April 2026
Intermediate
288 pages
9h 2m
English
Content preview from Financial Mathematics for Cryptocurrencies
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CHAPTER 18Other Staking Contracts
18.1 LIQUID STAKING
Historically, the staking contract did not allow exit once tokens were staked, although recent updates have gradually allowed for withdrawals. LST emerged as a solution by providing transferable tokens that represent staked assets.
Liquid staking remains relevant given the illiquidity1 of staked tokens, as discussed in Section 17.4. LST effectively transform the nontradable staking contracts analyzed in Chapter 17 into tradable tokens. We compare liquid staking with direct staking in Table 18.1.
TABLE 18.1 Comparison Between Direct Staking and Liquid Staking
| Direct Staking | Liquid Staking | |
|---|---|---|
| Entry Payment | Principal paid in full at initiation | Principal exchanged for LST at protocol value |
| Settlement | Activation and exit queues | Instant via secondary market |
| Liquidity |
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