Justin Sun stakes over $150 million in Ethereum
Tron founder’s major move signals confidence in Ethereum staking and highlights the growing appeal of liquid staking platforms.
Tron founder Justin Sun withdrew around 45,000 Ethereum worth over $154 million from decentralized lending platform AAVE and deposited the tokens to Lido Staking on Wednesday, according to data tracked by blockchain analytics firm Arkham Intelligence.
The crypto entrepreneur has $534 million of Ethereum in his public wallets, exceeding his holdings of TRX at $519 million.
The move represents one of the largest institutional staking deposits on the Ethereum network in recent months. Lido is a liquid staking protocol that allows users to stake Ethereum while maintaining liquidity through derivative tokens.
Earlier this year, Sun proposed a plan to manage the Ethereum Foundation and increase Ether’s price to $10,000 by halting ETH sales and implementing other financial strategies.
ETH was trading at around $3,400 at press time, up 3.5% in the last 24 hours, CoinGecko data shows. The second-largest crypto asset fell below $4,200 earlier this week amid a market-wide pullback that sent Bitcoin tumble under $100,000, its lowest level since June.