Liquid Staking

This report provides a systematic review and analysis of the development of liquid staking (LSD) protocols. Since 2020, liquid staking protocols have risen rapidly, with total value locked (TVL) surpassing USD 85 billion, becoming an important bridge between PoS and DeFi. By comparing mainstream protocols such as Lido, Jito, and Rocket Pool, the report highlights the characteristics and competitive dynamics of different models: Lido, leveraging its first-mover advantage and economies of scale, remains the leader in Ethereum liquid staking; Jito has rapidly expanded within the Solana ecosystem by distributing MEV revenue; Rocket Pool, through decentralization and low entry thresholds, has encouraged participation from smaller node operators. With relatively low risk and stable yield characteristics, liquid staking has attracted massive user and capital inflows, and has further given rise to innovative products represented by Pendle, enhancing both capital efficiency and financial diversity.

FBTC resolves Bitcoin’s liquidity issues by linking BTC with the DeFi ecosystem, offering users various ways to earn rewards.

Discover Curvance in 2025, a leading modular DeFi protocol with enhanced P2P lending, stablecoin optimization, and multi-chain capabilities now supporting Solana, Avalanche, zkSync Era, and TON. Explore its $1.2B TVL, improved governance, regulatory compliance, and technological advancements including Protocol V3 and hybrid liquidity models in this comprehensive guide.