Justin Sun deposits 120,000 eETH into Swell L2, worth $376 million

Golden Finance reported that Kairos Research released a research report on the non-custodial staking protocol Swell, which stated that as of the time of writing this article, Swell’s total TVL has reached $2.1 billion (713,000 ETH). Of this $2.1 billion, 29.57% exists in its liquidity staking token swETH, 17.78% exists in its liquidity re-staking token rswETH, and the remaining 52.65% exists in its L2 deposit contract. Of these, the majority of SwellL2 deposits are comprised of Swell ecosystem tokens such as rswETH, swETH and the affiliated Pendle primary token. In addition to this, Swell L2 also hosts millions of dollars worth of other LRT and its affiliated PT tokens through Pendle. If their total deposit of $1.1 billion is included, they would be ranked sixth in terms of TVL, higher than famous L2s such as StarkNet, ZkSync Era, Manta, Linea, and the newly launched Mode Network. It is worth noting that the majority of Swell L2 deposits were allegedly made by one man, Justin Sun. The wallet was allegedly his own and deposited 120,000 EtherFi eETH into SwellL2, which was worth $376 million at the time of the transaction. Today, Justin Sun’s deposits account for approximately 30% of the entire Swell L2 TVL. Following Justin Sun’s deposit, a number of other whales initiated seven- and eight-figure deposits, notably Wintermute who deposited approximately $9 million of Renzo’s ezETH. Overall, Swell L2 TVL has grown an additional $360 million since Justin Sun's alleged deposit.