Lido Protocol Registers Biggest Daily ETH Inflow

This is the largest ever daily inflow of bets – more than 150,000 Ether
The entire amount was wagered by Justin Sun

On Saturday, February 25, the largest staking platform Lido Finance fixed the highest daily cash inflow ever. 150,000 ETH were staked on the exchange for a total of almost $240 million.

A specialist from Dragonfly Capital, known on Twitter under the pseudonym hildobby, said that Justin Sun, the founder of Tron, staked the entire amount.

today, @justinsuntron staked 150k $ETH through @LidoFinance (~0.9% of all staked ETH) 🤯

This is now the highest week by staked amount in almost a year 🥩

Source: https://t.co/pHVPwKxIvC pic.twitter.com/n2lREjiHF4

— hildobby (@hildobby_) February 25, 2023

“Sun staked 150k ETH on LidoFinance today (~0.9% of all coins)”

Hildobby also added:

“After reaching this figure, the Staking Rate Limit security feature was activated. This means that the restriction affects everyone who will try to mine stETH”

The protocol security feature is a mechanism that allows you to respond to a huge influx of stakes and troubleshoot possible problems. The rate limit works by reducing the amount of StETH that can be mined at any time based on recent deposits.

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“The limits apply to all parties that may attempt to mine stETH, regardless of approach. If the error “stETH cannot be mined at this time” occurs, then you need to try a smaller amount or wait for the capacity to be replenished,” said Lido Finance.

It works by decreasing how much total stETH can be minted at any one time based on recent deposits (sliding 24h window), and then replenishing this capacity on a block-by-block basis. Due to the rate of recovery (~6.2K ETH/hr), most users are unlikely to be affected.

— Lido (@LidoFinance) February 25, 2023