STRICT-Score
Max. Potenzial
1.1x
Potenzieller Ertrag
Wahrscheinlichkeit
70%
Erfolgschance
Risikoniveau
5/10
Mittleres Risiko
Marktkapitalisierung
$11.35B
Volumen
$15.52M
STRICT-Score Aufschlüsselung
Unser proprietäres Bewertungssystem evaluiert Projekte anhand von 6 Schlüsseldimensionen.
Analyseübersicht
Analyseübersicht
wstETH (Wrapped stETH) is Lido's non-rebasing wrapper for stETH, designed for DeFi composability. First launched on December 16, 2020, wstETH maintains a constant token balance while accruing value over time as staking rewards compound. As of December 2025, wstETH holds a market capitalization of approximately $14.5 billion with 3.2 million tokens in circulation, trading around $4,200-5,400 per token. Unlike stETH which rebases daily, wstETH uses a share-based model similar to cTokens, making it compatible with protocols that cannot handle rebasing tokens. The token is deployed across multiple L2 networks including Arbitrum, Optimism, Base, and Unichain.
Investitionsthese
wstETH represents the most DeFi-compatible form of Ethereum liquid staking. While stETH's daily rebasing mechanism causes integration issues with many protocols, wstETH solves this by representing shares of the staking pool rather than rebasing balances. This makes it the preferred collateral for lending protocols like Aave, Spark ($7.9B TVL), and liquidity pools on Curve and Uniswap. The November 2025 expansion to Unichain and Cosmos via Neutron significantly expands composability. With Ethereum staking yields around 3-4% APR and Lido's dominant 28% share of all staked ETH, wstETH provides liquid exposure to staking rewards while maintaining full DeFi utility. The L2 deployments reduce gas costs while preserving security through Ethereum's canonical bridges.
Wettbewerbsposition
wstETH competes with other wrapped liquid staking tokens like Rocket Pool's rETH and Frax's sfrxETH. It holds the dominant position with $14.5B market cap versus rETH's ~$3B, driven by Lido's first-mover advantage and superior liquidity. Compared to competitors, wstETH has the deepest integration across DeFi protocols and the widest L2 availability. However, this dominance creates centralization concerns that may drive users toward more decentralized alternatives like rETH. The non-rebasing mechanism is now standard among competitors, reducing this technical advantage.
Fazit
wstETH serves a specific technical purpose as the DeFi-compatible wrapper for stETH. For users requiring non-rebasing liquid staking tokens for lending, LP provision, or cross-chain deployments, wstETH is the market-leading option with superior liquidity and integrations. However, the token offers no additional yield beyond the underlying stETH, making it suitable for DeFi use cases rather than passive holding. Direct stETH or native ETH staking may be simpler for users not requiring the non-rebasing properties.
Stärken
- Non-rebasing design enables integration with DeFi protocols that cannot handle rebasing tokens (Aave, Compound, etc.)
- Deployed on major L2 networks (Arbitrum, Optimism, Base, Unichain) with low-cost transactions and preserved security
- Deep liquidity across major DEXs - Curve, Uniswap, 1inch with multi-billion dollar TVL
- Backed by Lido\
- ,
Risiken
- Smart contract risk from both the underlying stETH contract and the wstETH wrapper layer
- Centralization concerns with Lido controlling 28% of all Ethereum validators, approaching unhealthy concentration
- Bridge security dependencies across 5+ L2 networks creates multiple potential attack vectors
- Slashing risk if Lido\
- ,
Kommende Katalysatoren
Ethereum staking demand growth post-Shanghai upgrade
Zeitrahmen: Q1-Q2 2026
Integration into major DeFi lending protocols on new L2s
Zeitrahmen: Q1 2026
Cosmos ecosystem expansion via Neutron deployment
Zeitrahmen: Q1 2026
Preisziele
ETH drops to $2,800 amid market downturn; wstETH trades at ~1.14x ETH ratio reflecting accumulated staking rewards
ETH maintains $4,200-4,500 range; wstETH reflects 3.5% annual staking yield compounding to ~1.18x ratio by end 2026
ETH rallies to $6,000+ on institutional adoption; wstETH benefits from both ETH appreciation and staking yield accumulation
STRICT-Score
Bewertung: 76/100 | Potenzial: 1.1x
Verwandte im gleichen Sektor - Liquid Staking
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Haftungsausschluss: Diese Analyse dient nur zu Informationszwecken und sollte nicht als Finanzberatung betrachtet werden. Führen Sie immer Ihre eigene Recherche durch, bevor Sie Anlageentscheidungen treffen. Investitionen in Kryptowährungen sind volatil und mit erheblichen Risiken verbunden.