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Over the past 30 days, the Total Value Locked (TVL) in Lido Finance’s Liquid Staking Protocol has increased by 10.57%, with 7.56% of the increase over the past seven days. The protocol’s dominance in decentralized finance (defi) has also increased, with TVL accounting for 19.08% of the $49.66 billion locked in defi today. While the increase in ethereum’s price has contributed to the increase in TVL, Lido’s floating stake program received a total deposit of at least 303,000 ether from Tron founder Justin Sun.
Lido, the liquid stake protocol, has seen a 7.56% increase in the past week, with a total value locked (TVL) of $9.48 billion as of March 2, 2023. Lido’s online portal, lido.fi, shows that $9.3 billion dollars of TVL consists of ethereum (ETH) deposits. The total value locked on Lido, including crypto assets such as SOL, MATIC, DOT and KSM, is 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 Ether ($12.44B) locked up on liquid stake platforms, Lido holds 74.87% of the total value. In terms of liquid staking protocols, Lido is followed by Coinbase’s Wrapped Ether protocol, Rocketpool, Frax Ether and Stakewise.
One factor contributing to the increase in value locked is the 3.8% increase in the price of ether against the US dollar, which has contributed to the increasing value of Lido’s staked ether (STETH). However, the protocol has also seen a significant amount of influx this week, and onchain data shows that Tron founder Justin Sun apparently deposited at least 303,000 ether in Lido.
Bitcoin.com News reported on the first 150,000 Ether allegedly deposited by the founder of Tron. Blockchain analytics and security audit firm Peckshield noted that after the deposit of 150,000 ether, addresses tagged in Sun’s name added more ether to the Lido protocol. Some speculated that, including the initial deposit and subsequent deposits, the Tron founder’s influx into Lido amounted to 210,100 ether.
However, according to transaction data shown by onchain analysis tool Arkham Intelligence, Sun’s total stake could be much more than 210,000 ETH. Arkham’s transaction analysis indicates that Sun holds a total of 303,660 STETH, which is worth $494 million based on March 2, 2023 STETH exchange rates.
In addition to STETH, Sun’s tagged addresses show that he also holds 25,657 ethereum (ETH), worth $41.64 million. Lido currently offers an estimated annual percentage rate (APY) of 4%. This means that if the addresses belong to Sun, the Tron founder earns 4% interest on almost half a billion dollars in staked ethereum.
What do you think of Justin Sun’s reported Lido deposit and Lido’s increase this week? Share your thoughts on this topic in the comments section below.
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