Tron (TRX) Founder Justin Sun Stakes 150,100 ETH in Lido Finance: Details

Tron founder Justin Sun’s linked address has pledged about 150,000 ETH to Lido to exchange for stETH, Wu Blockchain reports, citing Lookonchain as a source. Lido Protocol registered its largest daily stake inflow so far with 150,000 ETH staked.

On-chain data analytics platform Lookonchain revealed on Feb. 25 that an address marked as Justin Sun staked 150,100 ETH worth over $240 million on Lido and received an equal amount of stETH.

Justin Sun staked 150,100 $ETH($240M) on @LidoFinance just now.https://t.co/VbqAnBqojA pic.twitter.com/QieWaJkmHY

— Lookonchain (@lookonchain) February 25, 2023

Crypto data tracker Whale Alert reports the transactions made by the Tron founder: three transactions of 50,000 ETH worth $80,077,036 each moved to an unknown wallet.

Lido Finance is the market’s largest liquid staking protocol that lets users earn yield by depositing any amount of Ethereum. Users receive the “stETH” staked Ethereum token in return for their deposits.

At the moment, however, it is not possible to withdraw Ethereum after depositing it — not until the upcoming Shanghai fork scheduled for next month.

The SEC and Kraken settled earlier this year in which Kraken, a U.S.-based cryptocurrency trading platform and custodian, agreed to end its “Crypto Asset Staking-as-a-Service” business in the country and pay a $30 million fine.

Although the SEC’s actions have negatively impacted the future of centralized staking services, users can still stake their ETH tokens or use a decentralized staking service without interference from the regulator.

Platforms that provide “decentralized” staking services, such as Lido Finance and Rocket Pool, gained traction shortly afterward.