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Tron’s Justin Sun dominates liquid restaking protocol with 46% of deposits

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Tron’s Justin Sun dominates liquid restaking protocol with 46% of deposits

Tron founder Justin Sun is back in the spotlight with his recent cryptocurrency deposit activity.

Blockchain data reveals that Sun’s wallet, identified as “0x7a9…3095,” has transferred a total of 120,000 eETH, which are Ethereum-pegged tokens, into the Swell L2 liquid restaking protocol.

Justin Sun shakes up DeFi

This substantial deposit represents 46% of all deposits into the Swell L2 protocol. The 120,000 eETH, is a significant injection of capital into the platform.

Liquid restaking protocols like Swell L2 enable users to stake Ethereum and receive a liquid token, such as eETH, which can be used across various DeFi applications to earn additional returns. By depositing such a large sum, Sun has effectively become the leading player on Swell L2.

Sun’s entry into the liquid restaking space is part of his broader involvement in decentralized finance (DeFi). Last year, he played a key role in averting a liquidity crisis on Curve Finance by purchasing $2.3 million worth of CRV tokens.

Swell L2 has seen rapid growth, with its total value locked (TVL) approaching $3 billion ahead of the upcoming launch of its native governance token. Sun’s major deposit is likely to increase the protocol’s TVL further, reinforcing its position in the DeFi ecosystem.

While Justin Sun’s prominence on Swell L2 is notable, it raises questions about the long-term impact on the platform’s decentralization and governance. Regulators and industry observers will likely pay close attention to such large-scale deposits from influential figures in the crypto industry.

Justin Sun and Ethereum

Sun has a well-established interest in Ethereum-based cryptocurrencies, regularly conducting large-scale transactions involving Ethereum (ETH), Shiba Inu (SHIB), and others.

In a recent transaction on May 4, Sun transferred eETH worth approximately $376 million into the Swell L2 protocol. This deposit represents 46.6% of all deposits made to Swell L2 since its launch.

While Sun has been outspoken about his involvement in staking and liquid restaking platforms, he downplays the idea that he seeks to profit from his high-volume transactions.

Instead, the Tron founder explains that his role is to act as an advisor to liquid restaking teams, offering guidance rather than seeking direct profit.

Sun has shared his broader vision for staking and restaking. He emphasizes their potential to grow and attract global attention. He believes these platforms can serve as significant revenue sources for international businesses and institutions. 

He also envisions that by reinvesting profits into supporting users, developers, and the broader community, these platforms can foster cooperation and drive growth.

However, It’s unclear whether Sun’s comments refer to a specific protocol or the industry at large, but his substantial investment into Swell L2 suggests that he is actively pursuing his vision.