Justin Sun is contributing 46.6% of the total assets deposited into the Swell L2 liquid reStaking protocol.
Justin Sun deposited 120,000 ETH into Swell L2, accounting for 46% of the platform TVL . Photo: Blockworks
Justin Sun once again caused a stir with his latest move. According to a search from Wu Blockchain , the wallet owned by the founder of TRON deposited a total of 120,000 eETH into the Swell L2 liquid restaking protocol on April 4. 05.
Justin Sun's team address 0x7a9...3095 deposited 120,000 EETH (the deposit certificate after ETH is deposited into EtherFi) into Swell L2 on May 4, worth US$376 million, accounting for 46.6% of the total deposits of Swell L2. https://t.co/QT0AoxKv69
— Wu Blockchain (@WuBlockchain) May 5, 2024
The amount of assets Mr. Sun deposited into the protocol is worth up to 376 million USD, accounting for 46.6% of Swell L2 's TVL.
eETH or etherfi Staked ETH is a Token in the form of Liquid Staking on Ethereum, in other words, it is the amount of ETH that Justin Sun sent to ether.fi in mid-March, right before this protocol Token Issuance.
It is known that this wallet began withdrawing ETH from Binance earlier this year, when Ethereum was still at the $2,800 mark per coin.
At the end of April, Justin Sun publicly announced his views on the Staking and liquid reStaking segments. At that time, he denied that people said he profited from these protocols. The TRON founder noted that he only plays an advisory Vai for these projects.
They will also seek external financing and accept investments from top international investment institutions. The group's earnings will in turn support users, developers, and the community, fostering mutual prosperity and cooperation.
— HE Justin Sun 孙宇晨 (@justinsuntron) April 30, 2024
Overall, Mr. Sun appreciates the potential, believing that Staking/liquid reStaking can become an important source of income for international companies and organizations.
With the continuous development of the cryptocurrency ecosystem, liquid reStaking on Ethereum is a "successful" segment at present.
Simply put, these protocols allow the use of ETH and Ethereum's Liquid Staking Token to participate in validating other blockchains, essentially re Staking these Token . Thanks to the warm reception, TVL of this entire segment has continuously increased in recent times.
Holding the crown of the entire segment is Liquid Staking protocol Lido Finance, with 29.48 billion USD TVL. Next is EigenLayer with 15.6 billion USD TVL, although it was only launched late last year, it has quickly become the 3rd largest protocol in the DeFi industry .
Recently EigenLayer also announced plans to issue and Airdrop EIGEN Token . Accordingly, the project spends 15% of the total Token supply to reward users who participate in Staking on the platform.
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