Justin Sun, the founder of Tron, has once again captured attention with his recent activity in the world of cryptocurrency deposits.
According to blockchain data, Sun’s wallet, known as “0x7a9…3095,” has transferred a significant amount of 120,000 eETH tokens to the Swell L2 liquid restaking protocol. This deposit accounts for 46% of all deposits made into the Swell L2 protocol, making it a substantial injection of capital into the platform.
Swell L2, a liquid restaking protocol, allows users to stake Ethereum and receive eETH tokens that can be utilized in various DeFi applications to earn additional returns. With this large deposit, Justin Sun has established himself as a prominent player on Swell L2.
This move is part of Sun’s broader involvement in the DeFi space, where he has previously played a crucial role in addressing liquidity crises. Swell L2 has experienced significant growth, approaching a total value locked (TVL) of $3 billion, with the upcoming launch of its governance token. Sun’s substantial deposit is expected to further increase the protocol’s TVL, solidifying its position in the DeFi ecosystem.
While Sun’s involvement in Swell L2 is noteworthy, it also raises concerns about the platform’s decentralization and governance. Regulators and industry experts are likely to monitor large deposits from influential figures like Sun closely.
Justin Sun’s interest in Ethereum-based cryptocurrencies is well-documented, with his involvement in large-scale transactions involving ETH, SHIB, and others. Despite his active participation in staking and restaking platforms, Sun emphasizes that his role is that of an advisor, aiming to offer guidance rather than seeking direct profits.
Sun envisions staking and restaking platforms as potential revenue sources for global businesses and institutions. He believes that by reinvesting profits to support users, developers, and the community, these platforms can drive growth and cooperation.
Although it remains unclear whether Sun’s vision pertains to a specific protocol or the industry as a whole, his significant investment in Swell L2 indicates his commitment to realizing his vision for the DeFi space.