An Ethereum (ETH) investor recently turned $7,000 in ETH they received in 2014 into $27 million worth of another crypto asset.
Lookonchain, a blockchain-tracking account on Twitter, reported that an Ethereum Initial Coin Offering (ICO) participant exchanged 22,340 ETH to 20,544.14 WSTETH the last day in 2022.
2014 saw the ETH ICO. The Ethereum investor received 150,000 ETH at the ETH ICO cost of $0.31. At the time, the value of the 22,340 ETH would have been approximately $6,925. The investor received 20,544.14 WSTETH. traded It was valued at $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, the wrapped version Lido Staked Ether is (STETH). Lido allows liquid staking on Ethereum 2.0 using the ERC20 stETH token. This is a 1-to-1 basis that offers ETH and potential rewards.
This is 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 traded at $1,254 as of the writing. The second-ranked crypto asset in terms of market cap has seen a more than 2% increase in the last 24 hours, and a more than 5% increase in the past seven days. ETH is down 74% from its record high of $4.878, which it reached in November 2021.
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