Justin Sun, the founder of Tron, used some of his Ether holdings, having amassed 173,800 ETH before the token’s $4,000. Sun’s address transferred 120,000 ETH, or around $480 million, into the liquid restaking protocol Ether.fi on March 13, according to Etherscan statistics.
According to reports, Sun paid an average of $2,869 per Ethereum (ETH) token between February 8 and February 25, for the tokens, which were valued at $693 million at the time of publication. The Sun’s address is 0x7a95f1554eA2E36ED297b70E70C8B45a33b53095 and after the transfer, Ether.fi has a profit of around $200 million.
On top of the second-largest decentralized network in cryptocurrency, Ether.fi and other liquid restaking platforms protect other blockchains and protocols using Ethereum’s proof-of-stake (PoS) consensus process.
These transactions show that Sun is still interested in and involved in the cryptocurrency industry, especially with initiatives that use Ethereum.
However, in the few months since its inception, the liquid restaking ecosystem has expanded enormously. As per DefiLlama, users have invested more than $6.8 billion in total value locked (TVL) in this domain.
Ether.fi is the biggest player in the liquid restaking market with $2.9 billion in TVL, or nearly twice as much as its nearest rival, Puffer Finance.
Also Read: Justin Sun Flaunts $1.6 Billion Bitcoin Holdings on HTX Wallet
