质押业务 · 90

Lido analyzes the NEST mechanism: initially adopting a treasury model to connect protocol growth with LDO value

Comparing news, the Ethereum staking protocol Lido DAO published an article explaining the NEST (Network Economic Support Tokenomics) mechanism to bind protocol revenue to LDO token values through on-chain automation to achieve continuous LDO repurchases. NEST is a core component of Lido's “LDO Value Alignment” strategy, which aims to allow LDO holders to more directly share the benefits of the agreement's growth. The mechanism is supported by DAO treasury surplus funds. When Lido's pledged business revenue exceeds the set benchmark, part of the excess revenue will be automatically converted into LDO through CoW Swap. According to the initial parameters set by Lido DAO, the NEST revenue benchmark is $40 million per annualized (approximately $109,000 per day). 50% of the excess amount will be used to repurchase LDO, with a daily repurchase limit of $50,000, and a 365-day cumulative limit of $10 million. Buybacks are carried out on a daily basis, using a permissionless on-chain process. At the beginning of the launch of NEST, the “treasury-only mode” (treasury-only mode) will be used, and the purchased LDO will directly enter the DAO treasury. In the future, when market conditions are right, DAO can switch to LP mode through on-chain voting, using half of the funds to buy LDO and the other half to wstETH, and provide Curve liquidity. Lido said that compared to solutions such as manual regular repurchases, direct token destruction, or simple revenue distribution, NEST uses smart contracts and on-chain governance to achieve a transparent, adjustable repurchase mechanism that does not require manual intervention. The mechanism includes a number of risk control measures, including daily capital limits, adjustment of on-chain governance parameters, price oracle protection, and an emergency suspension mechanism to reduce the risks caused by market manipulation, oracle attacks, and fluctuations in protocol revenue. Earlier backtesting based on revenue data from 2024 to 2025 showed that the NEST model is expected to execute LDO repurchases of approximately $7.09 million, which is in line with the target spending scale. Lido said that in the future, DAOs can adjust relevant parameters through on-chain voting according to changes in the agreement economy. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

8d agoburnking

Ethereum infrastructure company Blockspace establishes and completes a new round of funding, led by BlueYard Capital

In comparison, the Ethereum infrastructure company Blockspace announced its establishment to improve infrastructure outside the protocol under the Ethereum chain and promote access to the Ethereum blockchain space for more applications around the world. Blockspace said that the core business of Ethereum is to provide blockchain space. Currently, more than 90% of the world's Ethereum block space traffic depends on infrastructure other than the protocol, and there are still gaps in this infrastructure in terms of economic model, reliability, performance and service capabilities. Blockspace recently completed a round of financing, led by BlueYard Capital, with participation from ether.fi Ventures, Quasar, SharpLink Gaming, etc. In the future, Blockspace said it will cooperate with the Blockspace Forum and the broader Ethereum community to accelerate the construction of non-protocol infrastructure in the Ethereum transaction process, and its business model depends entirely on ETH. The company will operate and support the Ethereum infrastructure, including the staking business, and receive transaction fee rewards by staking ETH to generate blocks, and then continue to use the proceeds for staking. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

18d agoburnking#financing

Opinion: Waiting 43 days for Ethereum staking is not a clear bullish sign; an empty exit queue makes more sense

Comparing news, Thomas Brunner, head of escrow and staking business at Sygnum Bank, said that the number of Ethereum validators entering the queue has increased to about 2.5 million ETH, and new stakers will have to wait about 43 days to activate, but this data cannot simply be viewed as a bullish sign, because the backlog not only reflects institutional demand, but is also affected by the protocol mechanism. Brunner pointed out that the Dencun upgrade reduced the daily validator entry quota to about 57,600 ETH, and the Pectra upgrade did not increase that amount. At the same time, Pectra allows a single validator to hold up to 2048 ETH and automatically compound interest. Large operators are adding additional stakes to existing validators. Even if only 1 ETH is added, they need to enter the same queue as the new staker. As a result, part of the current backlog comes from the reallocation and compounding of existing stakes, not all of it from the demand for new ETH. In contrast, exiting the queue basically provides a more clear signal that it is empty. Brunner said: “Almost no one has released a pledge, which shows true confidence; entering the queue is measured both by demand and by infrastructure mechanisms. Currently, approximately 41.2 million ETH are pledged, accounting for 33.8% of the circulating supply. He also said that institutions have not stopped participating due to the weakening price of ETH, and many institutions have viewed staking benefits as native attributes of ETH. However, validator addresses, deposit addresses, and withdrawal documents can all be traced, and privacy issues are still the main obstacle for institutions to expand the scale of pledges.

22d ago

Lido launches the biggest upgrade: it will consolidate more than 8 million ETH stakes, and the number of validators is expected to drop by one-third

According to news, Ethereum's largest liquidity staking protocol Lido announced the launch of the largest protocol upgrade since the V2 upgrade in 2023, which will integrate more than 8 million staked ETH (approximately US$16.5 billion) and migrate to the new validator architecture after the Ethereum Pectra upgrade. The migration is expected to reduce the number of validators on the Ethereum network by about one-third, reducing the load on the consensus layer. Lido said that after the upgrade is completed, the number of attestations (attestations) for each epoch of the entire Ethereum network is expected to decrease by about 29%, thereby improving network operation efficiency. This upgrade migrates professional node operators to Curated Module v2 (CMv2) architecture. Unlike previous ones, which mainly relied on operator reputation and historical performance, CMv2 for the first time required Lido selected node operators to provide financial guarantees for node operation performance by locking in ETH as security deposit. Lido said that currently all 34 selected node operators are expected to complete the migration, and no operators have withdrawn due to additional security deposit requirements. Isidoros Passadis, head of Lido staking, said the upgrade will make the pool of validators supporting Lido's core pledge business more streamlined, while improving security through capital constraints. Lido expects this migration to reduce the agreement's annual staking earnings by around 0.28%. Validators will continue to receive rewards until they exit the migration, and loss of revenue may only occur for a short time before the balance is transferred to the new validator.

26d ago

Analysis: BitMine's staking business relies heavily on third party operations, 10-year agreements may raise early exit costs

In comparison, according to CryptoSlate, BitMine's Ethereum staking and verification business is highly dependent on the third-party operator Ethereum Tower. According to the relevant management service agreement, Ethereum Tower holds a 2% irrevocable interest in MAVAN, and the initial period of the agreement is up to 10 years; if BitMine terminates the cooperation early under unspecified circumstances, the other party can still choose to continue receiving revenue shares for the remaining period or receive one-time compensation according to the formula. According to the documents, in the three months up to May 31, 2026, BitMine's pledge and verification business revenue was US$457.43 million, accounting for 98.3% of the total revenue of US$46.535 million. Over the same period, the company held approximately 541.69 million ETH worth approximately $10.856 billion, of which approximately 471.87 million have already been pledged. According to the report, this means that BitMine's revenue performance is not only dependent on Ethereum staking earnings, but is also clearly constrained by third party management relationships and potential cancellation costs.

31d ago

Bitmine added 7430 ETH last week; repurchased approximately 5.5 million shares of common stock at an average price of $15.6156

In comparison, Bitmine Chairman Thomas Stomlee said that the company bought back approximately 5.5 million shares of common stock last week at an average price of $15.6156, with the aim of increasing shareholder value. The buyback comes from a previously approved $4 billion share repurchase program. Meanwhile, Bitmine added 7430 ETH last week. Lee said that since the launch of the Ethereum treasury strategy on June 30, 2025, the company has continued to buy ETH every week, and the recent slowdown in purchases is mainly due to stock repurchase activities. In terms of staking business, as of July 19, Bitmine has staked 4,917,189 ETH worth approximately $9.2 billion, accounting for 85% of its total ETH holdings. The company said it currently has more ETH staked than any other entity in the world. Bitmine is developing the ETH staking business through MAVAN, an institutional-level staking platform, and plans to open the service to institutional investors, custodians, and ecosystem partners in the future. The company anticipates that after all ETH is staked through MAVAN and partners, the annualized staking revenue may reach approximately $290 million. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

33d agoburnking

Bitmine's Ethereum staking revenue reached $45.7 million in the last quarter, accounting for 98% of total revenue

According to the latest 10-Q document submitted by Bitmine Immersion Technologies, as of May 31, the company achieved revenue of about US$45.7 million through the Ethereum staking and verification business, accounting for about 98% of total revenue. In the same period, the company's Bitcoin self-operated mining revenue was approximately US$62.4 million, and the consulting business revenue was approximately US$16.8 million. Bitmine previously stated that it has now pledged around 85% of its ETH holdings, or about 4.9 million ETH. Bitmine Chairman Tom Lee said that with MAVAN, its institutional-grade Ethereum staking platform, fully put into operation, the company expects the annual rewards for the Ethereum staking business to reach approximately $284 million. Additionally, he said that since its launch on July 1, Robinhood Chain's on-chain transaction volume has surpassed $1 billion, and believes it validates the utility of Ethereum as an underlying settlement network. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

38d agoburnking

SOL Strategies Announces $18 Million Acquisition of Houdini Swap

Comparatively, the Canadian listed company SOL Strategies announced that it has completed the previously disclosed acquisition of Houdini Swap. The total value of the transaction is $18 million and will be paid through a combination of cash and SOL Strategies common stock. Houdini Swap is an unmanaged cross-chain transaction aggregation platform focused on privacy protection. Up to now, the platform has processed approximately $2.5 billion in cross-chain exchange transactions and generated more than $13 million in revenue in 2025 through partnerships with 32 trading platforms. SOL Strategies said the acquisition further refines the company's business layout within the Solana ecosystem. In addition to validator infrastructure and liquidity collateral services, the company has now added a new trading business that has been in operation for nearly three years and has stable revenue growth and large-scale transaction volume, further expanding its digital asset infrastructure layout. The acquisition plan was initially announced on May 4, 2026, and is now officially closed. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

81d agoburnking

Cobie's associated address collected and transferred out an LDO of 6.58 million US dollars, and several trading platforms received large deposits

In comparison, according to on-chain analyst @EmberCN monitoring, several addresses linked to well-known crypto KOL and investor Jordan Fish (Cobie) completed asset collection today, transferring a total of 20 million LDOs, worth about US$6.58 million at current prices. Over the past 30 minutes, the LDO mentioned above has been transferred to centralized trading platforms such as Binance, OKX, and Kraken. The market usually sees the transfer of large tokens to trading platforms as a potential signal to sell, so this transfer has drawn the market's attention to the subsequent sell-off pressure on LDO. However, up to now, on-chain data only shows that assets have been recharged, and it is not yet possible to confirm whether they have been sold or only transferred. LDO is the governance token for Lido DAO. Lido is currently one of the largest liquidity staking protocols in the Ethereum ecosystem. Its token trend is often affected by factors such as ETH market sentiment, growth in staking business, and changes in large holders' positions.

81d ago

Bitmine bought 111,942 ETH in the past week, with total assets and holdings of $12.3 billion

In comparison, BitMine Immersion Technologies' total crypto assets, total cash, and “lunar landing project” holdings reached $12.3 billion. The holdings include 5,390,404 ETH worth $2,134 per unit, 203 bitcoins, $200 million in Beast Industries shares, $95 million in Eightco Holdings, and $444 million in cash. Its ETH holdings account for 4.47% of the total ETH supply. The company bought a total of 111,942 ETH in the past week. Furthermore, as of May 25, the company's total amount of staked ETH was 4,712,917, worth $10.1 billion. The 7-day annualized yield generated by its own staking business was 2.75%, and the annualized staking rewards are expected to reach $276 million. The company is currently the world's largest financial reserve entity for ETH companies.

88d ago#On-chain dynamics