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The upcoming Shanghai upgrade will unlock over $27 billion in Ethereum, providing rewards for validators who have staked their ETH since 2020. Liquid staking derivatives platforms allow any amount of ETH to be staked, and with rewards now active, the competition for the highest annual percentage rate (APR) is on. This article highlights five LSD protocols that may have a chance to win the competition: $PENDLE$, $SD$, $HORD$, $FXS$, and $BNC$.

Reunderstanding DeFilama: A Powerful Decentralized Finance Data Analysis Tool DeFilama has developed into a comprehensive Decentralized Finance data analysis platform. This article will delve into its main features and how to utilize this data to analyze the DeFi ecosystem and discover investment opportunities. Decentralized Finance Overview DeFilama provides the overall TVL data of the DeFi ecosystem, as well as the TVL rankings by protocol and public chain. It is noteworthy that Lido has become the number one protocol in TVL after the Ethereum merge, with 99.2% of its TVL coming from ETH. In terms of public chain data, in addition to the TVL ranking, you can also check the number of protocols on each chain, changes in TVL over 7 days and 30 days, and other indicators. This data helps to observe the development trends of different public chains from a Decentralized Finance perspective. Protocol Analysis DeFilama has included a large number of Decentralized Finance protocols.

LSDFi, as a DeFi product based on LSD, helps stakers convert ETH into liquidity assets and obtain multiple yields. The market is highly competitive, with various projects emerging, competing for users and market share through different strategies, but the future sustainability and effects of decentralization still need to be followed.

LSDFi is a DeFi product based on LSD that allows users to convert staked ETH into tradable assets, drop the staking threshold, and generate various yield strategies, including LP, circular lending, and Yield, aimed at enhancing liquidity and market share. The LSDFi market is highly competitive; although high yields attract users, risks coexist with returns, and the impact on validators' Decentralization remains limited.

LSDFi is a DeFi product based on LSD, which allows staked ETH to be converted into tradable assets, unlocking liquidity. LSD drops the staking threshold for ETH, allowing any amount to be staked, and after staking, users receive LSD, while also leveraging LSD to generate multiple returns. LSDFi is built on DeFi Legos, and the composability of DeFi is based on yield Legos. New entrants attract users to stake ETH/LSD on their platforms through incentives and other means, thereby gaining market share and control over LSD. Some LSDFi projects use dynamic yield rates to incentivize users to stake on smaller decentralized platforms, aiming for a more decentralized set of validators. The following are the five forms of LSDFi: 1.