Liquid Staking Derivatives (LSDs) on Ethereum were one of the biggest topics in the crypto market in the first months of 2023. Thanks to Ethereum’s shift from Proof of Work (PoW) to Proof of Stake (PoS), LSD projects such as Lido Finance (LDO) and Frax Finance (FXS) flourished.
In simple terms, LSDs are financial instruments that represent tokens that have been used as receipts within a DeFi protocol. Through these, users are able to stake their token while having the flexibility to use these LSDs in other decentralized applications.
Best New Crypto Narrative For H2 2023?
And according to some experts, LSDfi could become the new biggest trend for the second half of 2023. Crypto analyst @DaanCrypto recently wrote: “My best guesses for narratives going into the Summer: BTC Chain/Layer, LSDfi. Been loading up on some ALTS that fall into these categories.” Remarkably, Binance Research also recently published a detailed report on LSDfi that is well worth reading for investors.
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