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DeFi

Lido Registered Its Largest Daily Stake Inflow With Over 150,000 ETH Staked

February 25, 2023 - Around 2 mins mins to read

Key Points:

  • Lido said that it has received over 150,000 ETH in stakes, which was its greatest day inflow yet.
  • The Staking Rate Limit, a crucial protocol safety element, was activated, which is even more intriguing.
  • According to the data from Lookonchain, Justin Sun is the owner of this wallet.
Lido, a staking liquidity protocol, announced that the number of pledged ETH flowing into its platform today exceeded 150,000, which was the highest single-day pledge flow so far, but the platform activated security restrictions after reaching this number Function “Staking Rate Limit.”
Lido Registered Its Largest Daily Stake Inflow With Over 150,000 ETH Staked

This function is a dynamic mechanism that can deal with possible problems caused by a large influx of pledged tokens (such as diluting pledge rewards) without suspending pledged deposits but will reduce the amount of minted stETH and gradually replenish it.

It works by reducing the total amount of stETH that can be minted at any one time based on recent deposits (a moving 24-hour window), then replenishing this capacity block by block. Most users are unlikely to be affected due to the recovery rate of ~6200 ETH/hour.

Lido reminds users that this restriction will affect all parties who may try to mint stETH on the Lido platform. If the prompt “stETH cannot be minted at this time” appears, users can try a small amount or wait for a while.

On February 25, the on-chain data analytics platform Lookonchain disclosed that a stake of 150,100 ETH worth over $240 million was made on Lido by an address identified as Justin Sun, who also got an identical amount of stETH in return.

Lido Registered Its Largest Daily Stake Inflow With Over 150,000 ETH Staked

The most liquid staking system on the market, Lido Finance, enables users to earn interest by putting up any amount of Ethereum. The staked Ethereum token stETH is given to users in exchange for their deposits.

Ethereum cannot now be withdrawn after being deposited, at least not until the Shanghai fork that will take place next month.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
DeFi

Lido Registered Its Largest Daily Stake Inflow With Over 150,000 ETH Staked

Key Points:

  • Lido said that it has received over 150,000 ETH in stakes, which was its greatest day inflow yet.
  • The Staking Rate Limit, a crucial protocol safety element, was activated, which is even more intriguing.
  • According to the data from Lookonchain, Justin Sun is the owner of this wallet.
Lido, a staking liquidity protocol, announced that the number of pledged ETH flowing into its platform today exceeded 150,000, which was the highest single-day pledge flow so far, but the platform activated security restrictions after reaching this number Function “Staking Rate Limit.”
Lido Registered Its Largest Daily Stake Inflow With Over 150,000 ETH Staked

This function is a dynamic mechanism that can deal with possible problems caused by a large influx of pledged tokens (such as diluting pledge rewards) without suspending pledged deposits but will reduce the amount of minted stETH and gradually replenish it.

It works by reducing the total amount of stETH that can be minted at any one time based on recent deposits (a moving 24-hour window), then replenishing this capacity block by block. Most users are unlikely to be affected due to the recovery rate of ~6200 ETH/hour.

Lido reminds users that this restriction will affect all parties who may try to mint stETH on the Lido platform. If the prompt “stETH cannot be minted at this time” appears, users can try a small amount or wait for a while.

On February 25, the on-chain data analytics platform Lookonchain disclosed that a stake of 150,100 ETH worth over $240 million was made on Lido by an address identified as Justin Sun, who also got an identical amount of stETH in return.

Lido Registered Its Largest Daily Stake Inflow With Over 150,000 ETH Staked

The most liquid staking system on the market, Lido Finance, enables users to earn interest by putting up any amount of Ethereum. The staked Ethereum token stETH is given to users in exchange for their deposits.

Ethereum cannot now be withdrawn after being deposited, at least not until the Shanghai fork that will take place next month.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

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