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Comprehensive Analysis of the LSD Ecosystem: Structure, Data, Trends, and Investment Strategies
LSD 2.0: Patterns, Data, Trends, Returns and User Analysis
The LSDFi ecosystem is rapidly developing, with most of the predicted products already emerging, such as stablecoins that support LST and governance competition triggered by veToken. This article will analyze the landscape, data, trends, returns, and users of LSD-related projects.
Pattern
The LSD track has formed a preliminary pattern:
Overall:
Data and Trends
Pledge Rate
After the Shanghai upgrade, the ETH staking rate has steadily increased, breaking through 16% in June. It is expected to stabilize around 25% in the future, with the main reasons:
LSDFi will promote an increase in staking rates, but no projects have emerged on the L2 level that can support a large amount of ETH.
Centralized vs Decentralized Staking
The decentralized staking platform accounts for less than 40%, CEX accounts for 20%, and the rest is node staking and individual staking. Lido accounts for 31.8% of the total staking share, raising concerns about centralization.
The L1 platform is adopting technologies such as DVT to enhance decentralization. It is expected that the Top 3 leading positions will be maintained, but diversification of L1 is an inevitable trend.
Yield Rate
High yield and sustainability are two important factors of LSD. Stakers can increase their returns through the following methods:
Sustainable projects typically have low returns, with primary sources of income including:
Quality projects should combine real returns, application scenarios, and good token economics.
L2's LSD
The distribution of mainstream LST on L2:
Low transaction fees and fast speeds on L2 are important directions for LSD development.
User Level
Different users focus on different factors, including security, yield rate, degree of decentralization, token economics, UI/UX, usability, etc.
L0 mainly for VC investment, L1 has big players participating, L2 attracting various users. L2 The market space is still very large.
Summary
The LSD ecosystem is developing rapidly, but the user base is limited, mainly consisting of experienced Web3 users. The real "LSD Summer" may have to wait until a bull market arrives.
Future trends:
Investors should choose products with high security to build strategies based on their own risk preferences and be wary of scam projects.