Justin Sun, the founder of Tron, has staked millions of dollars in Ethereum (ETH) on liquid betting site Lido Finance in anticipation of the highly anticipated Ethereum Shanghai upgrade in March.
On February 25, on-chain data portal Lookonchain revealed that an address identified as Justin Sun had staked 150,100 ETH, totaling more than $240 million, on Lido. According to DeBand wallet data, there were three transactions at approximately 7:20am UTC today, with 50,000 ETH and 100 ETH moving to Lido.
The Whale Alert platform revealed three transactions in which Justin Sun sent an unidentified wallet of 50,000 ETH, totaling 80,077,036 in each case. Interestingly, Justin Sun was also granted an equivalent sum of stETH, which can be traded, borrowed, traded, or used for other liquidity-related purposes.
According to most on-chain data, the Beacon Chain has received more than 17.02 million ETH worth $27.27 billion. Core Ethereum developers must enable withdrawals to keep the network balanced, even as the rise in ETH stakes on the Beacon Chain shows indicators of Ethereum’s safety and popularity.
On-chain analytics platform Nansen data, also provided data showing that around 96,000 people have made stake deposits before the network upgrade. Now, there are around 525,923 active validators, according to data from BeaconScan.
The Shapella (Shanghai/Capella) network update will reportedly go live on the Sepolia testnet at block 56832 on February 28 at approximately 04:04:48 UTC, according to an earlier announcement from the Foundation. ethereum. It will allow validators to transfer their Ethereum shares from the Beacon Chain to the execution layer.
The day before, the Ethereum price fell more than 3% and is now trading below $1,600. $1,583 is low and $1,652 has been high for the last 24 hours. Once the US PCE inflation data came in strong on Friday, the crypto market went into a free fall.
