000 were staked in a single day by Justin Sun, with a counter value of more than $245 million.
Crypto: Justin Sun (Tron) chooses Lido for Ethereum venture
Unsurprisingly, Justin Sun chose Lido to stake his ETH, both because it is by far the largest pool to stake ETH and because it is a DAO.
To date, there are nearly 164,000 validators on Lido with a total of more than 5.2 million ETH in stake, which is 30% of all staked ETH right now.
It is enough to consider that the second pool for ETH in staking, that of Coinbase, has less than half (2 million), and the third (Kraken) has less than 1.5 million.
In fact, the first three pools after Lido have a total of only 4.2 million ETH in stake, which is significantly less than Lido.
The reason for this is that Lido is a DAO, while Coinbase, Kraken and Binance are centralized exchanges, so it should be more than obvious that it is preferred by those who do not want to leave their ETH in the custody of a centralized broker. for an indefinite time.
Thanks to these numbers, Lido is now the best decentralized finance protocol with the highest TVL, surpassing even Maker DAO.
In total, the dollar value of more than 5.2 million ETH locked in stakes is more than $8.5 billion, while Maker DAO stands at $7.2 billion. With these numbers, Lido’s dominance of the total DeFi TVL rises to almost 19%.
Therefore, not only Lido is literally dominating the ETH stakes right now, but also DeFi itself. In light of this data, it is quite clear why Justin Sun has chosen this particular platform to stake such a large number of ETH.
The Tron ecosystem
It is worth noting that the news had only a small impact on the price of TRX, i.e. the original cryptocurrency of the Tron ecosystem founded by Justin Sun, because the price actually continued to follow the general trend of the crypto market.
For example, compared to that of ETH, on February 25th when the news was announced, the price of TRX rose only 1.3%, and then lost 2.6% the next day, for a total loss of 1.3% in two days .
In the same period, ETH lost 1%, so even slightly less than TRX.
In the following days, the price of TRX rose 2.5% and ETH 4.4%.
Thus, with the exception of February 25, the two trends turned out to be very similar, only with a slightly lower performance for Tron.
It is worth noting that today, while the price of ETH seems to be up compared to the same time yesterday, Tron is losing, perhaps also due to the spread of this news.
It is important to remember that Justin Sun has always been active on other blockchains as well, so it is not at all surprising that he has 150,000 ETH, or that he has chosen to stake them, especially since they should theoretically be unlocked in March.
If nothing else, this news sounds like some kind of endorsement not only of Ethereum, but more importantly of crypto efforts, and especially of the decentralized Lido protocol.
