Justin Sun, the founder of Tron, has staked over $240 million worth of Ethereum on the liquid staking site Lido Finance in anticipation of the upcoming Ethereum Shanghai upgrade in March. The move was revealed by the on-chain data portal Lookonchain, which disclosed that an address identified as Justin Sun had staked 150,100 ETH on Lido. Whale Alert also revealed three transactions in which Justin Sun sent an unidentified wallet of 50,000 ETH each time. Interestingly, Justin Sun was given an equivalent sum of stETH, which can be exchanged, borrowed against, traded, or used for other liquidity-related purposes.
According to on-chain analytics platform Nansen data, around 96,000 people have made staking deposits ahead of the network update. The Beacon Chain has received over 17.02 million ETH worth $27.27 billion, and there are now around 525,923 active validators, according to data from BeaconScan. The Shapella (Shanghai/Capella) network update will reportedly be launched on the Sepolia testnet on Feb. 28 at approximately 04:04:48 UTC, allowing validators to transfer their Ethereum stakes from the Beacon Chain to the execution layer.
However, the price of Ethereum has dropped more than 3% in the past day, trading below the $1,600 mark. $1,583 is the low, and $1,652 has been high for the past 24 hours. This drop in price occurred after the US PCE inflation data came in strong on Friday, causing a freefall in the crypto market.
Justin Sun’s move to stake millions of dollars in Ethereum on Lido Finance indicates his confidence in the Ethereum Shanghai upgrade and his anticipation of a positive outcome. This move is expected to strengthen the Ethereum network’s security and popularity, making it a promising investment opportunity for those looking to capitalize on the upcoming network update. However, the crypto market’s volatility remains a concern, and investors are advised to proceed with caution.