Justin Sun stakes ETH worth $240m on Lido

Justin Sun, the founder of Tron, has staked millions of dollars in Ethereum (ETH) on the liquid staking site Lido Finance in anticipation of the eagerly anticipated Ethereum Shanghai upgrade in March.

On Feb. 25, the on-chain data portal Lookonchain disclosed that an address identified as Justin Sun had staked 150,100 ETH, totaling more than $240 million, on Lido. According to the DeBand wallet data, there were three transactions at roughly 7:20 AM UTC today, with 50,000 ETH and 100 ETH moving to Lido.

The Whale Alert platform revealed three transactions in which Justin Sun sent an unidentified wallet of 50,000 ETH, totaling 80,077,036 in each case. Interestingly, Justin Sun was also given an equivalent sum of stETH, which can be exchanged, borrowed against, traded, or used for other liquidity-related purposes.

According to the most on-chain data, the Beacon Chain has received over 17.02 million ETH worth $27.27 billion. Ethereum core devs must enable withdrawals to keep the network in balance, even when rising ETH staking on the Beacon Chain shows indicators of Ethereum security and popularity.

On-chain analytics platform Nansen data, has also provided data showing that around 96,000 people have made staking deposits ahead of the network update. Now, there are around 525,923 active validators, according to data from BeaconScan.

The Shapella (Shanghai/Capella) network update will reportedly be launched on the Sepolia testnet at block height 56832 on Feb. 28 at approximately 04:04:48 UTC, according to a previous announcement from the Ethereum Foundation. It will allow validators to transfer their Ethereum stakes from the Beacon Chain to the execution layer.

In the past day, the price of ethereum has dropped more than 3%, and it is now trading below the $1,600 mark. $1,583 is low, and $1,652 has been high for the past 24 hours. Once the US PCE inflation data came in strong on Friday, the crypto market experienced a freefall.