Liquid Collective
Liquid Collective is an institutional liquid staking protocol that issues LsETH on Ethereum and LsSOL on Solana, charging a 10% fee on network rewards and distributing tokens via 25+ custodians, exchanges, prime brokers, and DeFi protocols serving regulated institutional clients.
- Company typePrivate
- Founded2022
- HeadquartersGeorge Town, Cayman Islands
- Headcount—
- GTM typeB2B
- OfferingSoftware
What Liquid Collective does
Liquid Collective is an institutional liquid staking protocol founded in 2022 and stewarded by The Liquid Foundation, a Cayman Islands nonprofit. It issues LsETH on Ethereum (and Base L2) and LsSOL on Solana as fungible receipt tokens that accrue network staking rewards via a cToken-style floating conversion rate rather than rebasing. The protocol charges a 10% Protocol Service Fee on network rewards, with 85% of rewards flowing pro-rata to token holders and the remainder split among Node Operators (Coinbase, Figment, Staked, Blockdaemon, Galaxy, ParaFi), platform/distribution partners, the Slashing Coverage Treasury, and the DAO. Differentiated infrastructure includes the three-layer Slashing Coverage Program (Nexus Mutual + on-chain Treasury + Node Operator Commitment), industry-first Node Operator Performance SLAs requiring top-50th-percentile operator performance, the NORS certification framework co-developed with 13+ industry partners under AICPA standards, and Alluvial's SOC 2 Type 1 compliant enterprise APIs that handle KYC/AML-gated mint and burn.
The protocol goes to market primarily through a partner-channel model: 25+ custodial, exchange, prime brokerage, DeFi, and restaking platforms (Coinbase, Kraken, Anchorage Digital, Fireblocks, Galaxy, BitGo, FalconX, Bitcoin Suisse, Copper, Finoa, ParaFi, Alloy, Twinstake, Pier Two, LBank, Base, Uniswap, Morpho, EigenLayer, Symbiotic, Zircuit, Aerodrome, Figment, Staked, Blockdaemon) integrate mint, custody, trading, or collateral functionality, and the protocol is operated by The Liquid Foundation under distributed governance. As of mid-2025, LsETH exceeded $1B in TVL and grew 215% year-to-date, ranking 6th among liquid staking tokens on DeFiLlama; LsSOL launched in July 2025 as the first institutional-grade liquid staking token on Solana.
There is no disclosed venture or private equity funding and no publicly reported revenue or headcount figure; the Cayman-registered nonprofit structure is unusual for the sector and affects how value accrues to founders versus the ecosystem. Recent strategic moves center on (1) Solana product expansion via LsSOL with day-one institutional support, (2) a deepened Galaxy partnership tied to Galaxy's December 2025 acquisition of Alluvial (the core development entity), (3) new distribution partnerships with FalconX and ParaFi, and (4) continued ecosystem buildout across restaking (Symbiotic, EigenLayer in exploration), DEX venues, and ETF-adjacent yield benchmarks (CoinDesk CES via Twinstake).
Liquid Collective firmographics
Firmographics- Name
- Liquid Collective
- Legal name
- The Liquid Foundation
- Website
- https://liquidcollective.io
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Short description
- Liquid Collective is an institutional liquid staking protocol that issues LsETH on Ethereum and LsSOL on Solana, charging a 10% fee on network rewards and distributing tokens via 25+ custodians, exchanges, prime brokers, and DeFi protocols serving regulated institutional clients.
- Ownership category
- akta.pro rank
Liquid Collective industry classification
Industry- Product category
- Liquid Staking
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Liquid Staking Protocols & Liquid Staking Tokens (LST) (FSADAOAL)
- akta.pro secondary industries
- Liquid Staking & Restaking Protocols (FSADAMAE), Staking Pools & Delegation Platforms (FSADAOAJ)
Keywords
Where Liquid Collective is headquartered
LocationHeadquarters
- HQ city
- George Town
- HQ country
- Cayman Islands
Offices2 records
Markets served
Liquid Collective business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Operations, Personnel, Infrastructure, Marketing or Sales
Revenue model
- Protocol Service Fee: The Liquid Collective protocol charges a Protocol Service Fee set at 10.0% of network rewards. This fee is split amongst Node Operators, Platforms, Wallet & Custody Providers, Service Providers, the Slashing Coverage Treasury, and the Liquid Collective DAO. All service fees are distributed in LsTokens.
- Network Reward Distribution: LsETH holders receive 85% of network rewards proportionally through accrual of the Conversion Rate. The remaining 10% is collected as Protocol Service Fee. Validator rewards include consensus layer network rewards and execution layer fees.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Protocol Service Fee: 10% of network rewards |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels9 records
Liquid Collective product offering
Product offeringCore offering
Liquid Collective is an open and interoperable liquid staking protocol that issues LsETH (Liquid Staked ETH) on Ethereum and LsSOL (Liquid Staked SOL) on Solana as liquid staking tokens, enabling users to earn staking rewards while maintaining liquidity. The protocol serves both individual stakers and institutional clients (exchanges, custodians, fintechs, brokerages, asset managers) through SOC 2 Type 1 compliant enterprise APIs and a network of 25+ platform partners. It includes a three-layer Slashing Coverage Program and Node Operator Performance SLAs to meet institutional compliance and risk management requirements.
Product overview
Liquid Collective is an open and interoperable liquid staking network providing secure, liquid staking across Ethereum and Solana. The core product is the Liquid Collective Protocol which generates LsETH (Liquid Staked ETH) on Ethereum and LsSOL (Liquid Staked SOL) on Solana as liquid staking tokens. LsETH uses the cToken model with a dynamic Protocol Conversion Rate that increases to reflect accrued network rewards minus the 10% Protocol Service Fee and any slashing penalties. The ecosystem includes Alluvial's Enterprise APIs for platform integrations, a three-layer Slashing Coverage Program (Nexus Mutual, Treasury, Node Operator Commitment), and Node Operator Performance SLAs. Reward socialization distributes MEV rewards and penalties proportionally across all LsETH holders. The protocol is supported by diversified node operators including Coinbase, Figment, Staked, and Blockdaemon, with KYC/AML compliance for mint/burn actions.
Differentiator
Problem solved
Functional benefit
Brands
- LsETH: Liquid Staked ETH - a liquid staking token representing staked ETH plus network rewards, built on the cToken model.
- LsSOL
Products and services
- Liquid Collective Protocol An open and interoperable liquid staking network providing secure, liquid access to staking for individuals and institutions across Ethereum and Solana. The core protocol generates LsETH and LsSOL liquid staking tokens.
- LsETH (Liquid Staked ETH) A liquid staking token based on the cToken model serving as a fungible ERC-20 receipt token on Ethereum mainnet and Base L2. Represents ownership of staked ETH plus accrued network rewards, minus protocol fees and any slashing penalties, with a dynamic conversion rate that adjusts daily to reflect accrual.
- LsSOL (Liquid Staked SOL) Solana's first institutional-grade liquid staking token built to meet the demands of institutions while remaining accessible to the broader ecosystem, providing secure, liquid staking on Solana.
- Alluvial Enterprise APIs SOC 2 Type 1 compliant API suite providing frictionless enterprise onboarding paths for exchanges, custodians, and platforms to integrate LsETH mint/redeem functionality and offer staking services to their users.
Quantifiable outcome
- 215% growth in ETH staked year-to-date
- +4 more outcomes
Companies that use Liquid Collective
Customer profileNamed customers7 records
Segments3 records
Ideal customer profiles2 records
Liquid Collective technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration9 records
Feature6 records
Liquid Collective partnerships and signals
Strategic signalPartnerships
29 partnerships are on record, tiered core and secondary.
- GalaxycoreGalaxy Partners with Liquid Collective to accelerate institutional liquid staking infrastructure. Galaxy provides deep liquidity behind LsSOL and accepts LsSOL as collateral for structured products via Galaxy Global Markets. Galaxy announced acquisition of Alluvial in December 2025 to further strengthen the partnership.
- FalconXcoreFalconX joins Liquid Collective, bridging prime brokerage services with institutional-grade liquid staking. FalconX is a digital assets prime brokerage providing institutional trading, lending, and custody solutions.
- ParaFi TechnologiescoreParaFi Technologies and Liquid Collective partner to accelerate institutional adoption of liquid staking solutions. ParaFi is a crypto investment firm focused on DeFi and blockchain infrastructure.
- Anchorage DigitalcoreAnchorage Digital provides custody at launch for LsSOL, making it accessible to institutions through its secure, regulatory-first platform. Enables institutions to participate in liquid staking on Solana while maintaining highest security standards.
- CoinbasecoreCoinbase Prime Onchain Wallet supports LsSOL mint/redeem access and non-custodial storage. Also serves as Node Operator in Liquid Collective's active set with double-signing protection and multi-region distribution.
- FireblockscoreFireblocks enables on-demand minting and redemption directly from institutions' existing custody workflows. Integrates LsSOL into Fireblocks platform for seamless access to staking and rewards.
- KrakencoreKraken expands access to LsSOL with listed trading pairs against SOL, USD, and EUR. Long-standing platform partner for LsETH and now LsSOL.
- Obol LabscoreCollaborative partnership on the Ethereum Correlation Risks report. Obol Labs develops distributed validator technology. Both contributed to NORS standard development.
- BlockdaemoncoreBlockdaemon joined Liquid Collective's active set as a Node Operator, representing the first Node Operator since mainnet launch. Also integrates support for LsETH as a Platform. Contributed to NORS working group.
- FigmentcoreFigment is a Node Operator in Liquid Collective's active set and platform partner providing minting and custody for LsETH. Contributed to NORS working group development.
- StakedcoreStaked is a Node Operator in Liquid Collective's active set with enterprise-grade infrastructure. Contributed to NORS working group.
- AlluvialcoreAlluvial supports Liquid Collective's development with SOC 2 Type 1 compliant enterprise APIs. Provides professional services helping exchanges and custodians onboard. Led by CEO Mara Schmiedt. Galaxy announced acquisition of Alluvial December 2025.
- Nexus MutualcoreNexus Mutual provides the first layer of Liquid Collective's three-layer Slashing Coverage Program. Dynamic coverage that adjusts with protocol's assets on platform. Contributed to NORS working group.
- SymbioticcoreSymbiotic, a permissionless shared security protocol, added support for LsETH restaking in August 2024. Enables LsETH holders to restake for additional yield.
- BitGosecondaryBitGo provides regulated custody for LsETH. Enterprise-grade digital asset custody and security solutions.
- Bitcoin SuissesecondaryBitcoin Suisse offers staking services including Liquid Staking for institutional clients. Platform partner for LsETH.
- Staking RewardssecondaryStaking Rewards provides tracking and analytics for LsETH on their platform. Also supports Liquid Collective's growth through their staking ecosystem.
- LBanksecondaryLBank cryptocurrency exchange launched LsETH with LsETH/USDT trading pair in July 2024, expanding LsETH trading access.
- EigenLayersecondaryEigenLayer integration with Liquid Collective in exploration. LsSOL listed as Access Platform. Restaking opportunities for LsETH under consideration.
- ZircuitsecondaryZircuit listed as Access Platform for LsETH. Restaking platform providing additional yield opportunities for LsETH holders.
- MorphosecondaryMorpho listed as Access Platform for LsETH. Decentralized lending protocol supporting LsETH as collateral.
- AlloysecondaryAlloy joined Liquid Collective ecosystem to offer LsETH minting and redeeming to its institutional clients. One of the first portfolio management systems to integrate with Liquid Collective.
- UniswapsecondaryUniswap DEX supports LsETH trading. Listed on Uniswap explore page for token discovery.
- BasesecondaryBase L2 network supports LsETH. LsETH contract address on Base: 0xB29749498954A3A821ec37BdE86e386dF3cE30B6.
- CoppersecondaryCopper provides institutional custody and staking solutions for LsETH through their ClearLoop network.
- FinoasecondaryFinoa provides institutional custody for LsETH. German-based regulated digital asset custody provider.
- TwinstakesecondaryTwinstake facilitated first swap transaction by a staking provider using CES (Composite Ether Staking Rate) by CoinDesk Indices & CoinFund, first for Ethereum ETFs in US.
- Pier TwosecondaryPier Two is a platform partner for Liquid Collective providing additional access to LsETH staking.
- AerodromesecondaryAerodrome DEX on Base provides liquidity for LsETH. Allows LsETH/ETH trading pair on Base network.
Scale indicators7 records
Recent moves6 records
Expansion highlights5 records
Liquid Collective competitors and assessment
Company assessmentDirect peers
- Lido Finance: Largest liquid staking protocol on Ethereum (stETH); the dominant competitor against LsETH. Operates a similar DAO-governed model and serves both individual and institutional stakers via integrations with major platforms.
- Rocket Pool: Decentralized Ethereum liquid staking protocol (rETH) using a node operator bonding model. Closest open, decentralized competitor to LsETH with a similar broad node operator set.
- Marinade Finance: Leading Solana liquid staking protocol (mSOL) with native integration across Solana DeFi. Direct competitor to LsSOL on the institutional Solana staking front.
- Jito Labs: Solana's largest liquid staking protocol by TVL (jitoSOL) with MEV-backed rewards. Competes with LsSOL for Solana staking flow and exchange listings.
- StakeWise: Liquid staking protocol on Ethereum offering osETH and a permissioned node operator set — most direct analogue to Liquid Collective's curated institutional node operator model.
Broad incumbents
- Coinbase (cbETH/staking): Coinbase offers cbETH, a centralized liquid staking token, and is simultaneously a Liquid Collective node operator and platform partner — competing directly with LsETH while supporting it as infrastructure.
- Figment: Major institutional staking provider and Liquid Collective node operator that also offers its own liquid staking and white-label services. Competes for institutional staking mandates while being part of the Liquid Collective active set.
- Blockdaemon: Enterprise staking infrastructure provider and Liquid Collective node operator. Adjacent competitor in institutional validator services while supporting the Liquid Collective active set.
Emerging players
- Frax Finance: frxETH is a liquid staking derivative on Ethereum with a different model (Frax validators). Competes for liquid ETH staking share and DeFi collateral integrations.
Others
- EigenLayer: Ethereum restaking protocol where LsETH is integrated as collateral — adjacent infrastructure that can amplify or compete with LsETH's yield profile depending on the restaking market's evolution.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Liquid Collective social profiles
Digital presenceLiquid Collective compliance and trust
Trust signalCompliance2 records
Liquid Collective financial estimates
Financial estimateRevenue estimate
Valuation estimate
Liquid Collective leadership team
Management profileNumber of profiles
Liquid Collective funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Liquid Collective M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Liquid Collective
What does Liquid Collective do?
Liquid Collective is an open and interoperable liquid staking protocol that issues LsETH (Liquid Staked ETH) on Ethereum and LsSOL (Liquid Staked SOL) on Solana as liquid staking tokens, enabling users to earn staking rewards while maintaining liquidity. The protocol serves both individual stakers and institutional clients (exchanges, custodians, fintechs, brokerages, asset managers) through SOC 2 Type 1 compliant enterprise APIs and a network of 25+ platform partners. It includes a three-layer Slashing Coverage Program and Node Operator Performance SLAs to meet institutional compliance and risk management requirements.
Is Liquid Collective a public or private company?
Liquid Collective is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Liquid Collective founded?
Liquid Collective was founded in 2022.
Where is Liquid Collective based?
Liquid Collective is headquartered in George Town, Cayman Islands.
How does Liquid Collective make money?
Two revenue lines are on record. Protocol Service Fee is the primary driver. The others are network Reward Distribution.
Who are Liquid Collective's main competitors?
Direct peers on record are Lido Finance, Rocket Pool, Marinade Finance, Jito Labs and StakeWise. Broad incumbents are Coinbase (cbETH/staking), Figment and Blockdaemon. Frax Finance is listed as an emerging player. EigenLayer is listed as an others.
Does Liquid Collective have an API?
Yes. Alluvial's API suite is used to offer enterprise integrations for staking. Alluvial's APIs and professional services are SOC 2 Type 1 compliant. The APIs enable exchanges and custodians to onboard LsETH quickly and securely, providing seamless enterprise integration for minting and redeeming LsETH. Developer documentation is at docs.liquidcollective.io/v1.
What industry is Liquid Collective in?
Liquid Collective's product category is Liquid Staking. Its primary akta.pro industry code is FSADAOAL, Liquid Staking Protocols & Liquid Staking Tokens (LST), with a secondary code of FSADAMAE, Liquid Staking & Restaking Protocols. Its NAICS code is 522320 and its SIC code is 6199.