ETH whale 'haos' withdraws $3.3 million in ETH from Binance, deposits it into Lido

ETH whale 'haos' withdraws $3.3 million in ETH from Binance, deposits it into Lido

Key Points: - Whale "haos.eth" withdrew 1,012 ETH ($3.3 million) from Binance and deposited 1,000 ETH into Lido. - The whale now holds $32.74 million worth of Lido's stETH out of their $33.43 million portfolio. Approximately 18 hours ago, prominent Ethereum (ETH) whale 'haos.eth' made a significant transaction, withdrawing 1,012 ETH (worth approximately $3.3 million) from the Binance cryptocurrency exchange and subsequently depositing 1,000 ETH of that amount into the Lido (LDO) liquid staking protocol, according to on-chain analytics firm Scopescan. Lido is a popular liquid staking platform that allows ETH holders to stake their assets without locking them up for an extended period, as is required with traditional staking methods. By staking ETH on Lido, users receive stETH tokens, which represent their staked ETH and can be used in decentralized finance (DeFi) applications. The whale's transaction highlights the growing popularity of liquid staking protocols, which have gained traction as a convenient and flexible way to earn rewards on staked assets. Lido is one of the leading liquid staking providers in the Ethereum ecosystem, with over $8 billion worth of ETH staked on its platform. At the time of writing, 'haos.eth' holds approximately $32.74 million worth of Lido's stETH, representing a significant portion of their total portfolio valued at $33.43 million. This indicates that the whale is bullish on the long-term prospects of Ethereum and sees value in liquid staking as a way to generate passive income while retaining exposure to the asset.