With the completion of the Dencun Upgrade, Ethereum and its associated ecosystem tokens are showing robust performance. Additionally, the launch of mainnets by modular projects and Ethereum Layer-2s further reinforces market confidence in the Ethereum ecosystem. The narrative of liquid restaking (LRT) has started to attract capital flows with the surge of EigenLayer projects. However, is the path of ETH -> LST - > LRT a catalyst for the Ethereum ecosystem or merely a nesting doll as most people claim?

In this report, we delve deep into the LRT space, examining its current state, opportunities, and future prospects. Currently, many LRT protocols have yet to issue tokens and suffer from homogeneity. However, promising projects include KelpDAO, Puffer Finance, and Ion Protocol, as they have distinct development paths. The LRT space is a fast-growing niche market. HTX Research estimates that only a few top players are poised to succeed in the future.

This report is written by the Research Team under HTX Ventures. HTX Ventures, the global investment arm of HTX, leverages an integrated approach that combines investment, incubation, and research to identify the most exceptional and promising teams around the world.