Computer Science > Cryptography and Security
[Submitted on 31 Mar 2024
(v1)
, last revised 26 Dec 2024 (this version, v3)]
Title: SoK: Liquid Staking Tokens (LSTs) and Emerging Trends in Restaking
Title: SoK：流动质押代币（LSTs）及再质押中的新兴趋势
Abstract: Liquid staking and restaking represent recent innovations in Decentralized Finance (DeFi) that garnered user interest and capital. Liquid Staking Tokens (LSTs), tokenized representations of staked tokens on Proof-of-Stake (PoS) blockchains, are the leading staking method. LSTs offer users the ability to earn staking rewards while maintaining liquidity, enabling seamless integration into DeFi protocols and free tradeability. Restaking builds upon this concept by allowing staked tokens, LSTs or native Bitcoin tokens to secure additional protocols and PoS chains for supplementary rewards. Liquid Restaking Tokens (LRTs) unlock liquidity of restaked assets. This Systematization of Knowledge (SoK) establishes a comprehensive framework for the technical and economic models of liquid staking protocols. Using this framework, we systematically compare protocols mechanics, including node operator selection, staking reward distribution, and slashing. Our empirical analysis of token performance reveals that protocol design and market dynamics impact token market value. We further present the recent developments in restaking and discuss associated risks and security implications. Lastly, we review the emerging literature on liquid staking and restaking.
Submission history
From: Krzysztof Gogol [view email][v1] Sun, 31 Mar 2024 11:08:12 UTC (4,576 KB)
[v2] Mon, 23 Dec 2024 21:17:41 UTC (4,094 KB)
[v3] Thu, 26 Dec 2024 14:59:40 UTC (3,945 KB)
Bibliographic and Citation Tools
Bibliographic Explorer (What is the Explorer?)
Connected Papers (What is Connected Papers?)
Litmaps (What is Litmaps?)
scite Smart Citations (What are Smart Citations?)
Code, Data and Media Associated with this Article
alphaXiv (What is alphaXiv?)
CatalyzeX Code Finder for Papers (What is CatalyzeX?)
DagsHub (What is DagsHub?)
Gotit.pub (What is GotitPub?)
Hugging Face (What is Huggingface?)
Papers with Code (What is Papers with Code?)
ScienceCast (What is ScienceCast?)
Demos
Recommenders and Search Tools
Influence Flower (What are Influence Flowers?)
CORE Recommender (What is CORE?)
IArxiv Recommender
(What is IArxiv?)
arXivLabs: experimental projects with community collaborators
arXivLabs is a framework that allows collaborators to develop and share new arXiv features directly on our website.
Both individuals and organizations that work with arXivLabs have embraced and accepted our values of openness, community, excellence, and user data privacy. arXiv is committed to these values and only works with partners that adhere to them.
Have an idea for a project that will add value for arXiv's community? Learn more about arXivLabs.