Justin Sun, the co-founder of Tron, withdrew 30,000 ETH, worth roughly $56 million, via two addresses via Lido, a liquidity staking service provider, on July 10, Lookonchain reveals. Following his move, his Ethereum stake via Lido is down to 263,294 ETH, or $491.6 million at spot rates.
Justin Sun Unstakes From Ethereum
Lookonchain, a blockchain analytics platform, notes that between February 25 and 27, Sun staked 288,100 ETH, or $538 million, and earned 5,194 ETH, or $9 million. This translates to average daily earnings of 38 ETH, or $72,000, going by the annualized percentage yield (APY) of around 4.87% offered by Lido on Ethereum stakers.
The reasons behind Sun’s withdrawal of 30,000 ETH from Lido are unclear. It could indicate his intention to sell some of the ETH, transfer to a different staking platform, or even run his private Ethereum validator node.
Despite this transfer, Sun remains one of the largest stakers at Lido, accounting for over 9% of the total ETH staked. While Su
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