The PENGU Spot ETF is the first NFT-based crypto ETF application, as Canary Capital aims to merge NFTs and DeFi—will the SEC approve this groundbreaking move

January 2024 marked a pivotal point in the crypto industry: the US Securities and Exchange Commission (SEC) approved a bunch of 

 (ETFs) after a decade of resisting it. Later that year, several Ethereum (ETH) Spot ETFs were also approved. These early successes encouraged investment funds focused on digital assets to seek approvals for other 

 (AVAX) and other high-cap cryptos have ended up on the SEC's desk in recent months.

Until Mar 20, 2025, one thing had never occurred: an 

-based crypto ETF application. Such a move was thought to border on impossibility, given how stringently and at length the SEC evaluated ETF applications even for established fungible cryptos. And yet, the Canary Capital investment manager submitted an application to the SEC for approval of the first NFT-focused crypto ETF product, the PENGU Spot ETF, triggering a mini-revolution in the emerging space at the junction of crypto and traditional finance.

If approved, this ETF will be the first of its kind in the industry, based on a mix of 

. Many observers expect Canary Capital to struggle mightily for SEC endorsement of its revolutionary product. Nevertheless, the SEC now has a track record of approving crypto ETFs — which raises hopes for both the altcoin ETFs mentioned above and the PENGU Spot ETF application.

The PENGU Spot ETF is a proposed exchange-traded fund (ETF) product introduced by the Canary Capital investment management firm, and is currently awaiting approval by the SEC. 

 on Mar 20, 2025, making this the first crypto ETF product with an NFT component that’s vying for the approval of America's primary financial regulator. The ETF has been registered in the US state of Delaware.

The Pengu Spot ETF's portfolio is envisioned as consisting primarily of PENGU tokens that will make up anywhere between 80% and 95% of total assets held, with the rest allocated to Pudgy Penguins NFTs. Small portions of Solana's SOL coins and Ethereum's ETH tokens will also be included in order to facilitate transactions and liquidity support, as PENGU tokens are mainly issued on the Solana blockchain, and Pudgy Penguins NFTs are an Ethereum-based collection. 

Since Canary Capital will hold these assets and periodically rebalance the portfolio, gas fee payments on Solana and Ethereum will apply, with fees paid in SOL and ETH, respectively.

Launched in 2021 on Solana, the Pudgy Penguins NFT collection consists of 8,888 items, each depicting a cute penguin with a distinct combination of five different traits. In December 2024, the project introduced a related fungible cryptocurrency, the Ethereum-based PENGU token. As of Apr 2, 2025, PENGU is a smaller-cap asset, ranked 191st in the crypto market, with a total 

 of $319 million. In contrast, Pudgy Penguins are among the leading projects in the NFT space, ranked second among all NFT collections, with a market cap of $155 million.

Canary Capital's application to the SEC is unique in two ways: it’s the first ETF with an NFT component, and it marks the first time ETF approval has been sought for a relatively smaller-cap cryptocurrency, PENGU, which isn’t even among the top 100 crypto assets by market cap. All of the other crypto ETF applications approved by the SEC (or currently vying for approval) are based on high-cap, leading assets that are typically ranked within the top 30.

As of Apr 2, 2025, the SEC has had the application for the PENGU Spot ETF application for just two weeks. The regulator has up to 240 days to review such applications, although historically, the SEC has pondered over crypto ETF applications for years. Now, however, the string of Bitcoin and Ethereum Spot ETF approvals in 2024 raises hopes that newer submissions may be subject to an already established evaluation framework — and thus greenlighted much faster.

At the moment, the SEC is also considering spot ETF applications for several high-cap cryptocurrencies, including Dogecoin, Solana, Polkadot, 

 (XRP). If the regulator decides to approve the applications in batch mode — all or several at once — Canary Capital will have reason to hope that its ETF is included.

However, there's been skepticism regarding the PENGU Spot ETF application, with some analysts believing that its chances might differ from those of the larger, more established altcoin ETFs. This isn't surprising, as a PENGU Spot ETF would be a distinct product, being the first NFT-focused ETF. In addition, NFTs have more limited liquidity than fungible cryptocurrencies. 

NFTs may also be harder to valuate objectively. The prices of fungible cryptos are easily sourced from the crypto market, where supply and demand establish their value. In contrast, the limited liquidity and uniqueness of NFTs makes it much harder to price them efficiently.

Moreover, the PENGU token — which will make up most of the proposed ETF — isn't among the most traded assets in the crypto market. Because PENGU has a modest position in the crypto space (along with its origins as a 

), the SEC could view it with more skepticism than it does the leading altcoins.

Naturally, all these factors are just speculation at this point, and we’ll need to wait on the SEC’s initial comments regarding the first NFT-based ETF under their consideration in order to form a more defined view of the product's prospects for approval.

Current impact of the PENGU Spot ETF application on the crypto market

The news of the PENGU Spot ETF application has so far had no appreciable impact on the price of the PENGU token itself. On the day of the application (Mar 20, 2025), the token was trading at around $0.007. Two weeks later, it's still hovering around the same price. 

On the other hand, there's been a modest increase in the average price of Pudgy Penguins NFTs traded on the market: between March 20 and 28, the average price rose by 16% from around $16,450 to $19,120, though it has since retraced slightly to $17,490 as of Apr 2.

Given the modest price effect, investors are likely still cautious about the chances for the PENGU Spot ETF's approval.

However, if it is approved, the broader impact on the crypto market could be far-reaching, as such a step would signify the SEC's openness to both NFT-based ETFs, and ETFs made up of smaller-cap cryptocurrencies, including meme coins. The number of tokenized asset funds that offer NFT-based products would then be likely to increase significantly, facilitating mainstream NFT adoption within traditional financial markets.

An SEC approval of the PENGU Spot ETF may lead to a flurry of further ETF applications based on NFTs in some form. This could even include the first ETFs composed entirely of NFTs. Other crypto asset types — e.g., 

 (RWAs) — may also become candidates for the SEC’s consideration. Furthermore, in the unlikely event that Canary Capital’s PENGU Spot ETF were to be approved ahead of the altcoin spot ETFs currently in the SEC’s pipeline, it would send a very strong signal that those ETF applications are also a sure bet.

The current PENGU Spot ETF application is a pioneering event that may open up opportunities for NFT ETFs and other crypto ETFs based on partial NFT holdings. Although the SEC approved multiple Bitcoin Spot ETFs in early 2024, few people expected an NFT-based ETF to emerge so soon afterward. Probably even fewer expected a meme coin–based ETF to be taken seriously by the SEC. Unique in so many ways, the PENGU ETF flips the entire concept of traditional ETFs on its head.

Canary Capital's attempt to get approval for an NFT-backed ETF is truly a bold undertaking, though observers said the same thing about 

 just a few years ago. Someone needed to become a trailblazer in this area — and Canary Capital has taken up the noble role without hesitation. Now, all eyes are on the SEC as it prepares to weigh in on a product it has never before encountered.

Intermediate

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PENGU Spot ETF: A bold move for NFT investing — or just hype?

In this article, we break down what to expect from Liberation Day and how it could shape the outlook for equities, the US economy and crypto markets.

 April 2, 2025 as "Liberation Day" — a moment he claims will restore America's trade fairness through sweeping reciprocal tariffs. With few concrete details confirmed, global markets remain on edge. Investors are bracing for the economic fallout of a potential trade war, and crypto traders are watching closely to assess the impact on digital assets. In this article, we break down what to expect from “Liberation Day” and how it could shape the outlook for equities, the US economy and crypto markets.

Since returning to the White House in January 2025, President Trump has prioritized reshaping US trade policy with a renewed focus on tariffs. His administration has already announced 

 on all steel and aluminum imports. Many of these actions take effect this week, coinciding with his so-called Liberation Day.

Trump argues that tariffs are a necessary tool to reduce the US trade deficit and force foreign nations to stop what he calls "economic warfare" against the American worker. Treasury secretary Scott Bessent 

 countries with persistent trade surpluses — dubbed the 

 — as primary targets for reciprocal tariffs. These include China, the EU, Canada and Mexico.

However, critics point to the growing risk of a global trade war, with multiple partners already threatening or initiating retaliatory measures. Goldman Sachs recently 

, citing declining business confidence and mounting economic uncertainty. The tariffs, designed to protect US industries, could instead raise prices and weigh on consumer spending.

What to expect from Trump's ‘Liberation Day’ announcement

Trump is expected to reveal his tariff plans in a Rose Garden press conference on April 2. White House press secretary Karoline Leavitt 

 that the president would impose tariffs on "any country that has treated the American people unfairly" — though no nation-specific exemptions have been confirmed. Trump has promised these reciprocal tariffs will be 

While final details remain under wraps, proposals have included both country-wide and sector-specific tariffs. These could range from uniform, percentage-based levies to targeted charges on industries like pharmaceuticals, semiconductors and autos. Trump's advisers, including Trump trade adviser Peter Navarro and commerce secretary Howard Lutnick, claim the new tariffs could generate over $600 billion annually — though many economists dispute this figure.

Delayed tariffs on Canadian and Mexican imports, 

 in early March, are also set to take effect this week. These include taxes on agricultural products, energy goods and automotive components. Trump has also 

 a 25% tariff on imports from countries that purchase oil or gas from Venezuela.

Given the administration's conflicting signals in recent weeks, there's a wide range of potential outcomes. Whether “Liberation Day” ushers in immediate enforcement, additional delays or future negotiation rounds remains to be seen. For now, uncertainty reigns.

Potential impact on the US economy and global markets

Economists warn that broad-based tariffs could lead to slower US growth, higher consumer prices and widening inequality. Goldman Sachs now 

 Trump's trade policies to reduce annual GDP growth to 1.5% from 2%, while the odds of a recession are being raised from 20% to 35%.

Global equity markets have already shown signs of stress. European and Asian indices dipped ahead of “Liberation Day,” while the S&P 500 and Nasdaq-100 

 in March (respectively). Auto manufacturers, tech firms and retailers could be especially vulnerable if tariffs disrupt global supply chains.

There's also the question of the Federal Reserve's response. With inflation risks rising, policymakers may hold off on anticipated rate cuts, further complicating the economic outlook heading into Q2.

How will ‘Liberation Day’ affect the crypto industry?

Crypto markets have mirrored broader risk sentiment over the past quarter, with investors reducing exposure amid macroeconomic turbulence. As of April 1, the 

 is down 16.9% year-to-date. Bitcoin has fallen 10.48%, Ethereum 44.2% and Solana 33% — despite reaching new highs in January on hopes for pro-crypto policies from the Trump administration.

Investor optimism has since cooled as recession risks, inflation concerns and policy unpredictability drive a risk-off mood. Bitcoin dipped to $81,656 over the weekend, marking its weakest Q1 since 2018. Traders remain cautious ahead of “Liberation Day,” awaiting clarity before opening new positions.

“Liberation Day” could further weigh on crypto prices if market volatility increases and capital rotates out of risk assets. However, some analysts believe any resulting sell-off may offer an opportunity to 

 — especially if Trump follows through on crypto-friendly regulation later this year. For now, though, many eyes are on April 2.

With details still unknown, the crypto market remains in a "wait-and-see" phase. “Liberation Day” could mark a turning point — for better or worse — depending upon the scope and execution of Trump's tariff agenda.

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Trump's 'Liberation Day': What it means for crypto markets

Grayscale has filed to convert its private Digital Large Cap Fund, which includes Bitcoin, Ethereum, XRP, Solana, and Cardano, into a publicly available exchange-traded fund (ETF). 

Daily top performer — Compound Finance (COMP)

The S&P 500 rose 0.38% as investors awaited new tariffs amid weak factory data and declining job openings. Gold eased to $3,113 after hitting a record high, driven by profit-taking ahead of Trump's tariff announcement, but remains strong due to safe-haven demand and economic uncertainties. The Coindesk Indices, which tracks the broader crypto market, are up by 1.30%, with Bitcoin and Ether are up 3.10% and 5.19%, respectively, in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is COMP, up 14.3%, following the proposal for the creation of a foundation to ensure consistent leadership and coordination by Compound.

Compound Finance (COMP), launched in September 2018, is a DeFi lending platform that allows users to earn interest on crypto assets. Built on smart contracts, it adjusts interest rates based on supply and demand, connecting lenders and borrowers without intermediaries. In June 2020, Compound decentralized with the launch of COMP and full governance transfer. However, it lacks a core operational pillar. With Compound v4 development and increased community engagement, the need for consistent leadership has grown. To address this, Compound Labs 

 creating a Compound Foundation for structure, clarity, and coordination, similar to other ecosystems like Uniswap.

Check out the latest prices, charts, and data of 

 to convert its private Digital Large Cap Fund, which includes Bitcoin, Ethereum, XRP, Solana, and Cardano, into a publicly available exchange-traded fund (ETF). The fund, which currently holds 79.4% Bitcoin and 10.69% Ethereum, has grown by 478.83% since its launch in 2018. The conversion would allow everyday investors to access the crypto market, covering about 75% of the digital asset market cap. If successful, it would eliminate the current barrier that restricts access to accredited investors. The filing is still in progress, with management fees and other details pending.

Yesterday, BTC spot ETF had a total outflow of $157.8 million, with GBTC seeing a loss of $10.1 million and non-GBTC products losing $147.7 million.

 that its airdrop might be approaching, with a claim page now live. Registration for the airdrop runs from April 2 to April 17, and claims are expected to open on April 22. However, nothing has been officially confirmed yet. Stay tuned for updates.

Beginner

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Grayscale files to convert digital large cap fund into publicly accessible crypto ETF

In this guide, we'll dive into how to trade crypto with the Bybit app, a convenient and feature-rich platform. Explore spot and derivatives trading for beginners on the Bybit app.

Welcome to our step-by-step guide on trading using the Bybit app. In this article, we’ll walk you through everything you need to know — from downloading the app and setting up your account to executing spot, margin and derivatives trades. Bybit is a leading cryptocurrency exchange that offers a fully localized and user-friendly mobile experience, making it easy for both beginning and seasoned traders to manage their investments seamlessly.

First, download the Bybit app from the App Store (iOS) or Google Play (Android). Once you’ve installed the app, open it and select your preferred language.

 and register using your email address or phone number. Complete the verification process by submitting your mainland Chinese ID or passport as required. This step is crucial to ensure your account is secure, and to unlock higher withdrawal limits.

After verifying your identity, head over to the 

 tab to fund your account. You can directly deposit cryptocurrencies like BTC or USDT. Our 

 (UTA) streamlines fund management, allowing you to trade seamlessly across different markets without the hassle of multiple wallets.

Spot trading with Bybit lets you buy or sell cryptocurrencies at current market prices with immediate settlement.

To begin, log in to the app and tap on the 

Choose your desired trading pair, such as BTC/USDC or ETH/USDT, from the list.

 lets you specify a price at which you want to buy or sell. 

Enter the amount you wish to trade, review the details and confirm your order.

Once your order is executed, monitor its status in the 

Bybit has an intuitive interface that displays real-time updates, so you can track your trades anytime with ease. 

How to execute a spot margin trade with the Bybit app

For traders looking to leverage their positions, Bybit offers a spot margin trading feature that allows you to borrow funds to increase your buying power. Start by logging into your account and tapping on 

Choose a trading pair, such as ETH/USDC, which supports margin trading with leverage options of up to 10x. 

Once your trading pair is selected, you’ll need to select the margin amount (e.g., 

 at which you want your limit order to execute.

You’ll also see several other important metrics, such as 

Enter the amount you wish to trade, and then carefully review all of the details.

After confirming your order, your margin trade will be executed. You can track your position in the 

 tab, where you can also set up stop-loss or take-profit orders to manage risk. 

How to trade derivatives with the Bybit app

Bybit also offers derivatives trading, which allows you to speculate on the price movements of cryptocurrencies without actually owning the underlying assets. Derivatives include Futures and Perpetual contracts, which can be traded with leverage, sometimes up to 100x.

To start, log in to your account and tap on 

Set your desired leverage (e.g., 50x) and choose between 

 margin modes, based on your risk preference.

 (if using limit or conditional orders) and 

Once you’re satisfied with your parameters, confirm your order and your position will appear in the 

Trading with the Bybit app offers numerous advantages that make managing digital assets both efficient and secure. The platform’s user-friendly design, high-speed execution and comprehensive risk management tools cater to traders of all levels. Our Unified Trading Account (UTA) streamlines fund management by consolidating assets for spot, margin and derivatives trading under one account, which reduces operational complexity and enhances overall efficiency. This streamlined approach lets you focus on strategy rather than logistics.

Additionally, Bybit’s state-of-the-art security measures — such as multi-factor authentication, regular independent audits and cold storage of assets — ensure that your transactions are conducted safely and transparently. With an interface designed to minimize distractions and provide real-time data, you can quickly monitor market movements and adjust positions. 

Our commitment to a secure and reliable trading experience is evident in our continuous improvements and proactive customer support. These features empower you to make informed trading decisions, fostering confidence in your ability to navigate the dynamic crypto market.

Bybit delivers a secure, robust and intuitive mobile platform that simplifies cryptocurrency trading for everyone. In this guide, we’ve explored how to set up an account, fund it and execute various types of trades — spot, margin and derivatives — using a fully localized and user-friendly interface. Our Unified Trading Account and comprehensive risk management tools ensure a smooth trading experience so you can focus on growing your investments.

Looking ahead, Bybit remains dedicated to innovation and excellence in the crypto industry. We continually refine our platform, based on user feedback and market trends, ensuring that you have access to the latest tools and features. Our commitment to transparency and security underpins everything we do as we build trust and empower traders. 

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How to trade with the Bybit app

Bybit Learn

Investing

Liquid staking has emerged as a revolutionary solution that combines the benefits of staking with the flexibility and liquidity of decentralized finance (DeFi)

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In the ever-evolving world of cryptocurrencies, liquid staking has emerged as a revolutionary solution that combines the benefits of staking with the flexibility and liquidity of 

 (DeFi). But what exactly is liquid staking, and how does it differ from traditional staking methods? In this post, we delve into the world of liquid staking, its mechanisms, advantages, potential risks, and popular protocols and use cases.

Liquid staking presents a method for users to stake tokens in 

 (PoS) blockchains, all while preserving liquidity and flexibility, presenting a superior alternative to traditional staking techniques. With the issuance of liquid staking derivatives, such as Liquid Staking Tokens (LSTs), users receive a receipt for their staked tokens, which can then be used in various DeFi protocols and blockchain applications, representing the staked tokens and providing additional benefits for the user.

The most noteworthy advantage of liquid staking is the heightened liquidity it provides, affording users immediate access to their funds without the need to wait for lockup periods to conclude. This flexibility allows users to participate in other DeFi protocols, potentially maximizing their rewards and making their assets work harder for them.

 users lock up their assets in a smart contract, securing the blockchain network and earning rewards for doing so. However, this method has its limitations, as the staked assets are often locked up for a fixed period, limiting the user’s ability to:

This lack of flexibility can be a barrier for users who want to actively manage their assets and participate in the dynamic DeFi ecosystem.

Contrarily, liquid staking provides tokenized representations of staked assets, allowing users to employ them across a range of DeFi protocols and still accrue rewards from the staking operation. This added liquidity and flexibility make liquid staking an attractive option for users who want to maximize their investment potential and take full advantage of the opportunities that DeFi provides.

Liquid staking can be broken down into three phases: staking the asset, issuing 

 (LSTs), and unstaking the asset. The process begins with users depositing their tokens on a 

 platform, which verifies and securely stores them in a smart contract. At this point, the staked assets are locked up and used to secure the underlying blockchain network, just like in traditional staking.

The second phase involves the issuance of LSTs as a receipt for the staked assets. These LSTs can be traded, swapped, or used as collateral in DeFi protocols, representing the staked tokens and providing liquidity and flexibility to the user.

Eventually, when users choose to unstake their assets, they extinguish the LSTs to regain their unstaked coins.

When users deposit their tokens on a liquid staking platform, the platform performs the following steps:

Once the assets are staked, the liquid staking platform issues Liquid Staking Tokens (LSTs) to represent the staked assets. These LSTs can be traded, swapped, or utilized as collateral in DeFi protocols, providing liquidity and flexibility to the user while maintaining a connection to the staked assets.

This grants users the ability to engage in diverse DeFi activities and possibly boost their returns, concurrently earning staking rewards from the underlying 

LSTs enable users to engage in DeFi activities, like 

 and lending, while still obtaining staking rewards. This composability of LSTs with other DeFi protocols allows users to maximize their investment potential, taking full advantage of the rapidly changing DeFi landscape, and potentially earning higher returns than with 

One of the standout benefits of liquid staking is the instant liquidity it delivers. Unlike traditional staking, where assets are locked up for a fixed period, liquid staking allows users to access their staked assets at any time through the use of LSTs. This flexibility enables users to participate in other DeFi protocols and investment opportunities, maximizing their investment potential and making their assets work harder for them.

Another advantage of liquid staking is its composability with DeFi protocols. LSTs can be used as collateral on both centralized and decentralized exchanges or lending pools, enabling users to participate in yield farming and lending activities while still earning staking rewards. This composability allows users to take full advantage of the opportunities that DeFi provides, potentially increasing their returns without additional investment.

Liquid staking further levels the playing field in the staking process, improving accessibility for users with smaller stakes. As a liquid staking provider, traditional staking often requires a larger stake and can be more complex to set up, while decentralized liquid staking allows users to stake as little or as much as they want and still use the tokenized assets in DeFi protocols. This accessibility makes it easier for users to participate in the staking process and benefit from the rewards it offers, contributing to the growth of the liquid staking market. As a result, liquid staking platforms are becoming increasingly popular among cryptocurrency enthusiasts, with many seeking out reliable liquid staking services to make their liquid staking work effectively.

Regardless of its manifold benefits, liquid staking carries its share of risks and possible disadvantages, making liquid staking risky for some investors. One significant risk is the potential for smart contract exploits, which could result in the theft or loss of the backing of the liquid staking token. Ensuring the security of the smart contract is crucial to the success of liquid staking, but the possibility of vulnerabilities still exists.

Price volatility of LSTs is another potential drawback of liquid staking. As LSTs are traded on the open market, their value can fluctuate independently of the underlying staked asset, potentially leading to losses for users if the LST’s value declines. This price volatility adds an element of market risk to the liquid staking process, which users should be aware of and factor into their investment decisions.

Moreover, liquid staking usually imposes higher fees compared to other staking techniques, attributed to the increased complexity of the procedure and the necessity to sustain the liquid staking platform. These fees may cut into the potential rewards earned by users, making liquid staking a potentially less attractive option for those who are more fee-conscious.

Numerous liquid staking protocols have risen to prominence in the cryptocurrency arena, with each providing services for a variety of assets like ETH, MATIC, and SOL. Among these protocols are Lido, 

, and Stakewise, which have become widely utilized for their user-friendly interfaces and robust feature sets.

, for example, is a liquid staking protocol that was launched in 2020 and offers a 10% fee for its services. It supports ecosystems such as:

This provides users with numerous options for staking their assets and earning rewards.

 protocol that offers the following features:

Liquid staking holds a pivotal role in the DeFi ecosystem, especially in relation to yield farming activities. By utilizing LSTs, users can:

One notable example of a liquid staking protocol that enables users to participate in yield farming is Tempus Finance. This protocol allows users to gain a fixed income on their tokens while supporting the majority of reward-giving tokens on the Ethereum and Fantom blockchains, such as:

By utilizing Tempus Finance, users can maximize their returns by taking advantage of the various DeFi opportunities offered by the platform.

Another practical use of liquid staking is the potential to leverage staked crypto assets on platforms akin to Hubble Protocol. Users can obtain up to 11x leverage on collateral, enabling them to make the most of their existing crypto assets and gain access to additional investment opportunities or cover unforeseen expenses.

Liquid staking has emerged as a game-changing solution in the cryptocurrency and DeFi space, combining the benefits of staking with the flexibility and liquidity of DeFi protocols. By utilizing LSTs, users can maintain access to their staked assets while earning rewards and participating in various DeFi strategies, maximizing their investment potential and making the most of their assets.

However, liquid staking is not without its risks and potential drawbacks, such as smart contract vulnerabilities, price volatility of LSTs, and higher fees compared to traditional staking methods. As such, users should carefully consider these factors when deciding whether to engage in liquid staking and choose a reputable protocol that aligns with their investment strategy and risk tolerance.

Liquid staking offers a number of advantages, including the ability to earn staking rewards without sacrificing liquidity, and increased rewards due to the ability to use tokens for other purposes, such as collateral for loans or trading on other platforms.

Liquid staking can be risky, depending on the platform and smart contract used. It is important to choose reputable liquidity providers and cross-check any contracts before signing them.

Liquid staking is a software solution that enables users to stake crypto assets on a proof of stake (PoS) network, receive a liquid staking token (LST) and access liquidity while earning rewards. With liquid staking, users can access their locked funds for other crypto-based activities.

What is the difference between traditional staking and liquid staking?

Traditional staking requires locking up of assets for extended periods, while liquid staking provides stakers with increased liquidity and capital efficiency through the use of receipt tokens and the ability to buy/sell on centralized or decentralized exchanges.

Liquid staking offers the benefit of unlocking assets while also providing increased rewards. However, there is a risk of token de-pegging associated with it. Overall, liquid staking can be worth it if you're comfortable with the risks involved.

What Is Liquid Staking & How Does It Work?

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards