Analysis of LSD Ecological Patterns and Trends
The LSD track has formed a preliminary pattern. From a hierarchical perspective, DVT service providers like SSV Network and Obol Labs can be regarded as the L0 layer. LST issuers such as Lido, Ankr, and Coinbase belong to the L1 layer, primarily adopting a commission model, with user earnings derived from ETH's POS income. The L2 layer includes fixed income, stablecoins, yield aggregation, and other products designed based on LST. The L3 layer consists of more complex products built on L2.
Overall:
- The technical barriers of Layer 0 are the highest, but attention should be paid to the actual utility of the tokens.
- The L1 layer has seen the emergence of leaders, making it difficult for new entrants to shake the existing landscape.
- The moat of L2 layer is not deep, testing the team's strength.
- The L3 layer has great development potential, but is limited by the development level of L2 products.
In terms of data, the ETH staking rate has steadily increased, surpassing 16% in June. Pre