Justin Sun, the founder of Tron, used portion of his Ether holdings, which totaled 173,800 ETH before the token’s $4,000. Sun’s address moved 120,000 ETH, or around $480 million, into the liquid restaking protocol Ether.fi on March 13, according to Etherscan statistics.
According to sources, Sun paid an average of $2,869 per Ethereum (ETH) token between February 8 and February 25, for tokens worth $693 million at the time of writing. The Sun’s address is 0x7a95f1554eA2E36ED297b70E70C8B45a33b53095, and Ether.fi made around $200 million from the transfer.
Ether.fi and other liquid restaking platforms, built on the second-largest decentralized network in bitcoin, use Ethereum’s proof-of-stake (PoS) consensus method to safeguard other blockchains and protocols.
These transactions demonstrate Sun’s continued interest in and involvement in the cryptocurrencycurrency business, particularly with efforts that use Ethereum.
However, in the few months since its inception, the liquid restaking ecosystem has grown significantly. According to DefiLlama, users have invested more than $6.8 billion in total value locked (TVL) into this domain.
Ether.fi is the largest player in the liquid restaking industry, with $2.9 billion in TVL, roughly twice that of its next competitor, Puffer Finance.