Important points
- Justin Sun staked $154.5 million worth of Ethereum on the Lido protocol.
- According to blockchain analysis, Sun’s Ethereum holdings now exceed his TRX holdings.
Tron founder Justin Sun withdrew about 45,000 Ethereum worth more than $154 million from decentralized lending platform AAVE on Wednesday and deposited the tokens into Lido Staking, according to data tracked by blockchain analytics firm Arkham Intelligence.
The cryptocurrency entrepreneur has $534 million of Ethereum in his public wallet, which is more than his TRX holdings of $519 million.
The move marks one of the largest institutional staking deposits on the Ethereum network in recent months. Lido is a liquid staking protocol that allows users to stake Ethereum while maintaining liquidity through derivative tokens.
Earlier this year, Sun took control of the Ethereum Foundation and proposed a plan to raise the price of Ether to $10,000 by halting the sale of Ether and implementing other financial strategies.
According to data from CoinGecko, ETH was trading around $3,400 at the time of writing, up 3.5% in the past 24 hours. The second-largest crypto asset fell below $4,200 earlier this week amid a market-wide decline that saw Bitcoin drop below $100,000, its lowest level since June.
