Crypto Project Lido Finance Records Highest Daily Inflows: Details Here
The Lido Finance protocol recorded the highest staking flows on a daily basis on Saturday, with over 150,000 Ethereum (ETH) on the platform.
According to data analytics platform Web3 Lookonchain, Justin Sun, the founder of Tron, has staked 150,100 ETH worth $240 million on Lido.
The data shows that Sun deposited the assets in four separate transactions.
About four hours after the Lookonchain tweets, Lido Finance pointed out that the large influx caused the protocol to activate its staking rate limit, a security feature designed to avoid any side effects due to such inflows by limiting the number of “stakes.” stETH.”
The platform noted that the limit would affect all parties attempting to mint stETH, regardless of their approach.
The upcoming Shanghai upgrade for Ethereum:
The latest development, which includes increasing stakes of Ethereum on the Lido protocol, can be attributed to the upcoming Shanghai Upgrade, which is one of Ethereum’s planned upgrades.
The Shanghai Upgrade (EIP-4895) is a fork that is scheduled to become operational in March 2023.
It is expected that validators and users can unlock their Ethereum and withdraw assets from the Beacon network.
