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Lido’s Liquid Staking Protocol Dominates With $9.3B in Locked Ethereum Boosted by Tron Founder’s Deposits –

In the last 30 days, the total value locked (TVL) in Lido Finance’s liquid staking log increased by 10.57%, with 7.56% of the increase occurring within the last seven days. The protocol’s dominance in the decentralized finance (defi) space has also increased, with its TVL accounting for 19.08% of the $49.66 billion locked in defi today. During the rise of Ethereumprice contributed to the increase in TVL, Lido’s liquid staking program reportedly received a total deposit of at least 303,000 Ethereum from Tron-Founder Justin Sun.

Onchain data shows that Tron founder Justin Sun has strengthened Lido’s TVL

Lido, the liquid staking protocol, is up 7.56% over the past week, with a total locked value (TVL) of $9.48 billion as of March 2, 2023. TVL consists of Ethereum (ETH) deposits. The total value locked on Lido, including crypto assets like SOL, MATIC, DOT and KSMaccounting for 19.08% of the $49.66 billion locked in Defi today.

Lido is currently the largest defi protocol in terms of TVL, followed by Makerdao, Curve and aave. Of the 7,607,536 Ethereum ($12.44 billion) locked in liquid staking platforms, Lido holds 74.87% of the total value. In terms of liquid staking protocols, Lido is followed by the Wrapped Ethereum protocol from Coinbase, Rocketpool, Frax Ethereum, and Stakewise.

One factor contributing to the increase in value is the 3.8% increase in the price of Ether against the US dollar, which has contributed to the growing value of Lidos Staked Ethereum (STETH). However, the protocol has also seen significant inflow this week, and onchain data shows that Tron is a founder justin sun allegedly deposited at least 303,000 Ethereum in Lido. News reported the first 150,000 Ethereum reportedly deposited by Tron’s founder. Blockchain– Analysis and security audit company Peckshield written down that after depositing 150,000 Ethereum addresses tagged in Sun’s name, added more Ethereum to the Lido protocol. Some people speculated that Tron founder inflow in Lido including initial deposit and subsequent deposits amounted to 100.00 210,100 Ether.

However, according to transaction data displayed by onchain analysis tool Arkham Intelligence, Sun’s total Ethereum stake could be much more than 210,000 ETH. Arkham’s transactional analysis shows that Sun holds a total of 303,660 STETH, which is worth $494 million based on STETH exchange rates as of March 2, 2023.

In addition to STETH, Sun’s labeled addresses show that he also holds 25,657 Ethereum (ETH) worth $41.64 million. Lido currently offers an estimated annual percentage return (APY) of 4%. This means that if the addresses belong to Sun, the Tron founder earns 4% interest on almost half a billion dollars worth of Ethereum.

What are your thoughts on the Lido deposits reported by Justin Sun and Lido’s surge this week? Do share your thoughts on this topic in the comments section below.

Lido’s Liquid Staking Protocol Dominates With $9.3B in Locked Ethereum Boosted by Tron Founder’s Deposits –, Crypto Trading News

Jamie Redman

Jamie Redman is the news director at News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about today’s emerging disruptive protocols.

photo credit: Shutterstock, Pixabay, WikiCommons

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Source: Crypto News Deutsch

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