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Gate Research Daily Report: On Sep 26, BTC fell below $109K and ETH slipped under $3,900 as markets came under pressure; XPL surged 178% on Plasma mainnet launch; SQD and SKX gained 65% and 25% on tech integration and ecosystem growth; new tariffs and regulatory probes fueled risk-off sentiment, wiping over 4.5% from crypto market cap.

Gate Research Daily Report: On Sep 26, BTC fell below $109K and ETH slipped under $3,900 as markets came under pressure; XPL surged 178% on Plasma mainnet launch; SQD and SKX gained 65% and 25% on tech integration and ecosystem growth; new tariffs and regulatory probes fueled risk-off sentiment, wiping over 4.5% from crypto market cap.

This report provides a systematic review and analysis of the development of liquid staking (LSD) protocols. Since 2020, liquid staking protocols have risen rapidly, with total value locked (TVL) surpassing USD 85 billion, becoming an important bridge between PoS and DeFi. By comparing mainstream protocols such as Lido, Jito, and Rocket Pool, the report highlights the characteristics and competitive dynamics of different models: Lido, leveraging its first-mover advantage and economies of scale, remains the leader in Ethereum liquid staking; Jito has rapidly expanded within the Solana ecosystem by distributing MEV revenue; Rocket Pool, through decentralization and low entry thresholds, has encouraged participation from smaller node operators. With relatively low risk and stable yield characteristics, liquid staking has attracted massive user and capital inflows, and has further given rise to innovative products represented by Pendle, enhancing both capital efficiency and financial diversity.