What is liquid staking?

Liquid staking lets you stake crypto and receive a liquid staking token, such as stETH or rETH, in return. That token is a claim on a staked position plus rewards. You can usually trade it, use it in DeFi, or redeem it through the protocol, but its market price can drift from the underlying asset when liquidity is thin.

What is the difference between stETH and rETH?

stETH from Lido uses a rebasing model where the token balance increases as rewards accrue. rETH from Rocket Pool uses an exchange-rate model where each token becomes worth more ETH over time. Both structures can work, but they behave differently inside wallets, tax reporting, and DeFi apps.

Is liquid staking safe?

Liquid staking adds smart contract and token-market risk on top of normal staking risk. Major protocols like Lido and Rocket Pool have been audited and used at scale, but audits do not remove bugs, validators can still be slashed, withdrawal queues can lengthen, and DeFi integrations can fail separately.

Can I use liquid staking tokens in DeFi?

Yes, but treat DeFi reuse as rehypothecation: the same staked exposure is being used again as collateral or liquidity. Tokens like stETH, rETH, mSOL, or jitoSOL can earn base staking rewards while sitting in lending markets or pools, but each extra layer adds liquidation, oracle, pool, and contract risk.

Which is better: Lido or Rocket Pool?

Lido usually wins on liquidity and DeFi support, which matters if you actively rotate positions. Rocket Pool is more decentralized and fits users who care more about validator distribution and censorship resistance. Centralized options like Binance WBETH are simpler, but they add exchange custody risk.

什么是流动性质押？（Lido、Rocket Pool 详解）2026

了解流动性质押

传统质押会锁定您的加密货币一段时间。流动性质押通过给您一个代表质押仓位的衍生代币来解决这个问题。该衍生品可以交易、用作抵押品或存入DeFi协议——同时您的底层质押继续赚取奖励。

流动性质押工作原理

Step 1

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存入ETH

Step 2

收到stETH

Step 3

在DeFi中使用

Result

双重收益！

传统质押 vs 流动性质押

Aspect	传统质押	Liquid
Liquidity	Wait for unbonding or withdrawals	Sell on a market if liquidity is there
DeFi Usage	Staked assets stay idle	Use the receipt token in lending or pools
Yield Optimization	One staking yield source	Can stack yield, but also stack risk
Flexibility	Exit on chain schedule	Exit faster, often with slippage risk
Complexity	Simpler validator risk	Adds token, smart contract, and DeFi risk

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顶级流动性质押协议

比较ETH和SOL的领先流动性质押选项

Lido

ETH → stETH | Ethereum

4.0%

TVL: $25B+

The largest liquid staking protocol, controlling ~30% of all staked ETH. stETH is a liquid staking token that tracks a staked ETH claim, but its market price can move above or below ETH when liquidity is stressed.

Pros

Deepest liquidity and acceptance
Broad DeFi integrations
Daily rebase rewards
No 32 ETH minimum

Cons

10% fee on rewards
Validator concentration concerns
stETH can trade below ETH

Fee: 10% of rewardsDeFi Compatible

Rocket Pool

ETH → rETH | Ethereum

3.8%

TVL: $4B+

A more decentralized liquid staking option. Node operators can run a minipool with 8 ETH plus collateral, and rETH grows through an exchange-rate model rather than wallet rebases.

Pros

More distributed validator set
Permissionless node operators
Accumulating token model
RPL collateral buffer

Cons

Lower liquidity than Lido
Slightly lower APY
Fewer DeFi venues

Fee: 14% of rewardsDeFi Compatible

Binance WBETH

ETH → WBETH | Ethereum/BNB Chain

3.5%

TVL: $2B+

Binance's wrapped staked ETH. It is convenient and fee-free on Binance, but the tradeoff is exchange custody and reliance on Binance redemptions instead of a fully on-chain validator set.

Pros

Zero fees on Binance
Simple stake and redemption flow
Cross-chain utility
Large exchange support

Cons

Centralized custody risk
Lower APY
Less DeFi adoption

Fee: 0% of rewardsDeFi Compatible

Marinade Finance

SOL → mSOL | Solana

7.5%

TVL: $1.5B+

A leading liquid staking protocol for Solana. mSOL represents staked SOL plus accrued rewards and can be used across Solana DeFi, with instant exits depending on pool liquidity.

Pros

Zero management fee
High SOL APY
Wide Solana DeFi support
Instant unstake route when liquid

Cons

Solana-specific
Network outage risk
Liquidity can thin during stress

Fee: 0% of rewardsDeFi Compatible

Jito

SOL → jitoSOL | Solana

8.0%

TVL: $2B+

Solana liquid staking with MEV rewards. jitoSOL holders earn staking rewards plus a share of MEV profits, so returns can improve but are not guaranteed.

Pros

Higher potential APY from MEV
Growing liquidity
Strong DeFi integration
No management fee

Cons

Newer protocol
MEV rewards vary
Solana-specific

Fee: 0% of rewardsDeFi Compatible

收益叠加计算器

了解流动性质押如何通过DeFi实现额外收益

质押金额：$10,000

选择协议

基础质押APY

4.0%

$400.00/year

+ DeFi加速

+5%

（借贷/LP挖矿）

叠加总收益

9.0%

$900.00/year

收益叠加示例： 存入ETH获取stETH（4% APY），然后将stETH存入Aave作为抵押品（赚取额外1-3%），或在Curve提供流动性（赚取额外2-5%的交易手续费 + CRV奖励）。

流动性质押代币的DeFi用例

Aave/Compound上的抵押品

+1-3%

使用stETH作为抵押品借入其他资产，同时赚取质押奖励。

Curve流动性池

+3-8%

在Curve上提供stETH/ETH流动性，赚取交易手续费 + CRV奖励。

杠杆质押

+5-15%

用stETH抵押借入ETH，再质押，反复操作。放大您的质押敞口。

Pendle收益交易

Variable

分离并交易您质押仓位的收益部分。

在Binance上轻松流动性质押（WBETH）

对于想要流动性质押但不想直接与DeFi协议交互的用户，Binance提供零手续费的WBETH。

创建Binance账户

使用TRADEOFF20代码注册，享受20%交易手续费折扣。

存入或购买ETH

将ETH转入您的Binance现货钱包或直接购买。

前往理财 > ETH质押

导航至Binance理财中的ETH质押板块。

质押ETH获取WBETH

质押您的ETH并以1:1获得WBETH。WBETH随时间增值。

Use WBETH

持有赚取质押奖励，在市场交易，或在支持的DeFi中使用。

需要考虑的风险

智能合约风险:流动性质押协议可能存在漏洞。只使用经过审计、久经考验的协议。
罚没风险:如果验证者行为不当，质押的ETH可能被罚没。这会影响您的衍生代币价值。
Depeg Risk:在市场压力期间，stETH/rETH可能以低于ETH的折价交易（如2022年所见）。
监管风险:流动性质押在某些司法管辖区可能面临作为"证券"的监管审查。
复杂性风险:DeFi收益叠加增加了智能合约风险层次。从简单开始。

常见问题

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推荐码

TRADEOFF20

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立即注册

Follow this order after the guide: confirm your baseline staking expectations, compare which chains deserve capital, then decide whether a simpler exchange earn flow fits you better than liquid staking plus DeFi reuse.

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Step 1

Core staking