Justin Sun Stakes Millions Worth ETH on Lido Ahead of Shanghai Upgrade

• Justin Sun staked over $240 million in ether (ETH) using the Lido platform.
• As the Shanghai upgrade approaches, the number of people staking Ethereum grows.

Before the much-anticipated March update to Ethereum Shanghai, Tron founder Justin Sun staked millions of dollars’ worth of Ethereum (ETH) on the Ethereum liquid staking platform Lido Finance.

On February 25th, on-chain analytics portal Lookonchain disclosed that an address attributed to Justin Sun staked over $240 million in ether (ETH) using the Lido platform. At around 7:20 AM UTC today, the DeBand wallet details reveal three transactions including the transfer of 50,000 ETH to Lido and 100 ETH to Lido.

Three transfers of 50,000 ETH from Justin Sun to an unidentified wallet were also recorded by the Whale Alert website, with a total value of $80,077,036.

Banking on Upcoming Shanghai Upgrade

It’s a no-brainer that Justin Sun would commit a large quantity of ETH to the liquid staking pool Lido. This shows that Justin Sun has faith in the Ethereum Shanghai upgrade and is eager to take advantage of it. As the Shanghai upgrade approaches, the number of people staking Ethereum grows.

There have been more than 17.02 million ETH worth $27.27 billion placed into the Beacon Chain, as of the latest available on-chain statistics. An increase in ETH staking on the Beacon Chain is a positive indicator of Ethereum’s security and growth, but developers still need to permit withdrawals so the network can remain stable.

According to Nansen’s data, there are now about 96.9K individual staking depositors. According to information provided by BeaconScan, there are now about 525,923 validators in use.

The activation of the Shapella (Shanghai/Capella) network upgrade on the Sepolia testnet was previously announced by the Ethereum Foundation and is scheduled to take place on February 28 at 04:04:48 UTC (block height 56832).