The year 2023 promises to be fruitful for Lido Finance. Right after the new update experienced by the platform at the beginning of February, users can expect an effective decentralization. Justin Sun’s recent action has only amplified his success.
Justin Sun transfers 150,000 ETH to Lido
February 7 was the day of the announcement of the deployment of the new feature of Lido Finance. The latter allows users to withdraw their stETH, remit ETH in a 1:1 ratio for Ether, and obtain the benefits announced as part of the Ethereum Merge.
” The Lido protocol recorded its largest daily staking influx so far, with over 150,000 ETH staked.
By reaching this number, a curious (but important) security feature of the protocol called Staking Rate Limit was activated.
Here’s how it works.»
One of the key milestones in this update is unlocking Ethereum withdrawals.
According to Cointelegraphthe Lido Finance team confirmed that they activated their security device after staking 150,000 ETH in just 24 hours.
Arkham Intelligence has clarified that Justin Sun, the boss of Tron, was behind the series of transactions that significantly fueled Lido between Saturday and last Monday.
150,000 ether is roughly $240 million. By making the transfer, Sun revised its balance on the platform to $500 million. Thus, he became the largest holder of staked ether.
DeFi back in the green
Lido has a bright future ahead of it. However, Justin Sun’s trades also allowed Lido to record the largest daily influx of stakes. Indeed, on occasion, the total deposits on the platform reached 9.34 billion.
It should also be noted that liquid staking protocols saw their value increase to $14.22 billion last Monday. Saying that DEXs was $19.32 billion on the same day.
Overall, this move by Justin Sun was of great significance for DeFi. The recurring bankruptcies of the year 2022 are apparently replaced by beautiful perspectives. Additionally, the long-awaited Shanghai update for the month of March will only brighten the days of Lido users who have been waiting so long for their stake to be cashed out on Ethereum.
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