Justin Sun’s Ethereum Pledge through Lido makes 0x611F the 6th Largest Holder of stETH

02/27/2023 07:27 • Daily Digest • 87 views

It is reported that the Web3 knowledge map protocol 0xscope said on social media that the beginning address of 0x611F controlled by Justin Sun has pledged 88000 Ethereum (worth about $144 million) through Lido, and this address has become the sixth largest holder of stETH.

Justin Sun pledged 88000 Ethereum again through Lido, about $144 million

Interpretation of the news:

The Web3 knowledge map protocol 0xscope has recently reported that Justin Sun has pledged a staggering 88,000 Ethereum (ETH) which is currently worth approximately $144 million through Lido Financial to the address 0x611F. According to the report, this pledge has made 0x611F the sixth largest holder of stETH – a new Ethereum-based token that is backed by staked Ethereum from the Ethereum 2.0 network.

The development is a significant one as it reveals the large-scale interest in staking Ethereum through third-party providers such as Lido. Lido uses a decentralized staking model that allows its customers to stake their ETH into the Ethereum 2.0 network without having to run validators or keep their ETH locked up for long periods of time. Instead, Lido instantaneously provides liquidity to its customers through tradeable stETH tokens, which can be exchanged back into ETH whenever customers need to withdraw their stake.

Justin Sun, the founder of TRON and BitTorrent, has become a well-known figure in the cryptocurrency industry, having participated in several high-profile blockchain projects and acquisitions. It is not clear what his intentions are behind pledging such a large amount of Ethereum through Lido. However, it is speculated that the pledge may be part of Justin Sun’s overall strategy to increase his influence in the Ethereum ecosystem – which he has been actively pursuing through his recently acquired NFT marketplace, JUST NFT Fund, as well as his investment in DeFi platforms such as Yearn.Finance.

The news of Justin Sun’s Ethereum pledge through Lido also highlights the importance of decentralized finance (DeFi) in the cryptocurrency industry. DeFi has become a buzzword in the industry as it allows for the creation of open-source financial applications that run on blockchain networks, providing users with greater control over their financial assets.

In conclusion, Justin Sun’s Ethereum pledge through Lido to the address 0x611F highlights the increasing importance of third-party staking providers and their role in promoting decentralized finance. As the cryptocurrency industry continues to evolve, it is expected that more high-profile individuals and institutions will participate in DeFi projects and contribute to the growth of the ecosystem.

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