Justin Sun deposits $480m worth of ETH into the liquid restaker Ether.fi.
Tron founder Justin Sun has made a move with his Ether holdings, following his recent accumulation of 173,800 ETH. Last month, Sun’s address deposited 120,000 ETH, valued at approximately $480 million, into the liquid restaking protocol Ether.fi. It is reported that Sun acquired the Ethereum coins for an average price of $2,869 per token between February 8 and February 25, making the total value of his holdings around $693 million. Ether.fi, along with other liquid restaking platforms, uses Ethereum’s proof-of-stake (PoS) consensus mechanism to secure other blockchains and protocols that operate on the network. This concept was inspired by Ethereum’s native staking model, which replaced miners with stakers as essential network contributors. By participating in liquid restaking, users gain access to additional yield and rewards in the form of points or airdropped tokens. The protocols rely on EigenLayer, the original restaking platform, to achieve this extra staking yield. While some skeptics have raised concerns about the risks associated with restaking platforms and Ethereum’s mainnet, the liquid restaking ecosystem has experienced significant growth since its emergence a few months ago. According to DefiLlama, users have deposited over $6.8 billion in total value locked (TVL) into this sector. Among the players in the liquid restaking business, Ether.fi is the largest, with a TVL of $2.9 billion, which is approximately double the size of its closest competitor, Puffer Finance.
