December 2, 2023


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Tron Founder Justin Sun Invests Millions in Ethereum’s Shanghai Upgrade Through Lido

2 min read

Ahead of Ethereum’s highly anticipated Shanghai upgrade in March, Tron founder Justin Sun has made a significant investment in Ethereum through the Ethereum liquid staking platform, Lido Finance.

On February 25, Lookonchain, an on-chain data platform, reported that an address associated with Justin Sun staked 150,100 ETH, valued at more than $240 million, on Lido. According to DeBand wallet details, three transactions were made, with 50,000 ETH transferred to Lido and 100 ETH moved to Lido at approximately 07:20 AM UTC on the same day.

The Whale Alert platform has also reported that Justin Sun transferred three transactions of 50,000 ETH, each worth $80,077,036, to an unknown wallet.

The significant amount of ETH staked by Justin Sun on the Lido liquid staking pool clearly indicates his bullishness towards the Ethereum Shanghai upgrade and his desire to capitalize on the opportunity. As the upgrade approaches, ETH staking continues to increase.

Justin Sun received an equivalent amount of stETH that can be utilized for trading, exchanging, borrowing, or other liquidity purposes.

Current on-chain data indicates that over 17.02 million ETH worth $27.27 billion have been deposited into the Beacon Chain. While an increase in ETH staking suggests Ethereum’s security and adoption, developers need to enable withdrawals to maintain balance on the network. The number of unique staking depositors is approximately 96.9K, according to Nansen data, while BeaconScan shows around 525,923 active validators.

The Ethereum Foundation announced that the Shapella (Shanghai/Capella) network upgrade would be activated on the Sepolia testnet at block height 56832, expected at 04:04:48 UTC on February 28, allowing validators to withdraw their Ethereum staked on the Beacon Chain to the execution layer.

Ethereum Price Plummets Following High Inflation Data

In the past 24 hours, the price of Ethereum has decreased by more than 3%, with the current trading value being below the $1,600 threshold. The range of the lowest and highest prices over the past 24 hours are $1,583 and $1,652, respectively.

The crypto market suffered a significant dip after the U.S. PCE inflation data was released, which was much higher than anticipated, on Friday.