Liquid Staking
Également connu sous: Liquid Staking Derivative, LSD, LST
A DeFi service that allows users to stake tokens and receive a liquid derivative token in return, enabling them to earn staking rewards while maintaining liquidity.
Liquid staking lets users stake their cryptocurrency while receiving a tradable derivative token that represents their staked position. This solves the liquidity problem of traditional staking, where tokens are locked and inaccessible for weeks or months.
How Liquid Staking Works:
- User deposits ETH (or another token) into a liquid staking protocol
- The protocol stakes the tokens with validators
- User receives a Liquid Staking Token (LST) representing their deposit + accruing rewards
- The LST can be traded, used as collateral in DeFi, or held
- To unstake, users swap the LST back for the underlying asset
Major Liquid Staking Tokens:
| LST | Protocol | Underlying | TVL |
|---|---|---|---|
| stETH | Lido | ETH | $15B+ |
| rETH | Rocket Pool | ETH | $3B+ |
| cbETH | Coinbase | ETH | $2B+ |
| mSOL | Marinade | SOL | $1B+ |
| jitoSOL | Jito | SOL | $1.5B+ |
Rebasing vs. Reward-Bearing:
| Model | How Rewards Work | Example |
|---|---|---|
| Rebasing | Token balance increases daily | stETH |
| Reward-Bearing | Token price increases over time | rETH, cbETH |
DeFi Composability: LSTs can be used across DeFi: - As collateral for borrowing on Aave or Compound - In liquidity pools on Curve or Uniswap - For restaking on EigenLayer for additional yield - As margin for perpetual trading
Benefits: - Earn staking rewards without locking capital - No minimum stake requirement (vs. 32 ETH for solo staking) - Participate in DeFi while staking - Simple, no technical knowledge needed
Risks: - Depeg Risk: LSTs can trade below the value of the underlying asset during market stress (stETH briefly depegged in 2022) - Smart Contract Risk: Bugs in the staking protocol - Centralization: Lido controls ~30% of all staked ETH, raising censorship concerns - Slashing: Validator penalties reduce the value of the underlying stake
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