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Ether Liquid Staking Protocols Could Double in 2 Years: HashKey
Ether staking is a $100 billion-plus opportunity, potentially growing into a $1 trillion sector, with liquid staking protocols doubling in size in two years.
3 Ağu 2023 ös 1:00 AI tarafından çevrildi
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The ether Liquid Staking Derivatives (LSD) market is poised for explosive growth, potentially adding $24 billion in total value locked over the next two years, according to a new report from HashKey Capital.
Ethereum’s LSD market reached over $22 billion in total value locked (TVL) this year, and the total market capitalization of all LSD projects hit $18 billion, the report says. Staking is a way for crypto holders to put their digital assets to work and earn a passive income without needing to sell them.
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The amount of staked ether could reach between 31%-45% of the total ether supply by the end of Q2 2025, which in turn would drive up the value of the LSD market.
“As protocol revenue for LSD protocols directly correlates with ETH prices, liquid staking protocols can be seen as a levered bet on ETH as they gain a stronger market share over staked ETH,” the authors write, arguing that the liquid staking market share will take a sizable amount from solo and CEX staking.
HashKey Capital predicts a possible reduction in staking yields due to an increase in investor participation, but also says that the effects of this can be mitigated because of the composability of decentralized finance (DeFi) protocols. DeFi refers to lending, borrowing on a blockchain without the help of any intermediaries.
For instance, staked assets could also be used in yield farming, lending, or other income-generating DeFi strategies, creating a layered structure of yield generation that could potentially counterbalance the anticipated reduction in staking yields.
“In the future, any rational actor with have 100% of his or her ETH staked in LSDs,” HashKey’s Henrique Centieiro, one of its senior researchers that co-authored the report, said.
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KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market
Tarafından sipariş edildiKuCoin
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
Bilinmesi gerekenler:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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How a 'perpetual’ stock trick could solve Michael Saylor’s $8 billion debt problem
The bitcoin treasury firm is using perpetual preferreds to retire convertibles, offering a potential framework for managing long-dated leverage.
Bilinmesi gerekenler:
- Strive upsized its SATA follow on offering beyond $150 million, pricing the perpetual preferred at $90.
- The structure offers a blueprint for replacing fixed maturity convertibles with perpetual equity capital that removes refinancing risk.
- Strategy has a $3 billion convertible tranche due in June 2028 with a $672.40 conversion price, which could be addressed using a similar preferred equity approach.
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