Crypto billionaire Justin Sun has sent hundreds of thousands of Ethereum (ETH) to liquid staking service Lido Finance (LDO).
The blockchain-tracking Twitter account Lookonchain reports that the Tron (TRX) founder staked 150,100 ETH worth $240 million on Lido Finance in a series of transactions a few days ago.
DeBank, a multichain portfolio tracker, reveals that Sun has staked a total of 200,164.03 ETH worth over $327 million on Lido Finance.
The crypto billionaire also holds more than $50 million worth of the stablecoins Tether (USDT) and USD Coin (USDC) on decentralized lending protocol Aave (AAVE), according to DeBank.
Lido’s native token, LDO, is trading at $3.19 at time of writing. The 28th-ranked crypto asset by market cap is up over 3% in the past 24 hours and nearly 7.5% in the past week.
Lido recently announced that it activated a safety protocol feature called staking rate limit in response to the newly staked ETH, which the project said set a daily inflow record.
“This protocol safety feature, called the Staking Rate Limit, is a dynamic mechanism to respond to large inflows of stake and address possible side-effects such as rewards dilution, without needing to pause stake deposits explicitly.
It works by decreasing how much total stETH can be minted at any one time based on recent deposits (sliding 24-hour window), and then replenishing this capacity on a block-by-block basis. Due to the rate of recovery (~6.200 ETH/hr), most users are unlikely to be affected.”
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