An Ethereum (ETH) investor recently turned $7,000 in ETH they received in 2014 into $27 million worth of another crypto asset.
The blockchain-tracking Twitter account Lookonchain first reported that an Ethereum initial coin offering (ICO) participant swapped 22,340 ETH for 20,544.14 WSTETH on the last day of 2022.
[adinserter block="1"]The ETH ICO happened in 2014. At the time, the Ethereum investor received 150,000 ETH in total at the ETH ICO price of about $0.31. The value of that 22,340 ETH at the time would have been only around $6,925, and the 20,544.14 WSTETH the investor traded for was worth $27 million.
“An ETH ICO participant swapped 22,340 ETH for 20,544.14 wstETH ($27 million) on the last day of 2022.
This ETH ICO participant received 150,000 ETH at Ethereum Genesis, the ETH ICO price is ~$0.31.”
WSTETH is the wrapped version of Lido Staked Ether (STETH). Lido offers decentralized liquid staking on Ethereum 2.0 with the ERC20 stETH token on a 1-to-1 basis for ETH, allowing potential rewards proportional to the staked amount compared to the total ETH staked overall.
Explains the Lido website,
“Wrapping stETH creates a DeFi-compatible version of the stETH token which allows for easier integrations with DeFi protocols including Uniswap and MakerDao.”
Ethereum is trading at $1,254 at time of writing. The second-ranked crypto asset by market cap is up more than 2% in the past 24 hours and more than 5% in the past seven days. ETH is more than 74% down from its all-time high of $4,878, which it hit in November 2021.
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