Ethereum Liquid Staking Tokens
Ethereum liquid staking token prices
Liquid staking tokens are how staked ETH stays alive in DeFi: earning validator yield while lending, trading plus collateralizing at the same time. Their market is unusual too: these tokens live almost entirely on-chain, in DEX pools. That is exactly where ML Data reads: 77 LST pairs across 19 assets, priced from the pools that are their market.
Market rate vs exchange rate: the distinction that decides liquidations
The exchange rate is the contract ratio: how much ETH one wstETH represents inside the protocol. It is readable on-chain directly, it moves slowly, it never panics.
The market rate is what the pools pay right now. In June 2022 stETH traded close to seven percent below the ETH it represents in its main Curve pool; the gap took months to close. Positions margined against the promise got liquidated against the market. Every serious LST risk framework since then treats the two as separate numbers.
ML Data feeds carry the market rate, read straight from the pools themselves. Put it next to the on-chain exchange rate and the spread between the two becomes your cleanest early-warning signal.
LST coverage
Quoted against USD, ETH, WETH plus wstETH crosses where routing demands it. A selection:
Deep-dive examples: the stETH price feed plus the wstETH/USD feed page show the pair specs, pool aggregation plus methodology per LST in detail.
LST pricing FAQ
What is a liquid staking token price?
The market rate at which a liquid staking token like stETH or wstETH actually changes hands, measured in the on-chain pools where LSTs trade. It is distinct from the protocol exchange rate (the contract ratio to the underlying). The gap between the two is exactly where depeg risk lives.
Why not just use the protocol exchange rate?
The exchange rate tells you what the token should be worth if everyone can redeem instantly. The market rate tells you what someone will pay for it right now. In calm markets they track closely. In stressed markets they diverge. Liquidations, collateral valuations plus settlement all happen at the market rate.
Which chains do the LST feeds read from?
Ethereum mainnet is the chain of record for most liquid staking tokens, but LST liquidity has spread to the L2s where DeFi activity moved. The feeds follow the liquidity: wstETH/USD alone reads pools across 5 chains. Solana LSTs (JitoSOL, mSOL, bSOL) have their own catalog section read from Solana venues.
How are LST prices computed?
Every active pool for the pair is read block by block, weighted by usable depth rather than listed size, with outliers filtered before publication. USD rates resolve through the on-chain ETH market from the same block. The stETH plus wstETH feed pages show the full composition for two live pairs; the complete methodology is on the data feeds page.