Ethereum Shanghai Upgrade: Tron Founder Justin Sun Stakes Millions in ETH On Lido

Tron founder Justin Sun has staked millions in Ethereum (ETH) on Ethereum liquid staking platform Lido Finance ahead of the most-awaited Ethereum Shanghai upgrade in March.

On-chain data platform Lookonchain on February 25 revealed that an address marked as Justin Sun staked 150,100 ETH worth over $240 million on Lido. The DeBand wallet details show 3 transactions with 50,000 ETH transferred to Lido and 100 ETH moved to Lido at around 07:20 AM UTC today.

Whale Alert platform also reported three transactions with 50,000 ETH worth 80,077,036 each transferred from Justin Sun to an unknown wallet.

Large amounts of ETH staked to liquid staking pool Lido by Justin Sun is a no-brainer. It clearly indicates that Justin Sun is bullish on the Ethereum Shanghai upgrade and wants to utilize the opportunity. In fact, Ethereum staking continues to rise as the Shanghai upgrade comes near.

Notably, Justin Sun also received an equal amount of stETH that can be traded, exchanged, borrowed against, or used for any other liquidity purposes.

As per the current on-chain data, over 17.02 million ETH worth $27.27 billion have been deposited into the Beacon Chain. While increasing ETH staking on the Beacon Chain indicates signs of Ethereum security and adoption, Ethereum core developers need to enable withdrawals to maintain a balance on the network.

Data from Nansen indicates the number of unique staking depositors stands at roughly 96.9K. Data sourced from BeaconScan shows that the number of active validators is about 525,923.

Meanwhile, Ethereum Foundation earlier announced that the Shapella (Shanghai/Capella) network upgrade will be activated on the Sepolia testnet at block height 56832, which is expected at 04:04:48 UTC on February 28. It will enable validators to withdraw their Ethereum staked on the Beacon Chain to the execution layer.

Ethereum Price Fell After Red Hot Inflation Data

Ethereum price fell over 3% in the last 24 hours, with the ETH price currently trading below the $1,600 level. The 24-hour low and high are $1,583 and $1,652, respectively. The crypto market witnessed a freefall after the U.S. PCE inflation data came in red hot on Friday.

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Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.