The War on LSD begins with a look at nine potential agreements

原文标题：《 LSD 战争打响，一览 9 个潜力协议 》

Original article by Louis Cooper

0x11, Foresight News

The Shanghai upgrade will free up ETH worth more than $27 billion, which means the battle for the LSD market has already begun, and they will revolve around offering the highest APR.

The question is, who will win? It may come from the following nine LSD protocols:

Before we begin, we need to know about the Ethereum Shanghai upgrade.

This is Ethereum's first major upgrade since moving to PoS. It will go live with the pledged ETH unlock feature to help verify and secure the Ethereum network.

Since 2020, Ethereum verifiers have been pledging their ETH for nothing in return... Until Shanghai upgraded.

So where did the LSD platform come from? To become an Ethereum verifier, you need up to 32 ETH. LSD platforms allow any number of ETH to be pledged (for a fee, of course).

As a result, there will be an explosion of incentives for everyday ETH holders to engage in pledge as rewards are finally activated. The gold rush is on for LSD platforms, and the platform that can consistently deliver the highest APR will win. Let's find out who it could be

Pendle

Pendle is probably my favorite LSD player.

Why? Pendle's TVL is almost twice its market value, and assets flowed in after its V2 launch.

Pendle 创建了独特的Token化收益策略：本金 Token (PT) 和收益 Token （YT）。（点击此处了解更多）

On a positive note, Pendle is now available for Arbitrum as well, thanks to @CamelotDEX.

They have developed strategic partnerships with other niche municipalities, such as @AuraFinance. This gives me confidence in the following aspects:

• Team legitimacy

• Want to offer real, competitive products

Stader

Stader will support Ethereum network pledge and release ETHx, which will reduce the requirement for ETH nodes by 8 times (only 4 ETH). Importantly, they also need 0.4 ETH in Stader. That means tight supply and a good opportunity.

正如 @NagatoDharma 指出的那样，SD Token 仍比其公售价格低 60%。

With a reliable market cap to TVL ratio, there is a lot of hope to see SD above $5.

阅读 Nagato 的贴文，以全面了解 Token 经济学 / 收入。

Hord

As part of Dcentralab, Hord is completing an audit of hETH with the help of Zokyo.

They claim to have achieved higher APR in a number of ways:

• ETH pledge

• MEV rewards

• Additional HORD bonuses

The price of hETH is not linked to ETH due to the added bonus.

The Hord team had ambitious plans, but their location in Dcentralab meant they had strong development capabilities.

HORD has seen significant growth, but its FDV is still below $20 million and its outstanding market value is $6 million.

Will they attract ETH holders?

Frax Finance

Frax Finance needs no introduction; its LSD variant, frxETH, has $170 million TVL.

frxETH's TVL has grown 100-fold since November, largely driven by its impressively high yield.

Bifrost

My interest in Bifrost was sparked by @Crypt0_Andrew and the ratio of TVL/MC (ETH value pledged/project market value).

Bifrost now has an FDV of $7 million, 18,000 ETH pledged, and a TVL/MC ratio of 4!

Bifrost is operated by the OG team from Polkadot Ecology, and the potential of BNC is worth looking forward to.

SharedStake

SharedStake is my most risky choice, I from @CryptoShlug

Where to learn about the project.

SharedStake has 16,000 ETH pledged, but its market value is only $1 million. They optimise revenue (generating over 100ETH) by combining Ethereum pledges with their own MEV bots.

StakeWise

Another "safer" protocol is StakeWise, with a plan to enable v3 before the Shanghai upgrade. On the face of it, the deal is undervalued, with TVL at $140m and a market capitalisation of $40m.

However, with SWISE running at 2% monthly inflation and an FDV of $180m, its prospects are not so rosy.

Liquid Staking Derivatives

Liquid Staking Derivatives is a competitor to LSD aggregators, @iearnfinance. They have designed the clever flywheel of veLSD/LSD, I would love to see it run, will it attract enough ETH?

Liquid Staking Derivatives has a market cap of $2 million and its earnings potential is obvious to me, but proceed with caution.

0xAcid Protocol

The final project is 0xAcid Protocol, an ambitious LSD protocol that hopes to raise 4,000 ETH, which I doubt.

0xAcid Protocol claims to maximize the return on LSD assets, the same as frxETH, stETH, etc., mentioned earlier.

Finally, there are a number of potential deals vying for LSD market share that I can't include:

$AURA

$YFI

$FIS

$RPL

$DVT

...

Remember: anyone can label "Build LSD protocol", be careful.

Who did I miss?

For obvious reasons, I didn't mention Lido. It completely dominates the LSD market now, but I expect that to change as competition intensifies.

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