Tron founder Justin Sun deposited 120,000 Ethereum (ETH), equivalent to $480 million, into the liquid restaking protocol called Ether.Fi. This information was confirmed through blockchain data.
Ether.Fi is currently accepting staking as a Launchpool project on Binance, and after the process ends, the altcoin will be listed on Binance.
Ether.Fi, which raised $23 million last month ahead of the announcement of the platform's own altcoin, is now approaching total value locked (TVL) of around $3 billion, according to DefiLlama data.
The protocol also recently signed a $600 million deal with Omni Network to strengthen its protocol and the entire EigenLayer ecosystem. EigenLayer is known as a decentralized restaking protocol on the Ethereum blockchain.
The Sun-associated wallet began withdrawing ETH from Binance in February, when the price was around $2,800. At the time of writing this article, ETH is trading at $ 3,860.
Liquid restaking is a process that involves staking ETH assets that help maintain Ethereum in exchange for a return and often loyalty points that can ultimately be converted into a token airdrop. Restaking protocols such as Ether.Fi distribute a liquid restaking token (eETH in the case of Ether.Fi) pegged to the price of ETH in exchange for staked ETH. This token can be used in other decentralized finance (DeFi) protocols to generate additional returns.
*This is not investment advice.