Tron’s Justin Sun dominates liquid restaking protocol

Tron founder Justin Sun is back in the spotlight with his recent cryptocurrency deposit activity.

Blockchain data reveals that the Sun wallet, identified as “0x7a9…3095,” has transferred a total of 120,000 eETH, which are tokens pegged to Ethereum, to the Swell L2 liquid repository protocol.

Justin Sun shakes up DeFi

This is big Deposit It represents 46% of all deposits in the Swell L2 protocol. The 120,000 eETH is a significant capital injection into the platform.

Liquid restaking protocols like Swell L2 allow users to stake Ethereum and obtain a liquid token, such as eETH, which can be used across various DeFi applications to earn additional returns. By depositing such a large amount, Sun effectively became the leading player in Swell L2.

Sun's entry into the liquid restocking space is part of its broader involvement in decentralized finance (DeFi). Last year, he played a key role in averting a liquidity crisis at Curve Finance by purchasing $2.3 million worth of CRV tokens.

Swell L2 has seen rapid growth, with its total value locked (TVL) approaching $3 billion ahead of the upcoming launch of its native governance token. Sun's major deposit will likely increase the protocol's TVL further, strengthening its position in the DeFi ecosystem.

While Justin Sun's popularity in Swell L2 is notable, it raises questions about the long-term impact on the platform's decentralization and governance. Regulators and industry watchers are likely to pay close attention to such large-scale deposits from influential figures in the cryptocurrency industry.

Justin Sun and Ethereum

Sun has a vested interest in Ethereum-based cryptocurrencies, regularly Procedure Large-scale transactions involving Ethereum (ETH), Shiba Inu (SHIB), and others.

at recent days practical On May 4, Sun transferred approximately $376 million worth of eETH to the Swell L2 protocol. This deposit represents 46.6% of the total deposits made at Swell L2 since its launch.

While Sun has been vocal about his involvement in liquid staking and redeposit platforms, he downplays the idea that he is seeking to profit from his high-volume transactions.

Instead, the Tron founder explained that his role is to act as an advisor to liquid restocking teams, offering guidance rather than seeking direct profit.

The sun has subscriber His broader vision for staking and restoration. It emphasizes its ability to grow and attract global attention. He believes that these platforms can serve as important sources of income for international companies and institutions.

He also envisions that by reinvesting profits into supporting users, developers, and the broader community, these platforms can foster collaboration and drive growth.

However, it is unclear whether Sun's comments refer to a specific protocol or to the industry in general, but his significant investment in Swell L2 indicates that he is actively pursuing his vision.