Liquid Staking 2026: Rates for Lido, Ether.fi, and Jito

The Evolution from Locked to Liquid

Traditional proof-of-stake requires locking tokens in validators. Ethereum solo-validating demands a 32 ETH deposit and imposes withdrawal queues; pooled staking permits smaller positions. Solana's staking involves delegation mechanics that most users find cumbersome.

Liquid staking solves this by issuing derivative tokens that represent your staked position. Deposit ETH into Lido, receive stETH. Your stETH accrues staking rewards automatically while remaining tradeable, lendable, and usable as DeFi collateral.

Liquid staking protocols collectively hold tens of billions of dollars in deposits. Lido alone holds $17.9 billion, the largest liquid staking balance on Ethereum (DefiLlama, as of August 2026).

How Liquid Staking Works

The mechanics are straightforward:

1. Deposit: Send native tokens to a liquid staking protocol
2. Receive derivative: Get a liquid staking token (LST) like stETH, jitoSOL, or cbETH
3. Earn rewards: your LST accrues staking rewards, either through a growing balance (rebasing tokens like stETH) or a rising exchange rate against the native asset (non-rebasing tokens like jitoSOL and rETH)
4. Use in DeFi: Deploy LSTs as collateral, provide liquidity, or hold for passive yield
5. Exit, with caveats: swap LSTs back to the native token on a DEX, subject to liquidity and a possible depeg, or request protocol withdrawal, subject to exit queues

The protocol handles validator selection, key management, and reward distribution. You earn staking yields without running infrastructure or meeting minimum requirements.

Major Liquid Staking Protocols

Lido: The Market Leader

Lido pioneered liquid staking for Ethereum. The protocol holds the largest liquid staking deposits of any Ethereum protocol, $17.9 billion in TVL as of August 2026 (DefiLlama). Its stETH token is DeFi's most integrated derivative, accepted across Aave, Curve, Maker, and hundreds of other protocols.

Key metrics (as of August 2026):

• TVL: $17.9 billion (DefiLlama)
• Base staking APY: 2.17% (DefiLlama yields)
• STRICT score: 83/100
• Risk score: 4 (moderate-low)

Coira's STRICT score for Lido runs high mainly on transparency and sustainability: years of audited operating history and the deepest DeFi integration of any LST. Revenue scores lower, since Lido's income is a 10% cut of staking rewards rather than protocol fees tied to usage.

The DAO activated a Dual Governance system in June 2025. It lets stETH holders block proposals that a large share of them oppose: if opposition reaches 10% of stETH supply, execution pauses until dissenting stakers can withdraw (Unchained).

Ether.fi: The Restaking Pioneer

Ether.fi built its business on liquid restaking. It stakes the same ETH into EigenLayer to secure additional networks and is designed to earn a second yield stream on top of base staking, subject to the payout uncertainty noted in the AVS section. Ether.fi's total TVL is $3.6 billion, a meaningful figure next to EigenLayer's own $5.0 billion restaking market (DefiLlama: Ether.fi, DefiLlama: EigenLayer, both as of August 2026); both figures are protocol-level totals, and neither DefiLlama endpoint breaks out how much of Ether.fi's $3.6 billion sits deposited in EigenLayer specifically.

Key metrics (as of August 2026):

• TVL: $3.6 billion (DefiLlama)
• weETH base APY, excludes AVS restaking rewards: 2.38% (DefiLlama yields)
• STRICT score: 78/100
• Risk score: 6 (moderate)

Ether.fi's risk score sits above Lido's because restaking stacks a second protocol's smart contract and slashing surface on top of the base staking layer, a mechanism the sustainability and innovation components of its STRICT score both weigh directly.

The protocol's non-custodial architecture gives stakers control of validator keys. The DAO approved a $50 million ETHFI buyback program in November 2025 that authorizes purchases whenever the token trades below $3, funded from treasury and scaled to protocol revenue (crypto.news).

Ether.fi Cash, a debit card product launched in April 2025, extended the protocol beyond staking into consumer payments. Users spend directly against staked collateral instead of unwinding it first.

Jito: Solana's MEV-Enhanced Staking

Jito brings liquid staking to Solana with a twist: MEV optimization. The protocol captures value from transaction ordering and distributes it to stakers, adding a premium over standard delegation rewards.

Key metrics (as of August 2026):

• TVL: $755 million (DefiLlama)
• jitoSOL APY: 5.12% (DefiLlama yields)
• STRICT score: 84/100
• Risk score: 5 (moderate)
• Hype score: 82

JitoSOL's captured MEV rewards compound automatically into the token's exchange rate, so stakers never claim them separately (Jito). The protocol competes with other Solana liquid staking tokens, including bnSOL and Sanctum, for deposits.

Restaking: A Second, Conditional Yield Layer

Restaking represents the next evolution. Instead of earning yield on one protocol, you stake the same collateral across multiple networks simultaneously.

How It Works

1. Stake ETH and receive a liquid staking token (stETH, cbETH, etc.)
2. Either deposit the LST into a restaking protocol like EigenLayer directly, which restakes the position without minting a new liquid token, or deposit ETH with a liquid restaking protocol such as Ether.fi
3. With the liquid restaking route, receive a liquid restaking token (Ether.fi issues eETH, whose wrapped form is weETH)
4. Use the LRT in DeFi for additional yield
5. Earn stacked rewards where paid: base staking plus any restaking and DeFi yields the services actually distribute

EigenLayer: The Infrastructure

EigenLayer holds $5.0 billion in TVL as of August 2026 (DefiLlama). The protocol lets Ethereum stakers secure additional networks called Actively Validated Services (AVS): services that require their own distributed validation, such as data availability layers, oracle networks, bridges, and rollup sequencers (EigenLayer). AVSs are designed to pay fees to the operators and stakers who secure them; what each one actually pays varies by service, and no public blended rate covers the total.

Current AVS categories include:

AVS rewards vary by service and are designed to be paid on top of base ETH staking yield; whether a given AVS currently pays out is something to confirm with that service directly. EigenLayer does not publish one blended rate across all AVSs, so treat any specific extra-yield figure you see quoted elsewhere as approximate and confirm it with that service directly before depositing.

Risk Considerations

Restaking can amplify both returns and risks, where rewards are actually paid:

Slashing penalties at the base layer cascade through restaking positions. If validators misbehave, losses hit the same deposit in both its staking and restaking roles.

Yield Comparison: August 2026

Reported APY across major protocols as of August 2026, labeled by product type so a liquid-staking rate is never read as a restaking rate or vice versa; Jito's figure additionally includes MEV rewards:

*weETH's 2.38% is the base ETH staking component only. AVS restaking rewards are designed to be paid on top of it and are not included in this figure: EigenLayer does not publish one blended rate across all AVSs (see the AVS section below), so weETH's all-in yield is this base rate plus whatever AVS rewards actually apply, a total no blended public figure covers.

Disclaimer: Yields fluctuate based on network activity, validator performance, and DeFi market conditions. The four liquid-staking rows above are non-restaking product rates; Jito's figure additionally includes MEV rewards. Restaking (weETH) and any DeFi collateral use can add variable additional yield not included here, where those rewards are actually paid. Verify current rates before depositing, since they move week to week.

Choosing the Right Strategy

Your optimal approach depends on several factors:

For Passive ETH Holders

Lido's stETH remains the simplest entry given its liquidity and years of operational history. Its 2.17% base rate is lower complexity than restaking, but weigh it against other low-risk options before committing capital.

For Yield Maximizers

Restaking through Ether.fi or direct EigenLayer deposits is designed to add AVS rewards on top of the 2.17-2.38% base rate; whether a given AVS currently pays out is not something this article verifies. Actual combined returns depend on which AVS you're exposed to and change often, so check current numbers directly rather than relying on a fixed published range. Monitor slashing conditions and AVS performance before increasing exposure.

For Solana Users

Jito's MEV-enhanced 5.12% APY outperforms Lido's or Rocket Pool's Ethereum base rate by roughly 3 percentage points as of August 2026 (DefiLlama yields). The protocol integrates across major Solana DeFi venues. That enables yield layering similar to Ethereum's liquid staking ecosystem.

For Institutions

Coinbase's cbETH and Lido's institutional validator programs offer staking exposure without direct staking infrastructure; neither is a regulated fund wrapper. WisdomTree's staked ETH product, live in Europe since December 2025, extends that access to a fund wrapper, and VanEck's U.S. filing, unconfirmed as still pending at the time of this update, would add another only if approved, though management fees reduce the net yield investors actually receive (CoinDesk).

Risks You Cannot Ignore

Liquid staking and restaking introduce specific risk categories:

Smart contract risk: Protocols handle billions in deposits. Exploits or bugs could drain funds. Lido's $17.9 billion TVL makes it the largest single protocol-level exposure in Ethereum liquid staking (DefiLlama).

Slashing risk: Validators face penalties for downtime or malicious behavior. Restaking compounds this because slashing at one layer affects all positions built on top of it.

Depegging risk: LSTs should trade at par with underlying tokens, but market stress causes deviations. During the 2022 bear market, stETH traded at a significant discount to ETH.

Regulatory risk: The SEC dismissed its enforcement case against Coinbase, including scrutiny of its staking program, in February 2025 (CNBC). That removed near-term legal pressure specific to Coinbase's own staking program; this article has no source establishing that the dismissal extended to other U.S. staking services. The CLARITY Act, which would divide crypto oversight between the SEC and CFTC, cleared a Senate procedural hurdle in May 2026 and, per an August 8 report, had opened the first stage of Senate voting without a confirmed floor-vote date (CoinDesk, August 8 2026). Staking services operate on the current ad hoc footing for now, and passage would not necessarily resolve staking-specific treatment.

Centralization risk: Lido remains the largest single liquid staking protocol on Ethereum by a wide margin (DefiLlama). Concentration in one protocol's validator set stays a standing concern for Ethereum's decentralization.

The 2026 Outlook

Several trends shape liquid staking's trajectory:

Institutional wrappers are emerging. WisdomTree's European stETH product is live, and VanEck's U.S. filing, whose status has not been confirmed beyond the January 2026 report, points toward more fund wrappers built on top of liquid staking tokens if it ever clears; as of this update its status is unconfirmed past its target window (CoinDesk).

Competition persists below the leader. Lido remains dominant by TVL. Ether.fi, Rocket Pool, and institutional validators hold meaningful current positions with differentiated products, from restaking to consumer payments; this article has snapshots of those positions, not deposit-flow data showing whether their shares are rising.

Restaking is real but, on the two protocols measured here, smaller than Lido's base alone. EigenLayer's AVS ecosystem has moved from testnet incentives to live mainnet services, with EigenLayer alone at $5.0 billion in TVL as of August 2026 and Ether.fi at $3.6 billion via its own restaking route, the two overlapping to a degree public data cannot quantify; what those services currently pay in fees is not covered by a public blended figure. Even combined, they sit well below Lido's base liquid staking balance alone (DefiLlama).

Regulation stays unresolved. The CLARITY Act was still in the Senate voting process as of August 8, 2026 reporting and would divide crypto oversight between the SEC and CFTC; whether it would set a staking-specific jurisdictional line, or how much added compliance cost it would bring for U.S. protocols, is not established by the bill text this article has reviewed (CNBC).

Getting Started

For first-time liquid stakers, start small and build familiarity:

1. Begin with a major protocol like Lido or Coinbase Wrapped Staked ETH
2. Deposit a test amount and observe yield accrual
3. Practice using LSTs in a simple DeFi position
4. Gradually increase exposure as you understand the mechanics
5. Consider restaking only after comfortable with base liquid staking

Lido takes its fee on staking rewards rather than deposits: 10%, split between the DAO treasury and node operators; this article has not surveyed fee structures across other protocols (Lido). Factor these fees into yield comparisons.

Gas costs on Ethereum can make small deposits uneconomical; the break-even depends on the gas price and holding period, which this article does not calculate. Consider Layer 2 options like Arbitrum-based protocols or wait for favorable network conditions to deposit and withdraw.

Conclusion

Liquid staking transformed proof-of-stake from a locked-capital commitment to a composable DeFi primitive. Restaking extends this logic. The same tokens can now secure multiple networks at once.

The five protocols in this deliberately selected, overlapping sample report a combined gross TVL of roughly $25.2 billion: Lido's $17.9 billion and EigenLayer's $5.0 billion, both cited above, plus Rocket Pool's $993 million (DefiLlama), Jito's $755 million (DefiLlama), and Marinade's $531 million (DefiLlama), all DefiLlama figures as of August 2026. That total is a sum of each protocol's own reported TVL, not a de-duplicated count of unique deposited dollars. As the "How It Works" section above describes, an Ethereum LST such as stETH or rETH can itself be deposited into EigenLayer as restaking collateral where the LST is supported; the Solana LSTs listed here do not feed EigenLayer. So EigenLayer's $5.0 billion figure can include capital that Lido's or Rocket Pool's own TVL figure already counts once. Ether.fi's $3.6 billion total TVL is the clearest candidate for this, since Ether.fi's core business deposits staked ETH into EigenLayer by design, and it is excluded from the $25.2 billion sum for that reason; but DefiLlama's protocol-level figures do not let us quantify how much of that $3.6 billion is deposited into EigenLayer at any given time, and the same overlap likely exists, to a degree DefiLlama's public data does not let us quantify, between EigenLayer and the other LSTs listed here. Reported base rates sit at roughly 2-2.5% on Ethereum, with stETH down from 2.51% in early January per the DefiLlama series cited above, and around 5% on Solana. Restaking and AVS rewards are designed to sit on top of the base rates, though no public blended rate sizes them and this article does not verify current payout levels, so check current rates before committing capital rather than relying on a published range.

Risks have not gone away. Smart contract exposure, slashing mechanics, and an unresolved U.S. regulatory framework demand careful position sizing. Start small, diversify across protocols, and never stake funds you cannot afford to lose.

Whether you choose the simplicity of stETH, the potential added yield of restaking, or the MEV optimization of Jito, liquid staking still offers native permissionless onchain composability: returns on assets designed to stay liquid and usable across DeFi, subject to the liquidity, depeg, and exit-queue caveats covered above.

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• DeFi Yield Strategies for the Current Market