WebsCrypto
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Press Releases
Facebook X (Twitter) LinkedIn Telegram
WebsCryptoWebsCrypto
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Press Releases
Bitcoin (BTC) $26,525.11 1.15%Ethereum (ETH) $1,621.58 2.06%BNB (BNB) $214.38 1.03%XRP (XRP) $0.503603 0.66%Cardano (ADA) $0.246958 0.48%Solana (SOL) $19.28 0.42%Dogecoin (DOGE) $0.061094 0.56%Polkadot (DOT) $4.05 0.33%Shiba Inu (SHIB) $0.000007 0.15%Dai (DAI) $1.00 0.17%TRON (TRX) $0.085614 0.96%Polygon (MATIC) $0.513604 1.27%Avalanche (AVAX) $9.14 1.63%Uniswap (UNI) $4.38 2.28%Litecoin (LTC) $64.86 0.82%
Crypto Prices
WebsCrypto
News

Tron Founder’s Deposit Boosts Lido Finance’s Liquid Staking Protocol Dominance, Locks $9.3B in Ethereum

By Simon LawsonMarch 3, 20232 Mins Read
Tron Founder's Deposit Boosts Lido Finance's Liquid Staking Protocol Dominance, Locks $9.3B in Ethereum
Share
Facebook Twitter Telegram LinkedIn Reddit Email

Lido Finance’s liquid staking protocol has seen impressive growth in Total Value Locked (TVL) over the past 30 days, up 10.57%, with 7.56% of that growth happening over the past 7 days. The protocol has also achieved dominance in the decentralized finance (defi) space, accounting for 19.08% of the $49.66 billion locked in defi today. A spike in the price of ethereum ETH 2.06% was a contributing factor, but the scheme also received a massive deposit of 303,000 ether from Tron founder Justin Sun.

According to the Lido portal, the liquidity staking protocol has a TVL of $9.48 billion as of March 2, 2023, of which $9.3 billion is in Ethereum deposits. The total value locked in Lido, including assets such as SOL, MATIC, DOT, and KSM, accounts for almost one-fifth of the total value locked in DeFi today. Lido is now the largest defi protocol in terms of TVL, followed by Makerdao, Curve, and Aave.

Advertisements

Lido’s success in the liquid staking space is due in part to the fact that it currently accounts for 74.87% of the total value locked in liquid staking platforms, with 7,607,536 ETH ($12.44B) locked in the protocol. This is followed by Coinbase’s Wrapped Ether protocol, Rocketpool, Frax Ether, and Stakewise. While a 3.8% rise in ether-to-dollar price boosted TVL, on-chain data suggesting Sun deposited at least 303,000 ether with Lido also pushed up the protocol’s value.

Bitcoin BTC 1.15%.com News previously reported that Sun initially deposited 150,000 ether into Lido. The deposit prompted further deposits from addresses bearing Sun’s name, leading some to speculate that the Tron founder’s inflow to Lido totaled 210,100 ether. However, transaction data from on-chain analysis tool Arkham Intelligence suggests that Sun’s total staked Ether could be far more than that, with a total of 303,660 STETH worth $494 million based on the STETH exchange rate on March 2, 2023.

Related News:
  • Ethereum Founder Vitalik Buterin Weighs in on the Rise of RAI and Its Potential Impact on Lido’s Dominance in the LSD Ecosystem
  • DeFi Poised to Eclipse CeFi in Next Crypto Bull Market, Says Changpeng Zhao

In addition to STETH, the address marked by Sun also holds 25,657 ether (ETH), worth $41.64 million. Lido provided an estimated annual yield (APY) of 4%, meaning that if those addresses did belong to Sun, the Tron founders would earn 4% interest on nearly $5 billion worth of staked Ethereum.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
Aave Bitcoin Coinbase DAO DeFi Ethereum Exchange MakerDAO Staking
Simon Lawson
  • X (Twitter)

Simon Lawson has been a professional financial reporter for 6 years. He has in-depth research on the crypto industry and will release major crypto news in a timely manner.

Recommended Reading

News September 27, 2023

Vitalik Buterin’s Recent Ethereum Transfers Raise Eyebrows in the Crypto Community

News September 27, 2023

Federal Reserve Report Explores Financial Stability Implications of Tokenized Assets, Citing Growth and Interconnectivity Concerns

Business September 27, 2023

Grayscale Faces Fee War in US Bitcoin ETF Race

Markets September 25, 2023

Bonds Surge in Appeal as Bitcoin and S&P 500 Navigate Third Quarter Downturn

Markets September 25, 2023

NFT Market Faces Significant Decline Amidst Broader Crypto Challenges

Business September 24, 2023

Crypto Companies Shift Focus Outside the U.S. Amid Regulatory Pressures

The Latest
News September 27, 2023

Vitalik Buterin’s Recent Ethereum Transfers Raise Eyebrows in the Crypto Community

News September 27, 2023

Federal Reserve Report Explores Financial Stability Implications of Tokenized Assets, Citing Growth and Interconnectivity Concerns

Business September 27, 2023

Grayscale Faces Fee War in US Bitcoin ETF Race

Markets September 25, 2023

Bonds Surge in Appeal as Bitcoin and S&P 500 Navigate Third Quarter Downturn

Markets September 25, 2023

NFT Market Faces Significant Decline Amidst Broader Crypto Challenges

EDITOR’S CHOICE
Ether (ETH) Prices are Trading at 27% Discount to Fair Value, New Research Shows
Robert Kiyosaki: Cryptocurrency is the Future, Fiat Money is on the Decline
Bonds Surge in Appeal as Bitcoin and S&P 500 Navigate Third Quarter Downturn
Crypto Companies Shift Focus Outside the U.S. Amid Regulatory Pressures
News
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Markets
Information
  • Opinions
  • Guides
  • Press Release
  • Sponsored
Price Indexes
  • Market Cap
  • Bitcoin Price
  • Ethereum Price
  • Cardano Price
  • Solana Price
  • Polkadot Price
  • Polygon Price
Services
  • About Us
  • Contact Us
  • Advertise
  • Privacy Policy
  • Terms of Service
WebsCrypto
X (Twitter) Facebook Telegram LinkedIn RSS
© 2023 WebsCrypto

Type above and press Enter to search. Press Esc to cancel.