Justin Sun Now Accounts For 46% Of Deposits Into This Liquid Restaking Protocol
Highlights
- Justin Sun recently moved 120,000 eETH into Swell L2
- Purpose of funds remains undisclosed
- Justin Sun is a huge advocate of liquid restaking on Ethereum
Tron Founder, Justin Sun has entered the spotlight again with his crypto deposit actions. In the latest move, the crypto whale’s address “0x7a9…3095” deposited a total of 120,000 eETH in liquid restaking protocol Swell L2.
Justin Sun and Ethereum Engagement
Justin Sun is known to have a great affinity for Ethereum-based digital currencies. He is known to conduct huge transactions featuring Ethereum (ETH), Shiba Inu (SHIB), and other cryptocurrencies.
Per the latest transactions, Justin Sun made the transaction into Swell L2 on May 4. The eETH transferred into the protocol was worth approximately $376 million. This figure accounts for a total of 46.6% of the total deposits that Swell L2 has recorded since its inception.
Justin Sun has recently shared his takes on his perceived investments in staking and liquid restaking platforms. In his conversation, he discounted the conversations regarding him making profits from large transactions. The Tron founder noted that he plays a role as an advisor to liquid restaking teams only.
He shared his vision for such passive income ventures, noting that they have what it takes to go global. He believes these platforms can go mainstream to serve as an important revenue avenues for international companies and institutions.
He foresees these groups embracing staking and restaking reinvesting the profit they take in to support users. The support might also extend to developers, and the community and foster prosperity and cooperation.
It remains unclear if Justin Sun was referring to a specific protocol or in general terms. The fund injection into Swell L2 shows he might be acting on his visions.
Liquid and Restaking Protocols Gaining Traction
With the constant evolution in the broader digital currency ecosystem, Ethereum-based liquid restaking ventures are taking center stage.
Protocols like Ether.fi and EigenLayer are at the top of the liquid restaking niche. With $15.53 billion in Total Value Locked (TVL), EigenLayer has risen to the position of the second-largest Decentralized Finance (DeFi) protocol. Only Lido, a liquid staking protocol with $29.48 billion in TVL surpasses EigenLayer.
This growth within a short time and for a protocol that is just about to introduce its native token EIGEN underscores how the sentiment has shifted overall to different varieties of staking ventures.
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