Lido Finance (LDO) is a popular staking protocol for Ethereum (ETH) token holders. The platform is performing very strongly this year and even Justin Sun, founder of Tron (TRX), wants to share in the success. That ensured that no less than 150,000 ether went to the Lido platform on Saturday, the largest influx ever for the protocol.
150,000 ethereum to Lido
If we are to believe the data and information from Lookonchain, on February 25, Sun just sent 150,100 ETH to the Lido platform, which at the time was worth about $ 240 million.
Justin Sun staked 150,100 $ETH($240M) on @LidoFinance just now.https://t.co/VbqAnBqojA pic.twitter.com/QieWaJkmHY
— Lookonchain (@lookonchain) February 25, 2023
Lido Finance completed the design for the second version of its protocol earlier this month. After all, at the moment it is not yet possible to unstake ETH, i.e. to withdraw it from the staking contract. With the Shapella hard fork that is currently on the way, that will certainly change soon.
The new version of Lido Finance is expected to be approved before the end of the month. After that, it is a matter of waiting for the Ethereum upgrade before it is possible to unstake tokens from the Proof-of-Stake platform.
Lido security measure
Lido Finance reacts enthusiastically on Twitter to reaching 150,000 staked ethereum in one day:
“Lido protocol recorded the largest daily stake inflow to date with over 150,000 Ethereum staked. Reaching this number triggered a striking (but important) security measure called the Staking Rate Limit.”
Lido protocol has registered its largest daily stake inflow so far with over 150,000 ETH staked. 🎉
Upon reaching this number, a curious (but important) protocol safety feature called Staking Rate Limit was activated.
Here’s how it works🧵👇 pic.twitter.com/ngBtWz7q18
— Lido (@LidoFinance) February 25, 2023
This mechanism ensures that there is always sufficient capacity on the Lido Finance platform and that users are not faced with unpleasant surprises. After February 25, it is in any case clear that Tron founder Justin Sun sees a future in Ethereum and strikes. The incident may ensure that the LDO price performs strongly today and is already more than 8% in the plus. This brings LDO back above $3.