Tokenized Ethereum of the Lido Platform Falls by 5% Compared to Original Ethereum
The discount for Ethereum-based Lido Finance tokens, stETH, has exceeded 5% amid the sale of the asset by large holders.
PeckShield specialists have drawn the attention to the large swaps that were generated by wallets allegedly associated with Three Arrows Capital. In two transactions, over 56,000 stETH were exchanged for ETH.
The Block experts have previously noted another major sale. On June 9, one of the wallets sold about 50,000 stETH.
Liquid staking platform Lido provides users with stETH, which represents ETH locked in the Beacon Chain PoS network.
A decrease in the price of the underlying cryptocurrency and a decrease in the liquidity of stETH can put further pressure on the price of a derivative asset.