In September 2025, the total value locked (TVL) in liquid staking surpassed $87 billion, solidifying its position as the core track at the intersection of PoS and DeFi. Ethereum maintains an absolute dominant position, with Lido holding over 45% of the market share. In the Solana ecosystem, Jito has rapidly expanded through MEV revenue distribution; while Rocket Pool, with its low entry threshold and decentralized design, has attracted broader participation from smaller node operators. Meanwhile, innovative products like derivative protocol Pendle are accelerating their emergence, further extending the boundaries of crypto finance.
- On-chain Overview: As of September 19, 2025, 12 liquid staking protocols each recorded a TVL exceeding $1 billion. Lido leads with over $42 billion, accounting for nearly half the market; Jito’s TVL on Solana has approached $4 billion, showing the fastest growth; Rocket Pool remains stable but faces growth pressure due to declining yields.
- Yields and Profitability: Lido maintains an average APY of approximately 2.58%, with stable profitability and quarterly earnings between $20–27 million; Jito delivers an average APY of 6.63%, driven by MEV revenue, sustaining modest profitability despite volatility; Rocket Pool offers a 2.36% APY but remains unprofitable in the long term.
- Risks and Challenges: The sector faces multiple risks, including smart contract vulnerabilities, validator slashing, governance centralization, token discount, and regulatory uncertainty. Lido’s high concentration raises decentralization concerns within Ethereum; Jito’s model heavily relies on Solana and MEV activity; Rocket Pool depends on RPL as an insurance mechanism, exposing it to market risks.
- Future Outlook: The LSD sector is expected to evolve along four key directions: (1) enhancing security via stricter audits and distributed key management; (2) lowering node entry thresholds and refining incentives to deepen decentralization; (3) achieving deeper integration with DeFi, derivatives, and cross-chain ecosystems, evolving into critical crypto-financial infrastructure; and (4) proactively addressing regulatory tightening by exploring compliance pathways to ensure sustainable growth.
Discover more details today → Gate Research: Liquid Staking Landscape｜TVL Exceeds $87B, Main Protocol Overview
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