Coin Pick Update: Non-custodial Liquid Staking Provider on Ethereum

We had another look at this liquid staking provider on Ethereum. We continue to be bullish on its native coin because this system has crossed the hardest threshold: it’s no longer optional infrastructure. Capital keeps locking in not because of hype, but because the risk-adjusted return and liquidity constraints are largely gone. Usage keeps compounding through operators, not just users, which makes the growth sticky and hard to unwind. The economic design has shifted from pure emissions to real cash-flow participation, aligning long-term incentives instead of farming mercenaries. Importantly, it benefits from structural tailwinds — rising participation rates, institutional comfort, and increasing pressure to decentralize critical infrastructure — without relying on a single growth narrative. Even if yields compress, scale and embeddedness matter more than headline APR. At this point, betting against it means betting that participants voluntarily give up yield, liquidity, and control at the same time.