365 days of some big LSTs on mainnet, priced against their ETH redemption value. They mostly trade below parity. Avg discount: stETH/wstETH: ~11 bps rETH: ~22 bps frxETH: ~43 bps cbETH: ~94 bps More abstraction from raw ETH, wider discount. ETH is the asset. LSTs are claims.

Jun 30, 2026 · 7:50 AM UTC

5
4
42
4,226
More data: (cc @_julianma )
427
Sort replies: Relevant Recent Liked
Replying to @nero_eth
Not sure what narrative you are trying to construct here. All of these tokens can be redeemed 1:1 if you are willing to wait. The reason people have to wait is built in Ethereum's architecture. The difference then to par depends on how badly users want instant liquidity. If you hold ETH, you are by definition liquid, but also foregoing 100% of the staking yield.
1
4
1,257
Not really trying to construct any narrative. I found it most interesting to see that during stress the economic premium of eth is highest. This makes sense and is expected. Also, friction adds discount (cbETH vs stETH).
1
363
Replying to @nero_eth
Essentially synthetic DPoS. Is it "enshrined operator delagator-separation", for example, or delegated proof-of-stake? Long live the home-staker; hopefully we will have 1 ETH minimums before long.
1
91
Replying to @nero_eth
Exactly. LSTs are priced as claims rather than raw ETH, so pool-specific performance and risk may show up in LST/ETH discounts. Nice to see a similar observation here. We study whether this may create a new attack surface: arxiv.org/abs/2605.01025

Your Loss is My Gain: Low Stake Attacks on Liquid Staking Pools

Permissionless Proof-of-Stake (PoS) economic security is predicated on the high cost of violating consensus safety or liveness. We show that liquid staking introduces additional risks that are not...

arxiv.org
1
55