Lido platform’s Tokenized Ethereum down 5% compared to the “original”
- June 14, 2022
- 0
The discount for Ethereum-based Lido Finance tokens – stETH – exceeded 5% at the time of the sale by major owners of the asset. Data: Curve. PeckShield experts
The discount for Ethereum-based Lido Finance tokens – stETH – exceeded 5% at the time of the sale by major owners of the asset.
PeckShield experts pointed out the large exchanges created by wallets allegedly associated with Three Arrows Capital. More than 56,000 stETHs were exchanged for ETH in two transactions.
#PeckShieldWarning $stETH up to 0.934 $ETH.
Three Arrows Capital transferred ~22,830 $stETH with $ETH
An example tx: https://t.co/Y0HDukgy9F pic.twitter.com/ijqDISPZeA— PeckShieldAlert (@PeckShieldAlert) 14 June 2022
Earlier, The Block experts recorded another big sale: on June 9, one of the wallets sold about 50,000 stETH.
Liquid staking platform Lido provides users with stETH, which represents locked ETH in the Beacon Chain PoS network.
A drop in the price of the underlying cryptocurrency and a drop in the liquidity of stETH could put further pressure on the price of a derivative asset. According to Curve, the pool rate at the time of writing is 20% ETH to 80% stETH, making swaps difficult.
The price of stETH is also affected by the fact that users can only withdraw ETH to Beacon Chain after Consolidation of blockchains based on PoW and PoS algorithms. This is expected to happen in August.
What to expect from the upcoming biggest Ethereum update, read the exclusive ForkLog article:
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
