How intense has the liquidity staking war been over the past two years? Players like Lido, Rocket Pool, and a major exchange have fought fiercely, with Lido ultimately taking absolute dominance. This fierce competition has carved out a massive market worth hundreds of billions, potentially surpassing trillions in the future.

But do you think the story ends here? Not at all. The bigger narrative is just beginning—how to utilize this huge, yield-generating LST assets to create truly usable financial applications?

From a different perspective: if LSD has mined "digital oil" (interest-bearing ETH), then we are now entering the "refining" stage. The one who can process this "oil" most meticulously and develop the most efficient application scenarios will dominate the high-value position in the next cycle. The most direct and demand-driven approach is—using LST as collateral to mint stablecoins.

One project has precisely positioned itself as a "refinery." It doesn't compete for the front-end staking market (that's the battle of Lido), but focuses on serving the "results" born from staking wars—like bnbETH, stETH, these LSTs. It provides a core value proposition to holders of these assets: they can keep their assets and yields, while also exchanging them for liquid stablecoins for use.

Imagine this: as Ethereum staking rates continue to rise and the (Restaking) trend gains momentum, such demand will become even more rigid. The next opportunity in the LST ecosystem is right here.