Tron founder Justin Sun is receiving attention again for his recent cryptocurrency deposit activity.
Blockchain data shows that Sun’s wallet, identified as “0x7a9…3095”, transferred a total of 120,000 eETH, an Ethereum-pegged token, to the Swell L2 liquid re-staking protocol.
Justin Sun is shaking up DeFi
This significant deposit represents 46% of the total deposits for the Swell L2 protocol. 120,000 eETH is a significant investment of capital into the platform.
Liquid re-staking protocols like Swell L2 allow users to earn additional profits by staking Ethereum and receiving liquid tokens like eETH that can be used in various DeFi applications. With such a large deposit, Sun effectively became the leader in Swell L2.
Sun’s foray into liquid re-staking is part of his broader involvement in decentralized finance (DeFi). Last year, he played a key role in helping Curve Finance avoid a liquidity crisis by purchasing $2.3 million worth of CRV tokens.
Swell L2 has seen rapid growth, with total value locked (TVL) approaching $3 billion ahead of the upcoming launch of its native governance token. Sun’s major deposit is likely to further increase the protocol’s TVL, strengthening its position in the DeFi ecosystem.
Justin Sun’s reputation on Swell L2 is noteworthy, but it raises questions about the long-term implications for decentralization and governance of the platform. Regulators and industry observers will be paying close attention to these large deposits from influential figures in the cryptocurrency industry.
Justin Sun and Ethereum
Sun regularly follows Ethereum-based cryptocurrencies. command Large-scale transactions including Ethereum (ETH), Shiba Inu (SHIB), etc.
In a recent transaction on May 4, Sun transferred approximately $376 million worth of eETH to the Swell L2 protocol. These deposits represent 46.6% of all deposits since the launch of Swell L2.
Sun has been outspoken about his involvement in staking and liquidity re-staking platforms, but has downplayed the idea of profiting from high-volume trading.
Instead, the Tron founder explains that his role is to act as an advisor and provide guidance to the liquid re-staking team rather than seeking direct profits.
Sun is shared His broader vision for staking and re-staking. He highlights their growth potential and potential to attract global attention. He believes that these platforms can be an important source of revenue for international companies and institutions.
He also believes that by reinvesting profits into supporting users, developers and the wider community, these platforms can foster collaboration and foster growth.
However, it’s unclear whether Sun’s comments are referring to a specific protocol or the industry as a whole, but his significant investment in Swell L2 suggests that he is actively pursuing his vision.