The discount for Ethereum-based Lido Finance tokens – stETH – exceeded 5% amid the sale of the asset by large holders.
PeckShield specialists drew 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.
Earlier, The Block experts 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. According to Curve, at the time of writing, the pool ratio is 20% ETH to 80% stETH, making swaps difficult.
The price of stETH is also affected by the fact that users will be able to withdraw ETH to Beacon Chain only after The Merge of blockchains based on PoW and PoS algorithms. This is expected to happen in August.