{"id":22186,"date":"2023-03-02T10:47:24","date_gmt":"2023-03-02T18:47:24","guid":{"rendered":"https:\/\/coinnetworknews.com\/lidos-liquid-staking-protocol-dominates-with-9-3b-in-locked-ethereum-boosted-by-tron-founders-deposits-bitcoin-news\/"},"modified":"2023-03-02T10:47:24","modified_gmt":"2023-03-02T18:47:24","slug":"lidos-liquid-staking-protocol-dominates-with-9-3b-in-locked-ethereum-boosted-by-tron-founders-deposits-bitcoin-news","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/lidos-liquid-staking-protocol-dominates-with-9-3b-in-locked-ethereum-boosted-by-tron-founders-deposits-bitcoin-news\/","title":{"rendered":"Lido’s Liquid Staking Protocol Dominates with $9.3B in Locked Ethereum, Boosted by Tron Founder’s Deposits \u2013 Bitcoin News"},"content":{"rendered":"
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During the past 30 days, the total value locked (TVL) in Lido Finance\u2019s liquid staking protocol increased by 10.57%, with 7.56% of the increase occurring within the last seven days. The protocol\u2019s dominance in decentralized finance (defi) has also increased, with its TVL accounting for 19.08% of the $49.66 billion locked in defi today. While the rise in ethereum\u2019s price has contributed to the increase in TVL, Lido\u2019s liquid staking program reportedly received a total deposit of at least 303,000 ether from Tron founder Justin Sun.<\/strong><\/p>\n

Onchain Data Shows Tron Founder Justin Sun Bolstered Lido\u2019s TVL<\/h2>\n

Lido, the liquid staking protocol, has seen a 7.56% rise over the past week, with a total value locked (TVL) of $9.48 billion<\/a> as of March 2, 2023. Lido\u2019s web portal, lido.fi<\/a>, shows that $9.3 billion of the TVL consists of ethereum (ETH<\/a>) deposits. The total value locked on Lido, including crypto assets like SOL, MATIC, DOT, and KSM, accounts for 19.08% of the $49.66 billion locked in defi today.<\/p>\n

Lido is currently the largest defi protocol in terms of TVL, followed by Makerdao, Curve, and Aave. Out of the 7,607,536 Ether ($12.44B) locked in liquid staking platforms, Lido commands 74.87%<\/a> of the total value. In terms of liquid staking protocols, Lido is followed by Coinbase\u2019s Wrapped Ether protocol, Rocketpool, Frax Ether, and Stakewise.<\/p>\n

One factor contributing to the increase in value locked is the 3.8% rise in the price of ether against the U.S. dollar, which has contributed to the growing value of Lido\u2019s staked ether (STETH<\/a>). However, the protocol has also seen a significant amount of inflow this week, and onchain data shows that Tron founder Justin Sun<\/a> ostensibly deposited at least 303,000 ether into Lido.<\/p>\n

Bitcoin.com News reported<\/a> on the initial 150,000 ether reportedly deposited by the founder of Tron. Blockchain analysis and security auditing firm Peckshield noted<\/a> that after the 150,000 ether deposit, addresses labeled in Sun\u2019s name added more ethereum to the Lido protocol. Some people speculated that, including the initial deposit and subsequent deposits, the Tron founder\u2019s inflow into Lido amounted to 210,100 ether<\/a>.<\/p>\n

However, according to transaction data shown by the onchain analytics tool Arkham Intelligence<\/a>, Sun\u2019s total staked ether may be much more than 210,000 ETH<\/a>. Arkham\u2019s transaction analysis indicates that Sun holds a total of 303,660 STETH, which is worth $494 million based on STETH<\/a> exchange rates on March 2, 2023.<\/p>\n

In addition to STETH, Sun\u2019s labeled addresses show that he also holds 25,657 ethereum (ETH<\/a>), worth $41.64 million. Lido currently offers an estimated annual percentage yield (APY) of 4%. This means that if the addresses do belong to Sun, the Tron founder is earning 4% interest on close to half a billion dollars\u2019 worth of staked ethereum.<\/p>\n

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Assets<\/a>, Blockchain<\/a>, Crypto<\/a>, Crypto asset<\/a>, Cryptocurrency<\/a>, decentralized finance<\/a>, DeFi<\/a>, deposit<\/a>, Developers<\/a>, diluting value<\/a>, ETH<\/a>, Ethereum<\/a>, Ethereum withdrawals<\/a>, future<\/a>, Impact<\/a>, justin sun<\/a>, largest daily stake inflow<\/a>, Lido<\/a>, Liquid Staking<\/a>, March<\/a>, Market Capitalization<\/a>, protocol<\/a>, SOL<\/a>, stake deposits<\/a>, Staked Ether<\/a>, Statistics<\/a>, STETH<\/a>, technology<\/a>, tron<\/a>, TVL<\/a>, value locked<\/a><\/div>\n<\/div>\n

What do you think about Justin Sun\u2019s reported Lido deposits and Lido\u2019s increase this week? Share your thoughts about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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