The world of Decentralized Finance (DeFi) witnessed a power move this week. Justin Sun, the Tron poster child, strategically deployed a massive 120,000 Ethereum (ETH) into the burgeoning Ether Fi protocol. This $480 million injection not only underscores Sun’s commitment to the DeFi space but also propels Ether Fi to the forefront of the industry.
Ether Fi TVL Now At $3 Billion
Ether Fi, fresh off a successful $23 million funding round, has already amassed a staggering total value locked (TVL) of nearly $3 billion, as reported by DefiLlama.
This impressive feat is a testament to the platform’s innovative approach, including the upcoming launch of its native token and a landmark $600 million collaboration with the Omni Network.
Source: Defillama
This partnership highlights the growing significance of EigenLayer within the DeFi landscape, emphasizing the importance of robust security measures.
But what exactly is Ether Fi, and how is it revolutionizing the way users interact with Ethereum? At its core, Ether Fi boasts a groundbreaking concept called liquid restaking.
This user-friendly protocol allows individuals to stake their Ethereum holdings and earn attractive yields and loyalty points redeemable for future token airdrops.
The platform also generates a game-changing liquid restaking token called eETH, which mirrors the price of Ether. This flexibility empowers users to seamlessly integrate eETH across various DeFi protocols, unlocking a wider spectrum of opportunities for growth.
Sun’s Massive Ethereum Stash
Sun’s strategic timing deserves recognition. His Ethereum accumulation began in February when the coin was valued at $2,800.
His Ethereum holdings amount to a significant value, with varying reports across different sources. As of the latest available information, Sun holds 263,294 ETH valued at approximately $492 million.
Additionally, he has been reported to have accumulated 173,800 ETH last month and deposited 120,000 ETH valued at around $480 million into a liquid restaking protocol.
Ether market cap currently at $448 billion. Chart: TradingView.com
Meanwhile, this savvy Ether infusion capitalized on the market’s recent upswing, with ETH currently trading at approximately $3,739. This adept maneuver is a testament to Sun’s ability to navigate the cryptocurrency market’s volatility and maximize returns.
Beyond Ethereum, Sun has publicly acknowledged his substantial Bitcoin (BTC) holdings, totaling a staggering 28,613 BTC.
Sun played a pivotal role in stabilizing Curve Finance during a liquidity crisis. When the platform’s founder faced challenges, Sun stepped in and purchased a significant amount of CRV tokens, demonstrating his willingness to support DeFi through proactive intervention.
HTX Exchange Hacked: $30 Million Worth Of Crypto Stolen
According to media reports, two bitcoin companies connected to Sun were breached in two attacks that may have taken up to $115 million in total.
The hackers allegedly stole almost $30 million worth of cryptocurrency from the HTX digital currency exchange (previously Huobi), one of the venues they targeted.
According to reports, HTX also verified that Heco Chain, a blockchain bridge, was also compromised.
The market analytics company CryptoQuant has disclosed that the Heco Chain lost a total of $85 million in cryptocurrency. The stablecoin USDT and ether were the primary denominators.
Featured image from Pixabay, chart from TradingView