{"id":542068,"date":"2023-07-11T03:00:44","date_gmt":"2023-07-11T03:00:44","guid":{"rendered":"https:\/\/wncen.com\/?p=542068"},"modified":"2023-07-10T21:22:01","modified_gmt":"2023-07-10T21:22:01","slug":"tron-co-founder-unstakes-56-million-from-ethereum-via-lido-will-eth-prices-fall","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/tron-co-founder-unstakes-56-million-from-ethereum-via-lido-will-eth-prices-fall\/","title":{"rendered":"Tron Co-Founder Unstakes $56 Million From Ethereum Via Lido, Will ETH Prices Fall?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Justin Sun, the co-founder of Tron, withdrew 30,000 ETH, worth roughly $56 million, via two addresses via Lido, a liquidity staking service provider, on July 10, Lookonchain <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/lookonchain\/status\/25884160\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">reveals<\/span><\/a><span data-preserver-spaces=\"true\">. Following his move, his Ethereum stake via Lido is down to 263,294 ETH, or $491.6 million at spot rates.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Justin Sun Unstakes From Ethereum<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Lookonchain, a blockchain analytics platform, notes that between February 25 and 27, Sun staked 288,100 ETH, or $538 million, and earned 5,194 ETH, or $9 million. This translates to average daily earnings of 38 ETH, or $72,000, going by the annualized percentage yield (APY) of around 4.87% offered by Lido on Ethereum stakers.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/narrow-bitcoin-price-range-suggests-explosive-move-ahead\/\" target=\"_blank\" rel=\"noopener \">Narrow Bitcoin Price Range Suggests Explosive Move Ahead<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The reasons behind Sun&#8217;s withdrawal of 30,000 ETH from Lido are unclear. It could indicate his intention to sell some of the ETH, transfer to a different staking platform, or even run his private Ethereum validator node.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Despite this transfer, Sun remains one of the largest stakers at Lido, accounting for over 9% of the total ETH staked. While Sun&#8217;s decision to unstaked and transfer coins may be a cause of concern, ETH prices are firm when writing on July 10 and edging closer to $1,900.<\/span><\/p>\n<figure style=\"width: 1226px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/zCFcCGK5\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/zCFcCGK5\/\" alt=\"ETH price on July 10| Source: ETHUSDT on Binance, TradingView\" width=\"1226\" height=\"595\"><\/a><figcaption class=\"wp-caption-text\">ETH price on July 10| Source: <a href=\"https:\/\/www.tradingview.com\/x\/zCFcCGK5\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Contrary to fears ahead of the Shanghai upgrade in mid-April, the number of users staking ETH remains upward. Trackers <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/beaconcha.in\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">show<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that over 21 million ETH has been locked by over 657,000 validators as of July 10.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">With the Shanghai upgrade implemented, ETH holders who had staked at least 32 ETH in the Beacon Chain from December 2020 can withdraw their assets. Despite earlier fears that more coins will be withdrawn and sold in the spot markets, impacting ETH prices, more validators and more coins have been locked on the Beacon Chain and other staking solutions.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Will The SEC Dampen Coin Staking?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Lido, the leading staking provider for ETH, is the largest decentralized finance (DeFi) protocol by total value locked (TVL), according to\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/defillama.com\/protocol\/lido\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">DeFiLlama<\/span><\/a><span data-preserver-spaces=\"true\">. As of July 10, Lido managed over $14.6 billion of assets, most of which are ETH.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Over $14.5 billion of ETH have been delegated and locked through Lido infrastructure. In Lido, users can stake ETH and other supported coins without needing lock-up periods or meeting high requirements, making it an attractive option for some investors.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In lawsuits filed against crypto exchanges Binance and Coinbase in early June, the United States Securities and Exchange Commission (SEC) alleged that some proof-of-stake coins, including Cardano&#8217;s ADA and Algorand&#8217;s ALGO, were unregistered securities.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/solana\/solana-sol-tallies-10-gains-on-weekly-chart-will-it-cross-25\/\" target=\"_blank\" rel=\"noopener \">Solana (SOL) Tallies 10% Gains On Weekly Chart \u2013 Will It Cross $25?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Following this assessment, their prices tanked, even impacting ETH. This is partly because Ethereum is now a proof-of-stake network after transiting from a proof-of-work algorithm and uses the same consensus system as those employed by competing smart contract platforms accused of issuing unregistered securities. The situation is worsened by Gary Gensler&#8217;s failure to clarify whether ETH is a utility like Bitcoin.\u00a0<\/span><\/p>\n<p>Cover image from Canvas, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Justin Sun, the co-founder of Tron, withdrew 30,000 ETH, worth roughly $56 million, via two addresses via Lido, a liquidity staking service provider, on July 10, Lookonchain reveals. Following his move, his Ethereum stake via Lido is down to 263,294 ETH, or $491.6 million at spot rates. Justin Sun Unstakes From Ethereum Lookonchain, a blockchain analytics platform, notes that between February 25 and 27, Sun staked 288,100 ETH, or $538 million, and earned 5,194 ETH, or $9 million. This translates to average daily earnings of 38 ETH, or $72,000, going by the annualized percentage yield (APY) of around 4.87% offered by Lido on Ethereum stakers. Related Reading: Narrow Bitcoin Price Range Suggests Explosive Move Ahead The reasons behind Sun&#8217;s withdrawal of 30,000 ETH from Lido are unclear. It could indicate his intention to sell some of the ETH, transfer to a different staking platform, or even run his private Ethereum validator node. Despite this transfer, Sun remains one of the largest stakers at Lido, accounting for over 9% of the total ETH staked. While Sun&#8217;s decision to unstaked and transfer coins may be a cause of concern, ETH prices are firm when writing on July 10 and edging closer to $1,900. Contrary to fears ahead of the Shanghai upgrade in mid-April, the number of users staking ETH remains upward. Trackers show\u00a0that over 21 million ETH has been locked by over 657,000 validators as of July 10.\u00a0 With the Shanghai upgrade implemented, ETH holders who had staked at least 32 ETH in the Beacon Chain from December 2020 can withdraw their assets. Despite earlier fears that more coins will be withdrawn and sold in the spot markets, impacting ETH prices, more validators and more coins have been locked on the Beacon Chain and other staking solutions.\u00a0 Will The SEC Dampen Coin Staking? Lido, the leading staking provider for ETH, is the largest decentralized finance (DeFi) protocol by total value locked (TVL), according to\u00a0DeFiLlama. As of July 10, Lido managed over $14.6 billion of assets, most of which are ETH.\u00a0 Over $14.5 billion of ETH have been delegated and locked through Lido infrastructure. In Lido, users can stake ETH and other supported coins without needing lock-up periods or meeting high requirements, making it an attractive option for some investors. In lawsuits filed against crypto exchanges Binance and Coinbase in early June, the United States Securities and Exchange Commission (SEC) alleged that some proof-of-stake coins, including Cardano&#8217;s ADA and Algorand&#8217;s ALGO, were unregistered securities.\u00a0 Related Reading: Solana (SOL) Tallies 10% Gains On Weekly Chart \u2013 Will It Cross $25? Following this assessment, their prices tanked, even impacting ETH. This is partly because Ethereum is now a proof-of-stake network after transiting from a proof-of-work algorithm and uses the same consensus system as those employed by competing smart contract platforms accused of issuing unregistered securities. The situation is worsened by Gary Gensler&#8217;s failure to clarify whether ETH is a utility like Bitcoin.\u00a0 Cover image from Canvas, chart from Tradingview<\/p>\n","protected":false},"author":384,"featured_media":542069,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[1946,85694,12098,86029,3799,87675],"class_list":["post-542068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ethereum","tag-ethereum-staking","tag-justin-sun","tag-lido","tag-sec","tag-shanghai-upgrade"],"acf":[],"yoast_head":"\n<title>Tron Co-Founder Unstakes $56 Million From Ethereum Via Lido, Will ETH Prices Fall?<\/title>\n<meta name=\"description\" content=\"Justin Sun has unstaked $56 million worth of ETH from Ethereum via Lido. Lido is the largest DeFi protocol. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. 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Lido is the largest DeFi protocol. Still, ETH prices are firm.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/ethereum\/tron-co-founder-unstakes-56-million-from-ethereum-via-lido-will-eth-prices-fall\/","og_locale":"en_US","og_type":"article","og_title":"Tron Co-Founder Unstakes $56 Million From Ethereum Via Lido, Will ETH Prices Fall?","og_description":"Justin Sun has unstaked $56 million worth of ETH from Ethereum via Lido. Lido is the largest DeFi protocol. 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Lido is the largest DeFi protocol. Still, ETH prices are firm.","breadcrumb":{"@id":"https:\/\/wncen.com\/news\/ethereum\/tron-co-founder-unstakes-56-million-from-ethereum-via-lido-will-eth-prices-fall\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/wncen.com\/news\/ethereum\/tron-co-founder-unstakes-56-million-from-ethereum-via-lido-will-eth-prices-fall\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/news\/ethereum\/tron-co-founder-unstakes-56-million-from-ethereum-via-lido-will-eth-prices-fall\/#primaryimage","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Ethereum-Staking-Justin-Sun-Lido.jpg?fit=1380%2C780","contentUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Ethereum-Staking-Justin-Sun-Lido.jpg?fit=1380%2C780","width":1380,"height":780,"caption":"Ethereum Staking Justin Sun Lido"},{"@type":"BreadcrumbList","@id":"https:\/\/wncen.com\/news\/ethereum\/tron-co-founder-unstakes-56-million-from-ethereum-via-lido-will-eth-prices-fall\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/wncen.com\/"},{"@type":"ListItem","position":2,"name":"Tron Co-Founder Unstakes $56 Million From Ethereum Via Lido, Will ETH Prices Fall?"}]},{"@type":"WebSite","@id":"https:\/\/wncen.com\/#website","url":"https:\/\/wncen.com\/","name":"NewsBTC","description":"Bitcoin &amp; Cryptocurrency News Today","publisher":{"@id":"https:\/\/wncen.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/wncen.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/wncen.com\/#organization","name":"NewsBTC","url":"https:\/\/wncen.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/logo\/image\/","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","contentUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","width":157,"height":46,"caption":"NewsBTC"},"image":{"@id":"https:\/\/wncen.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/newsbtc","https:\/\/x.com\/newsbtc","https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw"]},{"@type":"Person","@id":"https:\/\/wncen.com\/#\/schema\/person\/08a2c46e8c02b51b9464d6e0bf2b1586","name":"Dalmas Ngetich","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g","caption":"Dalmas Ngetich"},"description":"Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Tron Co-Founder Unstakes $56 Million From Ethereum Via Lido, Will ETH Prices Fall?","url":"http:\/\/wncen.com\/news\/ethereum\/tron-co-founder-unstakes-56-million-from-ethereum-via-lido-will-eth-prices-fall\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/tron-co-founder-unstakes-56-million-from-ethereum-via-lido-will-eth-prices-fall\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Ethereum-Staking-Justin-Sun-Lido.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Ethereum-Staking-Justin-Sun-Lido.jpg?fit=1380%2C780"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ethereum","ethereum staking","justin sun","lido","sec","shanghai upgrade"],"dateCreated":"2023-07-11T03:00:44Z","datePublished":"2023-07-11T03:00:44Z","dateModified":"2023-07-11T03:00:44Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Tron Co-Founder Unstakes $56 Million From Ethereum Via Lido, Will ETH Prices Fall?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/tron-co-founder-unstakes-56-million-from-ethereum-via-lido-will-eth-prices-fall\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/tron-co-founder-unstakes-56-million-from-ethereum-via-lido-will-eth-prices-fall\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Ethereum-Staking-Justin-Sun-Lido.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Ethereum-Staking-Justin-Sun-Lido.jpg?fit=1380%2C780\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ethereum\",\"ethereum staking\",\"justin sun\",\"lido\",\"sec\",\"shanghai upgrade\"],\"dateCreated\":\"2023-07-11T03:00:44Z\",\"datePublished\":\"2023-07-11T03:00:44Z\",\"dateModified\":\"2023-07-11T03:00:44Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Ethereum-Staking-Justin-Sun-Lido.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/542068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=542068"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/542068\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/542069"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=542068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=542068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=542068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}