# Liquid Staking crypto coins — market cap, protocol fees and revenue

> Liquid Staking vs Bitcoin — Relative Strength & Breadth

Bottom line: Lido DAO ranks first for research priority in Liquid Staking crypto at 67.4/100, and its native activity evidence clears the coverage gate. The theme's 13-week excess versus Bitcoin is +31.3% on 25% breadth, which is what decides whether that lead is isolated or broad. 3 of the 12 assets here carry enough native evidence to move past a tape-led label.

## Agent research brief

- What matters now: Liquid Staking is +31.3% versus Bitcoin over 13 weeks. Only 25% of covered assets are above trend; leadership is narrow.
- Best research lead: Lido DAO ranks first at 67.4/100 with 87% total evidence and 74% native evidence.
- The contradiction: 3/12 assets clear the native-evidence gate; the rest should not be treated as fundamentally confirmed.
- What to do with it: Keep this as a research queue, not an entry list. The market gate reopens only when Bitcoin trend and sector breadth improve.

Data: price 2026-07-24; protocol 2026-07-24; chain users/transactions unavailable; chain TVL 2026-07-24; market-cap snapshot 2026-07-04.

## 4-Factor Crypto Evidence Score

A within-theme research-priority score for the 12 assets in Liquid Staking, out of 100. The four displayed point contributions add exactly to the total, and the market regime changes the action label, never the arithmetic. Lido DAO is highest at 67.4/100 on 87% evidence. It ranks research attention, not portfolio action.

1. Lido DAO (LDO): 67.4/100 — Constructive watch · market gate closed; 29.6 + 12.2 + 15.7 + 9.9 = 67.4; evidence 87%; native evidence 74%
   Decision use: Price leads usage. Wait for fees, users or TVL to confirm the move.
2. SSV Network (SSV): 44.3/100 — Lagging · market gate closed; 4.8 + 22.3 + 7.5 + 9.7 = 44.3; evidence 82%; native evidence 64%
   Decision use: Usage leads price. This is early diligence, not breakout confirmation.
3. Rocket Pool (RPL): 43/100 — Lagging · market gate closed; 18.8 + 8.6 + 7.5 + 8.1 = 43.0; evidence 81%; native evidence 62%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
4. Jito (JTO): 64.9/100 — Tape-led · on-chain proof incomplete; 28.1 + 15.0 + 10.0 + 11.8 = 64.9; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
5. Ether.fi (ETHFI): 56.6/100 — Tape-led · on-chain proof incomplete; 20.7 + 15.0 + 10.0 + 10.9 = 56.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
6. Hastra PRIME (PRIME): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
7. Babylon (BABY): 47.9/100 — Illiquid · research only; 17.5 + 14.4 + 10.0 + 6.0 = 47.9; evidence 17%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
8. Bifrost (BFC): 47.5/100 — Tape-led · on-chain proof incomplete; 17.5 + 12.5 + 10.0 + 7.5 = 47.5; evidence 5%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
9. Lorenzo Protocol (BANK): 47.2/100 — Illiquid · research only; 17.5 + 15.0 + 10.0 + 4.7 = 47.2; evidence 12%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
10. Bedrock (BR): 46.5/100 — Illiquid · research only; 15.3 + 15.0 + 10.0 + 6.2 = 46.5; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
11. Origin Token (OGN): 38.8/100 — Illiquid · research only; 7.9 + 15.0 + 10.0 + 5.9 = 38.8; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
12. Kinetiq (KNTQ): 38.4/100 — Illiquid · research only; 10.9 + 15.0 + 10.0 + 2.5 = 38.4; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

## Which projects are generating the most network fees?

What the numbers say: Lido DAO leads Liquid Staking crypto on Trailing 12-month fees at $752.8M, 1550% ahead of Rocket Pool. 1 of 3 assets with comparable change data is growing, fastest at SSV Network. Coverage is 3 of the 12 assets in this theme, through the Q2 2026 calendar quarter.

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.

- Lido DAO (LDO): $752.8M
- Rocket Pool (RPL): $45.6M
- SSV Network (SSV): $2.5M

## Which projects convert activity into protocol revenue?

What the numbers say: Lido DAO leads Liquid Staking crypto on Trailing 12-month revenue at $73.7M, 2901% ahead of SSV Network. 1 of 2 assets with comparable change data is growing, fastest at SSV Network. Coverage is 3 of the 12 assets in this theme, through the Q2 2026 calendar quarter.

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.

- Lido DAO (LDO): $73.7M
- SSV Network (SSV): $2.5M
- Rocket Pool (RPL): $0

## Where is capital actually committed on-chain?

What the numbers say: Lido DAO leads Liquid Staking crypto on Quarter-end TVL at $14.5B, 83% ahead of SSV Network. 0 of 4 assets with comparable change data are growing. Coverage is 5 of the 12 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.

- Lido DAO (LDO): $14.5B
- SSV Network (SSV): $7.9B
- Babylon (BABY): $3.1B
- Rocket Pool (RPL): $859.8M
- Bifrost (BFC): $11.8M

## Every asset

- Lido DAO (LDO) — 90d 0.0%; RS-BTC +17%; score 67.4; activity protocol
- SSV Network (SSV) — 90d -29%; RS-BTC -12%; score 44.3; activity protocol
- Rocket Pool (RPL) — 90d -9.1%; RS-BTC +8.3%; score 43; activity protocol
- Jito (JTO) — 90d +75%; RS-BTC +93%; score 64.9; activity tape only
- Ether.fi (ETHFI) — 90d -4.5%; RS-BTC +13%; score 56.6; activity tape only
- Hastra PRIME (PRIME) — 90d —; RS-BTC —; score 50; activity tape only
- Babylon (BABY) — 90d —; RS-BTC —; score 47.9; activity protocol + chain TVL
- Bifrost (BFC) — 90d —; RS-BTC —; score 47.5; activity chain TVL
- Lorenzo Protocol (BANK) — 90d —; RS-BTC —; score 47.2; activity tape only
- Bedrock (BR) — 90d -13%; RS-BTC +4.5%; score 46.5; activity tape only
- Origin Token (OGN) — 90d -30%; RS-BTC -13%; score 38.8; activity tape only
- Kinetiq (KNTQ) — 90d -14%; RS-BTC +3.0%; score 38.4; activity tape only

## Limitations

- Crypto network activity is not company earnings. Protocol revenue does not automatically accrue to token holders.
- Market-cap values are a dated universe snapshot, not point-in-time historical supply data.
- Current category labels are applied to historical prices; this creates survivorship and taxonomy hindsight.
- Funding rates, open interest, liquidations, exchange flows, unlock schedules, historical circulating supply and developer activity are not held and are not inferred.
- Equal weighting is used for sector history because true historical market-cap weights are unavailable.

## FAQs

### What is Liquid Staking crypto?

Liquid Staking crypto refers to cryptocurrency projects grouped by what they actually do rather than by market fashion. This page tracks 12 such coins by market cap, price and Bitcoin-relative strength, with protocol fees and revenue where a project publishes them. Readings are as of 2026-07-24.

### What is the total market cap of Liquid Staking crypto coins?

The Liquid Staking coins on this page are tracked against a universe of 894 of the top 1,000 crypto currency assets by market cap. Market-cap metadata is dated 2026-07-04, separately from the price series, and each coin's own figure is in the table on this page.

### Are Liquid Staking crypto coins outperforming Bitcoin?

Liquid Staking has returned -14.2% versus Bitcoin over 52 weeks and +31.3% over 13 weeks on an equal-weight current-member index. 2/8 covered assets are above their 200-day averages as of 2026-07-24.

### Which Liquid Staking asset has the strongest research score?

Lido DAO ranks first at 67.4/100: 29.6 + 12.2 + 15.7 + 9.9 = 67.4. It is labelled “Constructive watch · market gate closed” with 87% overall evidence and 74% native-economics evidence.

### How is the Liquid Staking 4-factor score calculated?

The exact sum is Market leadership /35 + Network and economic traction /30 + Value capture /20 + Liquidity and downside risk /15. Missing data pulls only the affected factor toward neutral and lowers evidence; it is never silently reweighted.

### Why can a Liquid Staking asset be labelled tape-led?

Tape-led means price and relative-strength evidence exists but less than half of the native traction and value-capture evidence is available. Such assets remain visible but rank below fully evidenced assets.

### Does protocol revenue accrue to the token?

Not necessarily. Protocol fees and revenue measure network economics; token-holder value depends on the protocol’s burn, buyback, staking, distribution and governance rules. This page never assumes accrual merely because revenue exists.

### Does crypto have a P/E or PEG ratio?

No comparable company-style P/E or PEG is used. Where coverage permits, the page shows network fee yield and protocol-revenue yield against a dated market-cap snapshot, with an explicit token-accrual caveat.

### How much history is shown for Liquid Staking?

The page shows five years of weekly price and relative-strength history and 20 complete calendar quarters of on-chain activity where available. Missing periods remain gaps.

### Why do the crypto data dates differ?

Prices and technical metrics run through 2026-07-24; protocol activity through 2026-07-24; chain users and transactions through the latest available chain date; chain TVL through 2026-07-24; market capitalisation is a separate snapshot dated 2026-07-04.

### Are stablecoins and wrapped tokens included in Liquid Staking?

No. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they do not have independent price discovery.

### Can one token appear in multiple raw crypto categories?

Yes, but public MLA pages assign each asset to exactly one functional theme using a specific-to-general first-match taxonomy. Liquid Staking therefore has one canonical membership list.

### What would invalidate the current Liquid Staking theme read?

The read weakens if the sector’s 13-week relative return versus Bitcoin falls below zero, fewer than one-third of covered assets remain above the 200-day average, and the leading asset’s native activity also contracts.

### Does this page include funding rates, open interest or token unlocks?

No. Those datasets are not held in the current research store, so the page names them as unavailable rather than inferring them from price.

### Which projects are generating the most network fees?

Lido DAO leads Liquid Staking crypto on Trailing 12-month fees at $752.8M, 1550% ahead of Rocket Pool. 1 of 3 assets with comparable change data is growing, fastest at SSV Network. Coverage is 3 of the 12 assets in this theme, through the Q2 2026 calendar quarter. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.

### Which projects convert activity into protocol revenue?

Lido DAO leads Liquid Staking crypto on Trailing 12-month revenue at $73.7M, 2901% ahead of SSV Network. 1 of 2 assets with comparable change data is growing, fastest at SSV Network. Coverage is 3 of the 12 assets in this theme, through the Q2 2026 calendar quarter. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.

### Where is capital actually committed on-chain?

Lido DAO leads Liquid Staking crypto on Quarter-end TVL at $14.5B, 83% ahead of SSV Network. 0 of 4 assets with comparable change data are growing. Coverage is 5 of the 12 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.

### Which Liquid Staking project has the largest fee base?

Lido DAO leads covered trailing-12-month fees at $752.8M. Coverage is 3/12; this is network activity, not automatically token-holder income.

### Which are the biggest Liquid Staking crypto coins by market cap?

Hastra PRIME is the largest Liquid Staking crypto coin by market capitalisation at $398.2M, ahead of Ether.fi at $380.1M and Jito at $350.9M. The 12 Liquid Staking coins on this page carry $1.6B between them, with a market-cap figure on file for 12 of them. Market-cap metadata is dated 2026-07-04.