- Lido Finance recently saw its largest daily stake inflow after Justin Sun staked 150,000 ETH.
- The Tron founder has since staked another 50,000 ETH, bringing the total to 200,000 stETH.
- The large inflow of staked Ether triggered a protocol safety feature in the platform called the Staking Rate Limit.
- Lido DAO’s native token LDO surged by more than 11% following the staking milestone.
Decentralized finance (DeFi) staking platform Lido Finance recently registered its largest daily stake inflow. The milestone was reached thanks to Tron founder Justin Sun, who staked a whopping 150,000 ETH on the liquid staking platform.
Justin Sun has staked 200,000 ETH on Lido
The staking milestone was first reported by blockchain analytics firm Lookonchain on Twitter. According to the tweet, Justin Sun had staked 150,100 ETH on Lido in four separate transactions. At the time, the staked Ether was valued at $240 million. Data from DeBank shows that Sun, who also serves on crypto exchange Huobi Global’s advisory board, has since staked another 50,000 ETH on the platform, bringing his total to 200,100 stETH, worth more than $320 million.
The wallet associated with Justin Sun currently holds $37.9 million worth of ETH and 4.8 million ZRX. Sun also has 40.1 million USDT and 11.6 million USDC on the DeFi lending platform Aave V2.
Lido Finance told its followers on Twitter about the staking milestone that the platform had achieved. As per the tweet, the amount of Ether staked by Sun triggered a protocol safety feature called the Staking Rate Limit, which is a dynamic mechanism that responds to large inflows of stake by addressing the potential side-effects like rewards dilution.
This limit affects all parties who may try to mint stETH, regardless of approach (frontend, direct contract call, integration, etc.) If a “stETH cannot be minted at this time” error is encountered, either try a smaller amount or wait for capacity to replenish.”
Lido Finance on Twitter
The latest milestone prompted Lido DAO’s native token LDO to surge by more than 11%. LDO is currently trading at $3.05, up 8.9% over the past 24 hours. The recent developments also lead to a 30% increase in the token’s daily trading volume for a brief period.