The Business Model of LSTs: Banks, Bribes, and LSTaaS | Adrian & Vance
Bell Curve
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The Importance of a Bank Structure in Cryptocurrency
The description of a bank is, is I think an interesting model to help people get comfortable with the way that this liquid staking protocol works. So when someone purchases ST or any other liquid staking token, they're not actually doing the staking themselves. They are transferring that stake out somewhere else. And that stick is being staked by another party. But it is also very important to note that in the case of both maker down as teeth, unlike in the cases of JP Morgan,. These are not actually custodial so they don't fulfill many of the conditions that would actually make them backs. The more interesting explorations and insights come from looking at places where it does not look like
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