Justin Sun deposited 480 million USD ETH into ether.fi

Ahead of the token release next week, the ether.fi restaking platform has just reached the 3 billion USD TVL mark.

13 hours ago, a wallet labeled as belonging to TRON founder Justin Sun deposited 120,000 Ethereum (ETH) - approximately $480 million - into the liquid restaking protocol ether.fi.

According to on-chain lookup, this wallet began withdrawing ETH from Binance in February, when the token price was still at $2,800 per coin.

Justin Sun is a familiar figure in the DeFi field. Last August, he helped "rescue" the liquidity crisis on Curve Finance by buying 2.3 million USD of CRV tokens while the platform's founder had bad debt. The character known as an advisor to the Huobi exchange in the past (now known as Cooperative) recently revealed that he owns 1.6 billion USD in Bitcoin.

ether.fi was founded by Mike Silagadze in 2023. The project successfully raised $27 million last month and reached a $600 million deal with Omni Network, helping to secure the EigenLayer protocol and ecosystem .

Taking data from DefiLlama, the total value locked (TVL) in ether.fi is currently approximately nearly 3 billion USD. According to the set schedule, Binance will list ETHFI at 07:00 PM on March 18, 2024 (Vietnam time). Currently, users can join Launchpool ether.fi on this exchange.

Liquid staking is a popular activity in the crypto community at present. With the idea of reusing Liquid Staking Token assets like stETH to participate in other networks. Simply put, restaking allows users to reuse locked ETH to increase the security of other protocols.

Thanks to the warm reception, TVL of this entire segment has increased to more than 10 billion USD in the last 2 months.

Liquid Restaking protocol ether.fi said it has just completed an authorization agreement for 600 million USD worth of ETH to ensure the safety of the Omni Network.

Omni Network is a network designed to help Rollups on Ethereum scale, communicate, and reduce latency. Both Omni and ether.fi have committed to using the integrated security model from EigenLayer.

Omni will integrate the eETH token version of ether.fi and select nodes of this network to operate its Actively Validated Service (AVS) network. The amount of ETH staked and authorized will be used to ensure security for operations on this new network.

The Liquid Restaking model helps increase returns and reuse ETH that has been staked into the Ethereum network. Currently, ether.fi is generating a 3.92% yield with additional EigenLayer points for users. These points will be converted into airdrops in the future. Since December 2023, the Liquid Restaking market has grown strongly, in parallel with EigenLayer officially reaching the milestone of 10 billion USD in asset value locked into the network.

EigenLayer co-founder Sreenam Kannan shares:

"We are happy to see that Omni will deploy the EigenLayer-based AVS network, to help increase interoperability between ecosystems on Ethereum. This is also one of the core values that we care about very much. ."