Justin Sun, the founder of Tron, has used some of his Ether after collecting 173,800 last month. This was before the token reached $4,000.
This March 13th, Etherscan Sun’s data revealed that he deposited an estimated 120,000 ETH worth $480,000,000 into Ether.fi, a liquid restaking protocol. Sun reportedly acquired The Ethereum (ETHThe average cost per token was $2,869 between February 8 and 25.
Ether.fi, and other liquid trading platforms, leverage Ethereum proof-of-stake The (PoS), a consensus-based mechanism, is used to protect other decentralized blockchains.
It was inspired by Ethereum’s native staking system, following the PoS conversion. Stakers were replaced as key network contributors. Ether.fi offers users rewards in other forms, such as points and airdropped tokens.
There are several protocols that tap EigenLayerThis extra yield can be achieved by using, the original platform for restaking. A number of users and supporters have voiced skepticism regarding this new crypto trend.
However, liquids are still a danger. restaking ecosystem Within a short time, it has grown by leaps and bounds. According to DefiLlama, users have deposited more than $6.8 Billion in Total Value Locked (TVL).
Ether.fi, the world’s largest liquid trading company, has $2.9 billion worth of TVL. This is around twice the amount that its nearest competitor, Puffer Finance, holds.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: crypto.news