Tron founder Justin Sun has once again captured attention in the cryptocurrency sphere with his recent activity involving significant deposits into a liquid restaking protocol.
According to blockchain data, Sun’s wallet, identified as “0x7a9…3095,” has transferred a substantial sum of 120,000 eETH, Ethereum-pegged tokens, into the Swell L2 liquid restaking protocol. This deposit, which constitutes 46% of all deposits into the protocol, represents a substantial injection of capital into Swell L2.
Liquid restaking protocols like Swell L2 allow users to stake Ethereum and receive liquid tokens, such as eETH, which can be utilized across various decentralized finance (DeFi) applications to earn additional returns. Sun’s significant deposit positions him as a leading figure within the Swell L2 ecosystem.
This move by Sun underscores his broader involvement in the DeFi space. Last year, he played a pivotal role in mitigating a liquidity crisis on Curve Finance by acquiring $2.3 million worth of CRV tokens.
Swell L2 has experienced rapid growth, with its total value locked (TVL) nearing $3 billion ahead of the imminent launch of its native governance token. Sun’s substantial deposit is expected to further bolster the protocol’s TVL, solidifying its position within the DeFi landscape.
While Sun’s prominence on Swell L2 is noteworthy, it prompts considerations regarding the platform’s long-term decentralization and governance implications. Regulatory bodies and industry observers are likely to closely monitor such substantial deposits from influential figures in the crypto space.
Sun’s interest in Ethereum-based cryptocurrencies is well-documented, with frequent involvement in large-scale transactions involving Ethereum (ETH), Shiba Inu (SHIB), among others. His recent deposit of eETH worth approximately $376 million into Swell L2 further underscores his engagement in the ecosystem.
Sun has emphasized that his role revolves around advising liquid restaking teams, prioritizing guidance over direct profit-seeking. He envisions staking and restaking platforms as significant revenue sources for global businesses and institutions, emphasizing reinvestment into supporting users, developers, and the broader community to foster cooperation and growth.
While the specifics of Sun’s comments remain unclear, his substantial investment into Swell L2 indicates active pursuit of his vision within the DeFi space.
