Top 11 Liquid Staking Platforms in 2024

Liquid staking involves staking crypto and receiving liquid staking tokens in return. It is important you do not confuse liquid staking with traditional crypto staking. This new concept allows you to receive liquid staking tokens and earn more rewards. You can use these liquid crypto-staking tokens in place of your original crypto.

Let us explain with an example. In traditional crypto staking, you can stake crypto tokens for a certain staking period. In exchange, you will get rewards. Here, As long as the original tokens are locked, you cannot use them. But if you unstake these tokens, you cannot earn staking rewards. In liquid crypto staking, you can stake crypto tokens and get liquid staking tokens. You can further stake liquid tokens and earn more rewards. Or, trade with other tokens or sell to make some profits. You can also use liquid staking tokens for lending and borrowing purposes on different DeFi platforms.

Lido Finance is the most popular and largest liquid staking platform and is suitable for beginners. It holds more than $14 billion in total value locked (TVL) combining Ethereum, Polygon, and Solana liquid tokens. Lido is the best choice without any doubt if you are looking to get started with liquid staking.

Dexboss is aware that many prospective users of the DeFi service may find the relative novelty and higher degree of difficulty problematic. To make the required DeFi actions as simple and understandable as possible, Dexboss should incorporate a suite of tools and services. The goal of this approach is to streamline decentralized financial systems and move DeFi closer to the point where broad adoption might be possible. Dexboss has essential features to address specific problems in the current DeFi environment, as you may remember.

Coinbase liquid staking platform stands second with a total value locked (TVL) of more than $2 billion as per DefiLama. This platform is best suitable for both beginners and institutional investors. Similar to how Coinbase makes investing simple for users, its staking platform also simplifies the liquid staking of Ethereum.

Rocket Pool is also one of the largest liquid staking platforms and it is suitable for community-driven staking. The protocol itself is owned and run by a community and it has a strong online presence on the Reddit social media platform. It holds over $1.8 billion total value locked (TVL) as of August 2023. Its unique feature is you can stake as low as 0.01ETH and start earning rewards. 

The next liquid staking platform on the list is Frax Ether with more than $400 million total value locked (TVL) as per DefiLama. Despite being a new platform, it gathered a fan base with attractive features. It works based on its Frax ecosystem to maximize yield and simplify the staking process.

Stake Wise is an open-source liquid staking platform that was launched in 2021. It has around $170 million total value locked (TVL) as of August 2023. This platform is built and run by some of the leading node operators of Ethereum. The operators use standard infrastructure and special tokenomics to provide high yields.

The largest crypto exchange in the world, Binance also started offering liquid staking services to users. Unlike other platforms, the staking rewards earned on Binance varies based on on-chain Ethereum staking rewards. As per DeFiLama, Binance holds over $170 million total value locked (TVL) as of August 2023.

Marinade Finance is also one of the top liquid staking platforms but it supports only the Solana network. The total value locked (TVL) on this platform is a bit more than $150 million as of August 2023. With this platform, you can create and use automated staking strategies.

Stader Labs is the next best liquid staking platform that you can use in 2023. As of August 2023, its total value locked (TVL) is around $120 million. It is one of the largest multichain platforms because it supports 7 blockchain networks. You can ensure that your funds are safe with Stader because it is certified by CertiK, Peckshield, and Halborn.

Ankr liquid staking platform is also suitable for multi-chain staking since it supports 7 blockchain networks. The total value locked (TVL) on Ankr is around $90 million as of August 2023. Apart from staking, it also provides bridge services and helps companies in running their own blockchains. 

The next best liquid staking platform is EigenLayer. It holds a total value locked (TVL) of around $85 million as of August 2023. The platform introduced the “Restaking” concept so that users can get more yield. Users can restake their existing liquid staking tokens to earn more yield. However, it also brings some risk along with more earning opportunities.