Home » Justin Sun Stakes $240 Million in Ethereum on Lido Finance

Justin Sun Stakes $240 Million in Ethereum on Lido Finance

by Natalie Christie

The liquid staking protocol Lido Finance recorded its highest daily stake inflow on Saturday, with more than 150,000 ether (ETH) staked on the platform. It is believed that Tron blockchain founder Justin Sun was the one who staked the large amount of ETH worth $240 million. The large inflow caused the protocol to activate its Staking Rate Limit, a safety feature that limits the number of staked ETH (stETH) that can be minted in a timeframe. This can be attributed to the upcoming Ethereum upgrade, the Shanghai upgrade, which is scheduled to go live in March 2023. This upgrade will enable validators and users to unlock their staked ETH and withdraw the assets from the Beacon Chain. In response to this, Lido announced its V2 upgrade, which is focused on enabling stETH holders to withdraw their ETH directly from the Beacon Chain post-Shanghai. The Lido DAO token (LDO) has also seen a surge of over 31% in the past month, trading at $3.07 at writing time. The protocol is expected to submit the proposed design for the upgrade on its governance platform soon.

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