Fun

Lido’s Liquid Staking Protocol Dominates with $9.3B in Locked Ethereum, Boosted by Tron Founder’s Deposits

News Feed - 2023-03-03 03:03:52

Lido"s Liquid Staking Protocol Dominates with $9.3B in Locked Ethereum, Boosted by Tron Founder"s Deposits


During the past 30 days, the total value locked (TVL) in Lido Finance’s liquid staking protocol increased by 10.57%, with 7.56% of the increase occurring within the last seven days. The protocol’s dominance in decentralized finance (defi) has also increased, with its TVL accounting for 19.08% of the $49.66 billion locked in defi today. While the rise in ethereum’s price has contributed to the increase in TVL, Lido’s liquid staking program reportedly received a total deposit of at least 303,000 ether from Tron founder Justin Sun. Onchain Data Shows Tron Founder Justin Sun Bolstered Lido’s TVL


Lido, the liquid staking protocol, has seen a 7.56% rise over the past week, with a total value locked (TVL) of $9.48 billion as of March 2, 2023. Lido’s web portal, lido.fi, shows that $9.3 billion of the TVL consists of ethereum (ETH) deposits. The total value locked on Lido, including crypto assets like SOL, MATIC, DOT, and KSM, accounts for 19.08% of the $49.66 billion locked in defi today.


Lido is currently the largest defi protocol in terms of TVL, followed by Makerdao, Curve, and Aave. Out of the 7,607,536 Ether ($12.44B) locked in liquid staking platforms, Lido commands 74.87% of the total value. In terms of liquid staking protocols, Lido is followed by Coinbase’s Wrapped Ether protocol, Rocketpool, Frax Ether, and Stakewise.


One factor contributing to the increase in value locked is the 3.8% rise in the price of ether against the U.S. dollar, which has contributed to the growing value of Lido’s staked ether (STETH). However, the protocol has also seen a significant amount of inflow this week, and onchain data shows that Tron founder Justin Sun ostensibly deposited at least 303,000 ether into Lido.


Bitcoin.com News reported on the initial 150,000 ether reportedly deposited by the founder of Tron. Blockchain analysis and security auditing firm Peckshield noted that after the 150,000 ether deposit, addresses labeled in Sun’s name added more ethereum to the Lido protocol. Some people speculated that, including the initial deposit and subsequent deposits, the Tron founder’s inflow into Lido amounted to 210,100 ether.


However, according to transaction data shown by the onchain analytics tool Arkham Intelligence, Sun’s total staked ether may be much more than 210,000 ETH. Arkham’s transaction analysis indicates that Sun holds a total of 303,660 STETH, which is worth $494 million based on STETH exchange rates on March 2, 2023.


In addition to STETH, Sun’s labeled addresses show that he also holds 25,657 ethereum (ETH), worth $41.64 million. Lido currently offers an estimated annual percentage yield (APY) of 4%. This means that if the addresses do belong to Sun, the Tron founder is earning 4% interest on close to half a billion dollars’ worth of staked ethereum. Tags in this story Assets, Blockchain, Crypto, Crypto asset, Cryptocurrency, decentralized finance, DeFi, deposit, Developers, diluting value, ETH, Ethereum, Ethereum withdrawals, future, Impact, justin sun, largest daily stake inflow, Lido, Liquid Staking, March, Market Capitalization, protocol, SOL, stake deposits, Staked Ether, Statistics, STETH, technology, tron, TVL, value locked


What do you think about Justin Sun’s reported Lido deposits and Lido’s increase this week? Share your thoughts about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Xapo Bank Integrates Lightning Network Payments Through Lightspark Partnership NEWS | 1 hour ago Coinbase Severs Ties With Silvergate Bank Amidst JPMorgan Downgrade and Delayed SEC Filing NEWS | 3 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBiggest Movers: ADA Hits Multi-Week Low, as Red Wave Hits Crypto Markets Next articleAurora Labs Launches Turnkey Blockchain Solution for Businesses Transitioning to Web3 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design

News Feed

Bitcoin Websites Asked to Remove White Paper After Craig Wright Claims Copyright Infringement
Bitcoin Websites Asked to Remove White Paper After Craig Wright Claims Copyright Infringement During the last few days, the cryptocurrency community has been dis
US gov’t moved $922 million of seized Bitcoin after BTC price broke $60,000
Zoltan Vardai13 hours agoUS gov’t moved $922 million of seized Bitcoin after BTC price broke $60,000The government’s transfer occurred the same day Bitcoin breached the $60,000 mark for the first time in over two yea
A Dozen Digital Assets Record Double-Digit Gains as Crypto Markets Begin to Heal After FTX’s Collapse
A Dozen Digital Assets Record Double-Digit Gains as Crypto Markets Begin to Heal After FTX’s Collapse At the time of writing the global cryptocurrency market capitalization is ho
SEC can proceed with Coinbase lawsuit: Court ruling
Zoltan Vardai9 hours agoSEC can proceed with Coinbase lawsuit: Court rulingCoinbase’s motion to drop the SEC’s case against the exchange was denied in court, allowing the regulator to proceed with its lawsuit.4207 To
AVAX price rallies after Avalanche development incentive and mainnet upgrade announcement
Nancy Lubale5 hours agoAVAX price rallies after Avalanche development incentive and mainnet upgrade announcementA $40 million developer incentive and upcoming mainnet upgrade translated to price upside for AVAX.494 Total
AI takes center stage as Microsoft and Google earnings signal booming market
Savannah Fortis14 hours agoAI takes center stage as Microsoft and Google earnings signal booming marketMicrosoft and Google’s Q2 earnings reports highlight significant revenue and profit increases driven by their inves
Canadian Regulator Insists Binance Is Unauthorized, Calls the Crypto Exchange’s Letter to Users ‘Unacceptable’
Canadian Regulator Insists Binance Is Unauthorized, Calls the Crypto Exchange"s Letter to Users "Unacceptable" The Ontario Securities Commission (OSC) claims that Binance has resci
Top 5 Cryptos to Invest in as Whales Accumulate Bitcoin After Trump Inauguration
After surging by over 60% in the last three months, thanks to Donald Trump’s victory, the selling pressure for Bitcoin is no longer a point of concern for the overall crypto market. In fact, large whales are now in
Stablecoin Economy Continues to Balloon as USDC’s Market Cap Crosses $50 Billion
Stablecoin Economy Continues to Balloon as USDC"s Market Cap Crosses $50 Billion As the entire lot of 12,333 digital currencies hovers just above $1.8 trillion in value, the stable
NH Governor Signs Executive Order to Bring ‘Regulatory Certainty’ to Cryptocurrency Industry
NH Governor Signs Executive Order to Bring "Regulatory Certainty" to Cryptocurrency Industry The governor of the U.S. state of New Hampshire has signed an executive order establish
Boerse Stuttgart’s Bison Trading App to Add Bitcoin Cash and Launch Desktop Version
Boerse Stuttgart’s Bison Trading App to Add Bitcoin Cash and Launch Desktop Version Bison, the crypto trading application offered by Boerse Stuttgart, has seen a remarkable gro
Talks of Issuing a New FTT Token Fuel Coin’s Price Despite FTT’s Broken Tokenomics Scheme
Talks of Issuing a New FTT Token Fuel Coin’s Price Despite FTT"s Broken Tokenomics Scheme Roughly 29 days ago FTX filed for bankruptcy, and the crypto ecosystem has been dealing