Liquid staking derivatives (LSDs) have emerged as a popular trend in the decentralized finance (DeFi) industry, allowing investors to earn staking rewards while retaining the ability to utilize their staked assets for other DeFi activities, such as trading, yield farming, lending, and borrowing. LSDs enable investors to receive a Liquid Staking Derivative receipt token, proving their ownership of the staked tokens and any rewards they may have accrued. Since the Ethereum upgrade, the native tokens supporting LSD projects have significantly increased in value, yielding higher gains than Ethereum itself. Some of the top LSD projects in 2023 include Frax finance, Tenet, Lido, StakeWise, and Ankr, with each system offering a unique model and product. These platforms enable token holders to augment potential returns by unlocking liquidity for their staked assets, providing users with a variety of benefits that make staking more flexible and accessible. As with all crypto products and NFTs, there is an inherent risk associated with these investments. While the market has gained momentum and shown monetary returns for DeFi, it remains important to research and understand the risks before investing.
The Best LSD Tokens to Keep an Eye on in 2023
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