Justin Sun Deposits $480M of ETH to Restaking Protocol Ether.Fi
A wallet linked to Tron founder Justin Sun has deposited 120,000 ether (ETH), equivalent to $480 million, into liquid restaking protocol Ether.Fi. The protocol recently raised $23 million and is nearing a total value locked of $3 billion. Ether.Fi also secured a $600 million deal with the Omni Network to protect the protocol and the EigenLayer ecosystem, a decentralized restaking protocol on the Ethereum blockchain. Liquid restaking involves staking ether for a yield and potential loyalty points convertible into a token airdrop. In this case, Ether.Fi issues a liquid restaking token, eETH, pegged to ether's price. Justin Sun is an active participant in the DeFi sector, having previously helped avert a liquidity crisis on Curve Finance by purchasing $2.3 million worth of CRV tokens.
