Ethereum (ETH) investors recently turned $7,000 in ETH received in 2014 into $27 million in other crypto assets.
Blockchain tracker Lookonchain’s Twitter account first reported that Ethereum initial coin offering (ICO) participants exchanged 22,340 ETH for 20,544.14 WSTETH on the last day of 2022.
The ETH ICO happened in 2014. At that time, Ethereum investors received a total of 150,000 ETH at an ETH ICO price of around $0.31. The value of 22,340 ETH at that time was only around $6,925, and 20,544.14 WSTETH investors. sold for a price of $27 million.
“ETH ICO participants exchanged 22,340 ETH for 20,544.14 wstETH ($27 million) on the last day of 2022.
Participants of this ETH ICO received 150,000 ETH in Ethereum Genesis, ETH ICO price ~ $0.31.
WSTETH is a wrapper version of Lido Staked Ether (STETH). Lido offers decentralized liquid staking on Ethereum 2.0 with stETH ERC20 tokens on a 1-to-1 basis for ETH, allowing potential rewards proportional to the amount staked compared to the overall total staked ETH.
Describe the Lido website,
“Wrapping stETH creates a DeFi-compatible version of the stETH token that allows easier integration with DeFi protocols including Uniswap and MakerDao.”
Ethereum is trading at $1,254 at the time of writing. The second-ranked crypto asset by market capitalization rose more than 2% in the past 24 hours and more than 5% in the past seven days. ETH is down more than 74% from its high of $4,878, which it hit in November 2021.
Disclaimer: Opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any possible losses are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image created: Midjourney