Justin Sun Acquires $46M Worth of LRT PT Tokens
CryptoNewsTerminal Staff05 Jun, 2024
Justin Sun Acquires $46M Worth of LRT PT Tokens
Justin Sun, the founder of Tron, recently made a significant purchase of Liquidity Restate Token (LRT) Principal Tokens (PTs) worth 15,000 ETH (approximately $46 million). According to on-chain data analytics provider EmberCN, the purchase was made through an address suspected to be owned by Sun. The breakdown of the purchase is as follows: 10,000 ETH for PT-weETH 5,000 ETH for PT-pufETH These LRT PTs are set to expire on June 27th. Sun has been actively acquiring LRT PTs on the decentralized yield protocol Pendle, with total purchases amounting to 33,000 ETH over the past two days. He expects to generate returns of 348.9 ETH (approximately $1.33 million) upon maturity, representing an annualized yield of 17%. Sun's purchase of LRT PTs indicates his confidence in the future of decentralized finance (DeFi) and the potential of yield farming to generate passive income. It also highlights the growing popularity of Pendle, which offers a unique way to earn yield on digital assets.
