Justin Sun Staked 60k ETH ($100M) on Lido: What's Cooking❓

The founder of the Tron blockchain, Justin Sun has staked 60,000 #ETH – worth approximately $114.56 million – on the liquid staking protocol Lido.

Tron founder Justin Sun has staked 60,000 ETH (about $114.56 million) on the liquid staking protocol Lido for 1,740 ETH (about $3.31 million) in yearly yield, onchain intelligence platform Arkham noted.

In exchange for this, Sun will receive 60,000 stETH, the liquid derivative token for ETH, which he can use for trading or staking further to earn additional yields.

On Sunday, Arkham noted that Sun has staked 60,000 ETH, borrowing 90,000 ETH at 0% interest valid for one year. This move will yield 1,740 ETH (about $3.31 million) every year until his ETH stays staked there.

The liquid staking protocol, Lido is a very popular option that currently offers a yield of 2.9% APR (annual percentage rate) and it has nearly $17.5 billion in total staked funds.

This move from the Tron founder has sparked discussions on ETH as it has been one of the most underperforming crypto assets throughout the past year and has failed to show any significant price action.

According to Arkham data, Sun’s onchain portfolio currently stands at a valuation of $1 billion with his most holding laying in TRX and stETH. Over the past 2 years, he has staked thousands of ETH on Lido and now holds 167.67k stETH, worth approximately $314 million.

Some people are commenting that Sun has now found out the best time to acquire and stake ETH as it might have greater potential in the near future. This move has also regained confidence of the Ethereum community, which collectively expects a better future for ETH.