An Ethereum (ETH) investor not too long ago 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.
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 price $27 million.
“An ETH ICO participant swapped 22,340 ETH for 20,544.14 wstETH ($27 million) on the final day of 2022.
This ETH ICO participant acquired 150,000 ETH at Ethereum Genesis, the ETH ICO worth is ~$0.31.”
WSTETH is the wrapped model of Lido Staked Ether (STETH). Lido affords decentralized liquid staking on Ethereum 2.0 with the ERC20 stETH token on a 1-to-1 foundation for ETH, permitting potential rewards proportional to the staked quantity in comparison with the whole ETH staked general.
Explains the Lido web site,
“Wrapping stETH creates a DeFi-compatible model of the stETH token which permits for simpler integrations with DeFi protocols together with Uniswap and MakerDao.”
Ethereum is buying and selling at $1,254 at time of writing. The second-ranked crypto asset by market cap is up greater than 2% previously 24 hours and greater than 5% previously seven days. ETH is greater than 74% down from its all-time excessive of $4,878, which it hit in November 2021.
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