The bull market has truly arrived, and those DeFi projects that buried themselves in building during the bear market will face a critical moment.

If the focus of the next cycle shifts to mainstream ecosystems like Ethereum, L2, and BNB, then LSDFi projects centered around staking and stablecoins could become the forefront of liquidity. Why is that?

Let's first look at the user demand side. Long-term holders will face a question: how to obtain liquidity without selling their core assets? Using BNB or ETH as collateral to lend out stablecoins for spot trading or leveraged contracts—this is a classic strategy among seasoned bull market players. A good LSDFi project, with robust collateral diversity, solid liquidation design, and stablecoin peg stability, can capture this demand while keeping systemic risk within a reasonable range.

Next, consider the growth path of the protocol itself. A bull market is not only an opportunity to make money but also a window for ecosystem expansion. Imagine stablecoins and liquidity staking tokens gradually connecting with DEXs, lending, derivatives, blockchain games, and other sectors, forming a mutually reinforcing capital network. Once this ecosystem network takes shape, the project evolves from a standalone tool into the infrastructure of the ecosystem capital layer—this is a qualitative leap.

For early users participating in this process, the returns are just the surface reward; the real value lies in witnessing and participating in the full growth of a main narrative.