According to Messari, with Ethereum’s successful transition to PoS, validator real returns have soared from nearly 0% to 6%. The stETH discount is reduced, and more funds flow into the staking contract. Lido had the highest absolute contribution to this growth, while Rocket Pool had the fastest growth in its small base. Layer 2 liquidity has become increasingly critical, with a surge in stETH L2 liquidity following Lido’s announcement of an incentive plan.