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The Business Model of LSTs: Banks, Bribes, and LSTaaS | Adrian & Vance

Bell Curve

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The Role of Steth in the Market

There are 15 billion in Lido TVL so that's about three x the amount of die that's outstanding today. The holders of steth and die, I would call it a wash, they're probably roughly equal. But what's really exciting about Lido specifically is that it has this reserve currency potential that something like a die, you know, in my mind doesn't.

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