Skip to main content

Liquid Staking Platform Lido Sees Largest Daily Stake Inflow, Receives 150,000 ETH Reportedly From Tron Founder

Liquid Staking Platform Lido Sees Largest Daily Stake Inflow, Receives 150,000 ETH Reportedly From Tron Founder

On Saturday, the liquid staking protocol Lido tweeted about the largest daily stake inflow to date as 150,000 ethereum was staked. Reports indicate that the ethereum, worth more than $240 million, belongs to Justin Sun, founder of Tron.

Liquid Staking Protocol Lido Records 150,000 Ether Inflow

Lido, the liquid staking platform with the highest amount of ethereum (ETH) value locked, noted that it received the largest daily stake inflow to date, with 150,000 ether worth $240 million. “Lido protocol has registered its largest daily stake inflow so far with over 150,000 ETH staked,” Lido said. “Upon reaching this number, a curious (but important) protocol safety feature called Staking Rate Limit was activated.”

Lido stated that the Staking Rate Limit is a dynamic mechanism that manages large inflow spikes by reducing the chance of diluting value without explicitly pausing stake deposits. In the last 24 hours, Lido’s total value locked (TVL) experienced a 2.09% spike, according to statistics. Over the last month, Lido’s TVL increased by 9.02% to $8.93 billion.

Tron Founder Reportedly Deposited the Ether

Of the total $8.93 billion, $8.7 billion is in staked ether (STETH), making it the 12th largest crypto asset in terms of market capitalization. According to Hildobby, a researcher and data analyst at Dragonfly Capital, the 150,000 ETH deposit into Lido was reportedly made by Justin Sun of Tron.

“Today [Justin Sun] staked 150K [ether] through [Lido Finance] (~0.9% of all staked ETH). This is now the highest week by staked amount in almost a year,” Hildobby said. “This is now the largest daily stake inflow for Lido, it also activated Lido’s rate limit feature for the first time,” the researcher added.

In January 2023, Lido announced plans to create a withdrawal feature for ethereum deposits ahead of Ethereum’s Shanghai hard fork, expected to occur in March. “The process has to be asynchronous, due to the asynchronous nature of Ethereum withdrawals,” explained the Lido developers at the time.

What are your thoughts on Lido’s largest daily inflow of ether? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/ASDl6bp
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more