On Saturday, liquid staking protocol Lido Twitterged about the highest ever every-day staking influx, when 150,000 ethereum (value greater than $240 million) was staked. Reports suggest that the ether belongs to Justin Sun, the founder of Tron.
Lido Protocol Records Biggest Daily Staking Inflow to Date
Lido, the liquid staking platform with the most ethereum locked, announced its highest ever daily participation influx of 150,000 ETH (valued at over $240 million). “The Lido protocol has recorded its highest ever daily participation influx to date with more than 150,000 ETH staked,” Lido said. “Upon reaching this amount, a curious (but necessary) protocol security feature called Participation Rate Cap was triggered.”
The participation rate cap is a dynamic mechanism to manage massive entry spikes. It lowers the risk of diluting value without explicitly pausing staking deposits. In the last 24 hours, Lido’s Total Value Locked (TVL) was increased by 2.09% over the month before. Lido’s TVL rose 9.02% and now stands at $8.93 billion.
Tron Founder Reportedly Deposit 150,000 ETH Into Lido
Of the total $8.93 billion, $8.7 trillion is in staked ether (STETH), making this the 12th largest cryptocurrency asset by market capitalization. According to Hildobby, an information analyst and researcher at Dragonfly Capital, the 150,000 ETH deposit into Lido was made by Tron’s Justin Sun. “Currently [Justin Sun] staked 150K [ether] via [Lido Finance] (~0.9% of all ETH staked). This is now the highest week by volume staked in almost a year,” Hildobby said. “This is now the largest daily stake influx for Lido, it also activated Lido’s rate cap feature for the first time,” the researcher added.
In January 2023, Lido initiated plans to build a withdrawal mechanism for ethereum deposits ahead of the Shanghai Ethereum Hard Fork scheduled to happen in March. “The process has to be asynchronous, due to the asynchronous nature of Ethereum withdrawals,” the Lido developers explained.
