Justin Sun Stakes Millions of ETH on Lido Finance

Tron founder Justin Sun staked millions of ETH on Ethereum liquid staking platform Lido Finance ahead of the much anticipated Ethereum Shanghai upgrade in March. On February 25, on-chain data platform Lookonchain revealed that an address marked as Justin Sun has staked 150,100 ETH on Lido for over $240 million. DeBank is showing 3 transactions with 50,000 ETH transferred to Lido and 100 ETH transferred to Lido around 07:20 UTC today.

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

Huge amounts of ETH have been staked to the liquid staking pool Lido by Justin Sun. This clearly shows that Justin Sun is bullish on the Ethereum Shanghai update and wants to seize the opportunity. In fact, Ethereum staking continues to increase as the Shanghai upgrade approaches. Justin Sun also received an equal amount of stETH that can be traded, borrowed or used for any other liquidity purposes.

According to available on-chain data, more than 17.02 million ETH worth $27.27 billion has been invested in Beacon Chain. While increased ETH staking on the Beacon Chain shows signs of Ethereum security and adoption, Ethereum core developers need to enable withdrawals to maintain a balance in the network. Data from Nansen shows that the number of unique staking depositors is roughly 96.9K. Data from BeaconScan shows that the number of active validators is around 525,923. Meanwhile, the Ethereum Foundation previously announced that the Shapella (Shanghai/Capella) network upgrade will be activated on the Sepolia testnet at block height 56832, which is expected to be on Feb. 28 at 04:04:48 UTC. This upgrade will allow validators to withdraw their Ethereum.