Recently, I don't think the news that LSTs are not securities and the expectations for Ethereum ETF staking are positive for 'protocols' like $LDO / $RPL.
In the case of Sharplink, they are purchasing Ethereum and immediately staking it, but they are doing so directly through Pigments rather than the LST protocol. Just because ETF staking is allowed doesn't mean institutions need to take on protocol risk at all.
I think having advanced thoughts about LST protocols/restaking could be risky. Rather, one could argue that the pie is gradually losing its strength...
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