How Justin Sun Profited Big from These 3 Airdrops: EIGEN, ETHFI, and ARB – The Full Story

3 weeks ago 1325854

published: May 28, 2024 at 03:11 PM GST

May 28, 2024 at 03:11 PM GST 3 mins read News

  • Justin Sun amassed over $28 million in EigenLayer (EIGEN) tokens, marking a strategic success.
  • His involvement in Ether.Fi (ETHFI) yielded $18.1 million through the airdrop claim period.
  • Sun continues his strategic involvement in protocols, enhancing his presence and influence.

Justin Sun, the creator of Tron, is well-known for actively obtaining funds using the cryptocurrency airdrop system. According to data obtained by analyst Jonaso on May 11, Sun was able to successfully claim 3.62 million EigenLayer (EIGEN) tokens valued at $28 million using four different addresses during the airdrop claiming period. As a result, Sun has become one of the largest participants in the Ethereum-based platform.

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EigenLayer aims to allocate 15% of its total token supply of 1.6 billion to users. Following the controversy surrounding the initial airdrop, the second phase of the Season 2 airdrop is planned to roll out in mid-June. This airdrop event will distribute 0.7% to participants who meet the requirements. These include users of popular yield farming applications such as Pendle, Kelp, and Equilibrium.

Before this, in March of last year, Sun contributed liquidity to the Ether.Fi liquid restacking protocol by depositing 120,000 Ether (ETH) valued at $480 million. In the airdrop claim period, his contribution produced 3.45 million Ether.Fi (ETHFI) tokens, valued at US$18.1 million at current rates.

This most recent airdrop allotment is an extension of Sun’s March 2023 activity. According to Debank data, one of Sun’s wallet addresses has claimed 5,250 Arbitrum (ARB), which is currently valued at around $6,981.

Apart from pursuing airdrops, Sun is also interested in making contributions to several innovative protocols that do not yet have native token launches. On February 8, Sun locked 58,000 stETH into Puffer Finance, with a Total Value Locked (TVL) of around $1.8 billion, according to Etherscan data. This indicates that Sun makes up around 12% of the protocol’s TVL.

Sun continues to have the most points when compared to other users thanks to Puffer Finance’s implementation of a scoring system. It is currently known that the protocol is developing its governance structure.

However, according to information from DeFiLlama, on May 5, Sun added $345.5 million worth of cryptocurrency assets to the Swell staking smart contract. Due to this action, Swell’s TVL increased from around 450,700 ETH to approximately 580,470 ETH, a 29% increase.

Swell Network claims that members of the Swell protocol team are now offering their users the chance to earn pearls through a points system. At their token launch event, pearls may be swapped for SWELL tokens.

Regarding the future of EIGEN, ETHFI, and ARB in the crypto industry, it’s promising. With Justin Sun’s strategic involvement, these tokens gain visibility and credibility. As Sun continues to explore innovative protocols and contribute to its growth, EIGEN, ETHFI, and ARB will likely attract further attention and investment. This involvement not only bolsters their value but also signifies confidence in their potential within the ever-evolving crypto landscape.

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