A wallet tagged as belonging to Tron founder Justin Sun deposited 120,000 ether (ETH) worth $480 million to the Ether.Fi protocol, according to blockchain data.
Ether.Fi protocol, which raised $23 million last month ahead of the announcement of the original token. Total TVL is now valued at nearly $3 billion, according to the data. DefiLlama Ether.Fi also announced a $600 million deal with Omni Network to help secure the protocol and the overall EigenLayer ecosystem. EigenLayer is a decentralized restaking protocol on the Ethereum blockchain.
A wallet tagged as belonging to Justin Sun began withdrawing ether from Binance in February. At that time, the price of ether was around $2,800.
Liquid restaking involves staking ether, which helps secure Ethereum in exchange for rewards. This often includes receiving airdrops, where protocols like Ether.Fi distribute liquid restaking tokens, in this case eETH, in return for which they are tied to the price of Ether, and the tokens can be used with crypto-currency-based financial protocols. You can use other decentralized (DeFi) systems to get additional returns.
Sun has been a huge contributor to the DeFi sector, last year he helped avoid a liquidity crisis in Curve Finance by purchasing $2.3 million worth of CRV tokens.
refer : coindesk.com
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