[//]:content-type-MARKDOWN-DONOT-DELETE ![](https://gimg2.gateimg.com/image/ann_en_20250926_184151_a5b60ff30c62a6fe947c3a11ade9da50.webp) In September 2025, the total value locked (TVL) in liquid staking surpassed USD 87 billion, cementing its role as the core bridge between PoS and DeFi. Ethereum remains dominant, 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 protocols such as Pendle are emerging, further extending the boundaries of crypto finance. * On-chain Overview: As of September 19, 2025, 12 liquid staking protocols each recorded a TVL exceeding USD 1 billion. Lido leads with over USD 42 billion, accounting for nearly half the market; Jito’s TVL on Solana has approached USD 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 2.58%, with stable profitability and quarterly earnings between USD 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 depegging, 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 Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis. ### Disclaimer Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.
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