๐จ LIQUID STAKING IS QUIETLY EXPANDING
Something interesting is happening under the surface of DeFi.
Liquid staking has reached $61.3B in TVL, up:
๐ +18.6% in 7 days
๐ +21.7% in 30 days
But here's the interesting part ๐
ETH gained ~9.9% over 30D, while SOL gained ~25.2%.
Even after accounting for those price increases, liquid-staking TVL grew significantly more than a simple โprice effectโ would explain.
๐ฐ What does that mean?
It suggests the sector isn't growing ONLY because ETH/SOL became more valuable.
More capital appears to be entering staking protocols.
And this isn't just one protocol:
๐น Lido: $26.4B TVL
๐น Binance Staked ETH: $10.0B
๐น ether.fi: $5.2B
๐น Solana LSTs are also accelerating
๐น Sanctum: +33.5% 30D
๐น Jito: +29.2% 30D
There's another interesting signal:
While liquid staking expanded +21.7%, RWA TVL was roughly flat/down ~3% over the same period.
So this isn't simply โeverything in DeFi is going up.โ
โ ๏ธ BUT DON'T IGNORE THE RISKS
โข Lido represents a huge portion of the sector โ concentration risk
โข ETH/SOL falling would mechanically reduce TVL
โข JTO has a notable token unlock coming
โข Solana LST growth is partly influenced by SOL's own price rally
๐ง DWARIX TAKE
The important story isn't simply "$61B TVL."
It's the gap between price-driven growth and actual TVL growth.
Liquid staking is showing signs of increasing capital participation across multiple protocols.
That's a trend worth watching. ๐
DYOR. Not financial advice.
๐ Data: DeFiLlama
๐ As of September 25, 2026
$ETH
$SOL
Something interesting is happening under the surface of DeFi.
Liquid staking has reached $61.3B in TVL, up:
๐ +18.6% in 7 days
๐ +21.7% in 30 days
But here's the interesting part ๐
ETH gained ~9.9% over 30D, while SOL gained ~25.2%.
Even after accounting for those price increases, liquid-staking TVL grew significantly more than a simple โprice effectโ would explain.
๐ฐ What does that mean?
It suggests the sector isn't growing ONLY because ETH/SOL became more valuable.
More capital appears to be entering staking protocols.
And this isn't just one protocol:
๐น Lido: $26.4B TVL
๐น Binance Staked ETH: $10.0B
๐น ether.fi: $5.2B
๐น Solana LSTs are also accelerating
๐น Sanctum: +33.5% 30D
๐น Jito: +29.2% 30D
There's another interesting signal:
While liquid staking expanded +21.7%, RWA TVL was roughly flat/down ~3% over the same period.
So this isn't simply โeverything in DeFi is going up.โ
โ ๏ธ BUT DON'T IGNORE THE RISKS
โข Lido represents a huge portion of the sector โ concentration risk
โข ETH/SOL falling would mechanically reduce TVL
โข JTO has a notable token unlock coming
โข Solana LST growth is partly influenced by SOL's own price rally
๐ง DWARIX TAKE
The important story isn't simply "$61B TVL."
It's the gap between price-driven growth and actual TVL growth.
Liquid staking is showing signs of increasing capital participation across multiple protocols.
That's a trend worth watching. ๐
DYOR. Not financial advice.
๐ Data: DeFiLlama
๐ As of September 25, 2026
$ETH
$SOL
