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Justin Sun Dominates 46% Deposits in Liquid Restaking Protocol

Justin Sun Dominates 46% Deposits in Liquid Restaking Protocol

Justin Sun, the founder of Tron, has once again gained attention for his cryptocurrency deposits. The crypto whale “0x7a9…3095” recently investedrecently invested 120,000 eETH in the liquid restaking protocol Swell L2. 

Engagement with Ethereum and Justin Sun 

Justin Sun significantly favors Ethereum-based digital currencies. He is renowned for large-scale transactions involving cryptocurrencies such as Shiba Inu (SHIB), Ethereum (ETH), etc

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Justin Sun traded into Swell L2 on May 4, per the latest transactions. The approximate value of the eETH transmitted into the protocol was $376 million. This amount represents 46.6% of the deposits that Swell L2 has received since its founding. 

Justin Sun recently discussed his thoughts on the investments he believes he has made in liquid restaking platforms and staking. He disregarded the discussions about him profiting from significant transactions in his talk. The founder of Tron stated that he solely serves as a consultant to liquid restaking teams. 

 He discussed his ideas for these passive income projects and said they had what it takes to go international.  Justin thinks these platforms have the potential to become widely used and become significant sources of income for global organizations and businesses. 

He foresees these groups embracing staking and restaking and reinvesting the profit they earn to benefit users. The community and developers may also receive assistance, thereby promoting collaboration, fostering prosperity, and facilitating mutual growth.

It still needs determining whether Justin Sun spoke generally or specifically about a particular procedure. The funding infusion into Swell L2 suggests that he may be implementing his dreams.

Liquid and Restaking Protocols Gaining Traction 

With the evolution in the broader digital currency ecosystem, Ethereum-based liquid restaking ventures are taking center stage. 

 Protocols at the top of the liquid restaking market include EigenLayer and Ether. Fi. EigenLayer is now the second-largest Decentralized Finance (DeFi) protocol, with $15.53 billion in Total Value Locked (TVL). Lido, a liquid staking protocol with $29.48 billion in TVL, surpasses EigenLayer only.

 This rapid expansion for a protocol set to launch its native token, EIGEN, highlights the general shift in public opinion toward various staking endeavors.

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