In the course of the past 30 days, the Total Value Locked (TVL) in Lido Finance’s Liquid Participation Protocol has seen a 10.57% rise, with 7.56% of that occurring in the last week alone. The protocol’s dominance in the world of decentralized finance (defi) has been increasing, with its TVL now accounting for 19.08% of the total of $49.66 billion locked in defi today. While part of the rise in TVL is attributable to a rise in Ethereum’s price, the protocol has reportedly received a total deposit of at least 303,000 Ether from Tron Founding founder Justin Sun.
On-chain Data Displays Tron Founding Founder Justin Sun Boosted Lido’s TVL
According to the Lido.fi web portal, the Total Value Locked (TVL) in Lido’s Liquid Staking Protocol is now $9.48 billion, with 93.3 billion of that being made up of ETH deposits. This makes Lido the leading defi protocol when it comes to TVL, followed by Makerdao, Curve?, and Aave. Of the total 7,607,536 Ether ($12.44B) locked in liquid staking protocols, Lido holds 74.87%.
The 3.8% increase in the price of Ether relative to the US Dollar is a contributing factor to the increase in the amount of value locked. This has also been seen in the rise of the value of Staked Lido Ether (STETH). However, this week the protocol also saw a large number of entries, with on-chain data showing that the founder of Tron Justin Sun deposited at least 303,000 Ethers.
According to blockchain security analysis and audit firm Peckshield noted, after 150,000 Ether had been deposited, the address was tagged with Sun’s name, which was added to the Ethereum Lido protocol. Some people speculated that the initial deposit, as well as subsequent deposits, would have been included in the Tron founder’s entry into Lido, and the amount was 210,100 ether.
However, based on transaction data collected by the on-chain analysis tool Arkham Intelligence, Sun’s total Ether stake may be well over 210,000 ETH. Arkham’s transaction analysis shows that Sun holds 303660 STETH, which, at the current exchange rate, is worth close to $494 million.
In addition to the STETH, Sun’s tagged addresses also show that he holds 25,657 Ethereum (ETH), with a current value of $41.64 million. Currently, the annual percentage yield (APY) for the protocol is 4%, which means that, if the addresses are indeed owned by Sun, he earns 4% interest on almost $500 million worth of Ethereum staked.
What are your thoughts? Did Justin Sun’s deposits help to increase Lido’s TVL? What is the best way to boost your sales this week? Please share your thoughts about this topic in the comments below.
