Lido Finance reports largest ever daily stake inflow with more than 150,000 ETH staked

Quick Take

  • Lido Finance said Saturday that it saw the largest daily stake inflow ever, with over 150,000 ether staked.
  • Dragonfly Capital data scientist known as hildobby said the 150,000 ether had been staked by Tron founder Justin Sun.

Lido Finance said Saturday that it saw the largest daily stake inflow ever on the protocol, with over 150,000 ether worth almost $240 million staked.

"Upon reaching this number, a curious (but important) protocol safety feature called Staking Rate Limit was activated," Lido said on Twitter, adding the limit "affects all parties who may try to mint stETH, regardless of approach."

Dragonfly Capital data scientist known as hildobby said the 150,000 ether had been staked by Tron founder Justin Sun, in a move that was also noted by the Twitter account Lookonchain

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

"This is now the highest week by staked amount in almost a year," hildobby wrote.

Lido Finance earlier this month finished the design for the second version of its protocol that will add support for Ethereum staking withdrawals post-Shanghai. It's expected to go to a vote on Lido's governance platform by the end of the month.


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Nathan Crooks is the U.S managing editor at The Block, based in Miami. He was previously at Bloomberg News for 12 years, where he helmed coverage of South Florida after roles as a breaking news editor and bureau chief in Caracas, Venezuela. He's interviewed presidents, government ministers and CEOs, and, besides crypto, has covered major news events on the ground from earthquakes to hurricanes to the Chilean mine rescue in 2018. Nathan, a native of Clarion, Pennsylvania, holds a bachelor's degree from the University of Toronto, where he completed a specialist in political science, and an MBA from American University in Washington, D.C.

Editor

To contact the editors of this story:
Nathan Crooks at
[email protected]
Michael McSweeney at
[email protected]