Justin Sun emerges as the unrivaled leader in the liquid restaking protocol.
Justin Sun, the founder of Tron, has made headlines once again with his recent activity in the world of cryptocurrency deposits. According to blockchain data, Sun’s wallet, known as “0x7a9…3095,” has transferred a total of 120,000 eETH tokens into the Swell L2 liquid restaking protocol. This deposit represents a significant 46% of all deposits made into the protocol, injecting a substantial amount of capital into the platform.
Swell L2 is a liquid restaking protocol that allows users to stake Ethereum and receive a liquid token, such as eETH, which can be used in various decentralized finance (DeFi) applications to earn additional returns. With his large deposit, Sun has become the leading player on Swell L2.
This move is just one part of Sun’s broader involvement in DeFi. Last year, he played a crucial role in preventing a liquidity crisis on Curve Finance by purchasing $2.3 million worth of CRV tokens. Swell L2 has experienced rapid growth, with its total value locked approaching $3 billion. Sun’s significant deposit is expected to further increase the protocol’s value, solidifying its position in the DeFi ecosystem.
While Sun’s prominence on Swell L2 is noteworthy, it raises concerns about the platform’s long-term decentralization and governance. Regulators and industry experts will likely closely monitor large-scale deposits from influential figures within the crypto industry.
Sun has long shown a keen interest in Ethereum-based cryptocurrencies, regularly conducting substantial transactions involving Ethereum, Shiba Inu, and others. In a recent transaction on May 4, he transferred eETH worth around $376 million into the Swell L2 protocol. This deposit accounted for 46.6% of all deposits made since the protocol’s launch.
Although Sun has been vocal about his involvement in staking and liquid restaking platforms, he downplays the idea that he aims to profit from his high-volume transactions. Instead, he sees himself as an advisor to these teams, offering guidance rather than seeking direct profit.
Sun has shared his broader vision for staking and restaking, emphasizing their potential for growth and global attention. He believes these platforms can generate significant revenue for international businesses and institutions. Furthermore, he envisions reinvesting profits to support users, developers, and the broader community, fostering cooperation and driving growth.
It remains unclear whether Sun’s comments are specific to a particular protocol or the industry as a whole. However, his substantial investment in Swell L2 indicates his active pursuit of his vision.
Read more: Tron founder Justin Sun addresses UN concerns on USDT.
