Justin Sun Deposits $480 Million in ETH to Ether.fi

As the token launch approaches next week, the restaking platform ether.fi has just reached a Total Value Locked (TVL) of $3 billion.

13 hours ago, a wallet labeled as belonging to TRON founder Justin Sun deposited 120,000 Ethereum (ETH) - approximately $480 million - into the liquid restaking protocol ether.fi.

On-chain data reveals that this wallet began withdrawing ETH from Binance in February when the token was still priced at $2,800 each.

Justin Sun is a well-known figure in the DeFi space. Last August, he helped alleviate a liquidity crisis on Curve Finance by purchasing $2.3 million worth of CRV tokens when the platform's founder faced bad debt. Recently, Sun, who also served as an advisor to the Huobi exchange (now HTX), disclosed that he holds $1.6 billion in Bitcoin.

Ether.fi was founded by Mike Silagadze in 2023. The project successfully raised $27 million last month and secured a $600 million deal with Omni Network, enhancing the security of the protocol and the EigenLayer ecosystem.

According to DefiLlama, the total value locked (TVL) in ether.fi is currently nearing $3 billion. Binance is scheduled to list the ETHFI token at 07:00 PM on March 18, 2024. Users can participate in the ether.fi Launchpool on the exchange.

Liquid restaking is a highly popular activity in the crypto community at the moment. The concept involves reusing Liquid Staking Tokens like stETH to engage with other networks. Simply put, restaking allows users to leverage already staked ETH to enhance the security of other protocols.

Thanks to enthusiastic reception, the TVL for the entire liquid restaking sector has surged to over $10 billion.