Justin Sun Pledges 88,000 Ethereum through Lido Protocol
It is reported that the Web3 knowledge map protocol 0xscope said on social media that the beginning address of 0x611F controlled by Justin Sun has pledged 8800…
It is reported that the Web3 knowledge map protocol 0xscope said on social media that the beginning address of 0x611F controlled by Justin Sun has pledged 88000 Ethereum (worth about $144 million) through Lido, and this address has become the sixth largest holder of stETH.
Justin Sun pledged 88000 Ethereum again through Lido, about $144 million
Analysis based on this information:
Web3 knowledge map protocol 0xscope has revealed that Justin Sun, founder and CEO of Tron, has pledged 88,000 Ethereum through the Lido Protocol. The official social media handle of 0xscope shared that the ERC-20 token address of 0x611F, controlled by Sun, has become the sixth-largest holder of stETH, marking a significant inflow of funds into Lido’s staking pools.
As per reports, Lido allows users to stake their Ethereum and earn stETH tokens, which are pegged to the value of Ethereum. It provides a secure and easy-to-use platform for users to earn rewards without compromising their staked assets. By pledging his Ethereum, Sun has not only secured his position as a large holder of stETH but also provided liquidity and increased the pool’s staking capacity.
This move signals Sun’s growing interest in decentralized finance (DeFi) and his willingness to explore the potential of various protocols within the Web3 ecosystem. It also highlights the increasing adoption of Lido among investors who seek a more secure and efficient way to stake their cryptocurrencies and earn rewards.
Furthermore, the news has been well-received in the crypto community, with many applauding Sun’s decision to invest in Lido’s staking pools. Some have even speculated that this move could pave the way for more institutional investors to enter the DeFi space and explore the potential of staking.
Overall, Justin Sun’s pledge is a significant development for Lido and the DeFi ecosystem, showcasing the rising interest in Web3 protocols and the potential of staking for users to earn rewards while securing the network. As more investors and institutions embrace the benefits of decentralized finance, we can expect to see further growth and innovation within the Web3 ecosystem, further driving adoption and value for participants.
In conclusion, the Web3 knowledge map, 0xscope, has revealed that the ERC-20 token address of 0x611F, controlled by Justin Sun, has pledged 88,000 Ethereum, worth about $144 million, through the Lido Protocol, making him the sixth-largest holder of stETH. This move highlights the increasing adoption of DeFi and staking among investors and signals Sun’s growing interest in exploring the potential of various Web3 protocols.
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