In the last 13 hours, Justin Sun, the founder of Tron, made substantial deposits to HTX (formerly Huobi), transferring a total of $320.4 million in ETH and restaking tokens.
Sun’s deposits included:
– 96,591 ETH ($316M) at an average price of $3,275.
– 1.864 million ETHFI ($3.54M) at an average price of $1.9.
– 260,728 EIGEN ($832K) at an average price of $3.191.
These recent transactions add to his significant activity since November 10, 2024. In total, Sun has deposited 323,591 ETH ($1.124B) to HTX, with the majority of these tokens accumulated at approximately $3,036 in the first half of 2024.
A notable development is the impending unlock of 0.61% of EIGEN’s circulating supply, scheduled for Tuesday, January 14. This unlock could impact market dynamics, especially given Sun’s involvement with EIGEN tokens.
As Ethereum’s staking ecosystem grows, concerns about centralization are mounting. Liquid staking has reached a pivotal stage, with Lido now controlling 50% of total value locked (TVL) and overseeing 28% of Ethereum validators. Additionally, restaking protocols like EigenLayer now hold $15 billion, amplifying risks of ecosystem centralization.
Sun’s sizable deposits, coupled with the dominance of major players like Lido, underscore the increasing centralization in Ethereum staking. While restaking protocols offer enhanced yield opportunities, they also raise critical questions about network resilience and validator distribution.
As the ecosystem evolves, balancing decentralization with growth remains a key challenge for Ethereum stakeholders.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: nexusplexus/123RF // Image Effects by Colorcinch
The U.S. Securities and Exchange Commission has approved Bitwise’s spot Chainlink ETF, marking the first…
Rumble and Tether have officially launched the Rumble Wallet, a self-custodial crypto wallet integrated directly…
BNB Chain is preparing to activate its Fermi hard fork on January 14 at 2:30…
Ethereum closes 2025 having firmly established itself as the secure foundation for an expanding digital…
Solana ends 2025 as one of the few blockchain ecosystems where revenue, assets, and trading…
Morgan Stanley has taken a decisive step into the regulated crypto investment market, filing its…