Hello readers,

Liquid staking has proven to be the most profitable business model on Ethereum. Given Solana’s potential as a leading smart contract network, it’s critical to understand the liquid staking set-up and have a thesis for how value will accrue within the sector on Solana.

In episode 2 of The Signal Podcast, Oskari and I explore space by entertaining the following questions:

Will liquid staking be a winner take most market on Solana as it is on Ethereum?
Solana has a high stake rate and a low liquid staking stake rate. Ethereum has a low stake rate and a very high liquid staking rate. Why?
What happens if a new protocol makes it really easy for anyone to spin up liquid staking tokens and provides ample liquidity to swap in/out of each token — dismantling the burgeoning network effect of mSOL and JitoSOL in the process?
Why is the market valuing Jito at a 9x premium to Marinade Finance?

Bonus content includes an update on Bitcoin ETF flows and the future of money & liquidity in DeFi.

We hope you enjoy the episode!

(please excuse my voice and overall performance in this one as I was a bit under the weather 🙂)

A note for analysts, service providers, or anyone seeking deep research:

Artemis Analytics and The DeFi Report have teamed up to give away as many Ethereum Models + Investment Frameworks as we can.

If you’d like a copy of the Ethereum Excel Model + Plug-In to refresh the data courtesy of our friends at Artemis Analytics — simply reply to this email and we’ll send it to you.

Of course, the model pairs quite nicely with The Q1 issue of The EIF. If you’re interested, you can download a copy here: The Ethereum Investment Framework.

The DeFi Report is powered by Token Terminal — the leading onchain data & analytics platform for institutional investors. If you’re interested, you can sign up for a free account at the link here: FREE ACCOUNT

Disclaimer: Individuals have unique circumstances, goals, and risk tolerances, so you should consult a certified investment professional and/or do your own diligence before making investment decisions. The co-hosts and their guests are not investment advisors and may hold positions in the assets covered. Certified professionals can provide individualized investment advice tailored to your unique situation. The topics discussed are for general educational purposes only, are not individualized, and as such should not be construed as investment advice. Any content shared in the podcast is derived from both publicly available information as well as proprietary data sources. All information presented and sources are believed to be reliable as of the date first published. Any opinions expressed during the show are based on information available as of the date of the publication. Although The DeFi Report and the co-hosts believe the information presented is substantially accurate in all material respects and does not omit to state material facts necessary to make the statements herein not misleading, all information and materials shared or discussed are provided on an “as is” and “as available” basis, without warranty or condition of any kind either expressed or implied.

Episode 2: The Liquid Staking Set Up on Solana

Is liquid staking a winner take most market?