These sessions unpacked the next phase of institutional staking—from liquid restaking loops to Bitcoin-native yield strategies. Speakers discussed the evolution of compliance-aware staking infrastructure, the rising role of restaking portfolios for institutions, and how M&A activity is shaping the validator landscape.

There was also growing urgency around standardizing rewards, unlocking sustainable Bitcoin staking, and rethinking how telcos and traditional firms contribute to Web3 network resilience.

MIRKO SCHMIEDL, STAKING REWARDS – CEO: Staking Enters Its Institutional Era
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In his keynote (2:19–9:00), Mirko Schmiedl set the tone: staking is no longer a niche—it's rapidly professionalizing. With over 1,000 attendees and 40+ sponsors, the industry is clearly maturing. Bitcoin entered the top 10 staking assets, Solana briefly flipped Ethereum in staking market cap, and Kraken is reviving staking for U.S. customers. For finance teams, this means more counterparties, more disclosures, and likely—more institutional oversight.

• • • Solana briefly overtook Ethereum in staking market cap—a signal of shifting dynamics.

• • • Kraken reintroducing crypto staking in the U.S. hints at regulatory thaw.

    • Lido v3 and Hyperliquid staking signal broader DeFi adoption and infra growth.

    • Bitcoin entered the top 10 staking assets, powered by Babylon's mainnet launch.

MIRKO SCHMIEDL, STAKING REWARDS – CEO: Staking Will Be Absorbed Into Structured Financial Products
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Mirko unveiled a core thesis: by 2030, staking won’t stand alone—it’ll be embedded into structured financial products. His term for this evolution is “liquid looping,” which blends liquid staking and yield farming into a risk-optimized yield primitive. Products like LoopEDC aim to package this strategy into tradable financial wrappers. The takeaway for institutions? A future where staking rewards are bundled into tokenized assets that behave like fixed income—without looking like staking at all.

• • • “The average stake per wallet is $10,000”—proof of broad but shallow adoption.

• • • Liquid Looping = arbitrage between perceived vs. real risk in staking/DeFi.

    • LoopedHype hit $20M TVL in its first month; 6,000 users onboarded via Hyperliquid.

    • LoopEDC aims to loop BTC RWA lending yields through market makers

SREERAM KANAAN, EIGENLAYER – FOUNDER: Restaking Isn’t a Product—It’s a Platform Play
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(0:32–31:51) The panel demystified the “shared security” trend and clarified what restaking actually does: provide economic security to apps or services using someone else’s token—without launching a chain or token of your own. EigenLayer, Babylon, and Symbiotic are all approaching this from different vectors (Ethereum, Bitcoin, and customizable AVS systems, respectively). It’s less about consensus and more about coordination—and the next challenge is bootstrapping trust across five-sided marketplaces.

• • • Restaking lets you secure apps with existing tokens (ETH, BTC) instead of launching your own.
    • EigenLayer has 50+ networks using its AVS (Autonomous Verifiable Services) model.
    • Babylon’s staking uses Bitcoin’s native Schnorr signatures for slashing — without wrapping BTC.
    • Symbiotic aims to be modular and highly customizable—focused on safe, scalable adoption.

YANNICK, STAKING REWARDS – CTO: Staking Isn’t Just Infra—It’s a Service Business
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Yannick reframed staking from a business-building lens: launching a validator operation means more than just deploying infra. You need secure node ops, reliable data APIs, transparent validator health scores, and user education tools. Through the Staking Rewards Suite—data APIs, Prime, Verified Staking Providers (VSP), and optimized node operator dashboards—staking becomes a productized service layer that helps protocols reduce risk and improve user trust.

• • • Staking UX isn’t a core strength for most protocols—but it’s essential to adoption.
    • Verified Staking Provider (VSP) dashboards help standardize operator transparency.
    • The Staking Rewards GraphQL API is used by 21Shares and Grayscale for programmatic analytics.
    • Prime and LoopType offer structured products layered on validator yield.

EZRA SOLOMON, FIREBLOCKS – PROTOCOL STRATEGY: Qualified Custody is the Gatekeeper to Institutional Restaking
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Ezra explained that no matter how innovative restaking becomes, it won’t reach large asset managers unless it fits within existing compliance frameworks. U.S.-based funds with >$100M in AUM are legally bound to use qualified custodians—limiting where and how they interact with staking. Fireblocks' approach? Deliver infrastructure that reduces operational risk via wallet policies, key management, and contract verification—because capital won’t flow until risk is programmable and auditable.

• • • Over $100M in AUM = must register as RIA and use Anchorage, BitGo, or Coinbase custody.
    • “Juicing yield” on ETH/BTC is attractive—if risks are surfaced and controlled.
    • Wallet policy engines (like Fireblocks’) prevent spoofed transactions via whitelisting + limits.
    • Institutions are long ETH/BTC—they prefer restaking over selling for liquidity.

KELVIN LAM, BITGET – DIRECTOR OF FINANCIAL PRODUCTS. Exchanges Will Shape How Institutions Experience Restaking
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Kelvin outlined how centralized exchanges like Bitget are translating DeFi complexity into familiar product experiences for institutions. His focus is on capital efficiency, risk opt-in, and visibility. Restaking can’t just be deployed—it must be understood, with clear disclosures, fallback options, and support infrastructure. From proof-of-reserves to governance intel, Bitget aims to be a bridge—not just a venue.

• • • Institutions want optionality: staking, restaking, or doing nothing with idle assets.
    • Default opt-ins are a no-go—risk transparency is a must.
    • Bitget offers client support, uptime guarantees, and validator coordination to reduce friction.
    • Capital efficiency is key: idle BTC/ETH should fuel staking, trading, and lending.

NATAN GRANIT, STARKWARE – PRODUCT MANAGER: Bitcoin Staking, Without Leaving Bitcoin?
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Natan presented a model for Bitcoin staking where BTC wrappers can be staked entirely within an L2 environment, without requiring new BTC issuance or off-chain trust assumptions. These wrappers would be whitelisted for staking eligibility, and users would receive L2-native tokens as rewards. He claimed that Bitcoin holders could accept lower staking yields than native tokenholders, creating a net security boost for the network at a lower marginal cost. This model fits into a broader vision of BTC-backed DeFi tools—such as loans, credit cards, and capital-efficient stablecoins—without needing to sell BTC.

• • • Staking is enabled through whitelisted BTC wrappers—no native BTC ever minted or moved.
    • Staking rewards would be issued in an L2-native asset, not BTC.
      Yield is described as “sustainable” but specific APRs or mechanisms were not disclosed.
    • BTC-backed stablecoin loans and self-repaying loan structures are hinted as follow-ups.

YAIR CLEPER, LAVA NETWORK – CONTRIBUTOR. Staking Isn’t Just for Validators Anymore
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Yair introduced a novel staking mechanism where users restake not to validators, but to RPC providers, helping route blockchain data more efficiently while earning rewards. This creates a performance-based incentive structure where higher-quality node operators receive more delegation. Each provider must stake LAVA tokens to participate, adding accountability. Staking Rewards built a custom UI to simplify this new primitive and educate users on how validator and provider layers interact. Yair noted a key behavioral insight: users were confused by fluctuating APYs across providers—until UX changes clarified who was earning what.

• • • Users now restake to specific RPC providers, not just validators, to earn proportional rewards.
    • Higher-staked, better-performing providers gain greater routing preference across Lava-supported chains.
    • Staking UX was redesigned to educate users on why some restake paths yield 2% and others 10%.
    • Jannik noted they shifted from daily to monthly reward distributions—to align with SaaS-style budgeting, reduce confusion, and increase institutional usability.

JAN-PHILIP GRABS, NORTHSTAKE – Co-Founder: Staking Is Fragmented. M&A Will Consolidate It.
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“70% of staking providers have under $100M in assets under delegation... It’s becoming increasingly difficult for them to get into delegator sets.”
That’s the stat Jan-Philip Grabs used to open his breakdown of why mergers and acquisitions are rising fast in the staking space—and why this trend is structural, not cyclical.

Grabs argues that staking M&A is being driven by two converging forces: the revenue synergies across business models (custodians, ETFs, restaking protocols) and the regulatory push allowing ETF issuers to incorporate staking rewards. Add to that a maturing market and increasingly competitive validator landscape, and consolidation looks inevitable.

• • • Staking M&A has been active since 2018, with 2024 seeing a sharp rise in volume
    • Over 60 crypto M&A deals were closed in Q4 2024 alone; 3 exceeded $1B
    • Acquirers now include data firms, ETF platforms, and restaking protocols
    • Valuation benchmarks are triangulated from comps in mining, trading, and real asset

DANIEL SCHRADER, FINOA - Managing Director. Restaking Might Be Portfolio Management. Are Providers Ready?
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“In restaking, the provider becomes a manager of risk and rewards for their delegators.”That’s where the regulatory line starts to blur, according to Daniel Schrader. He argues that restaking alters the traditional staking model: the provider no longer supports a single chain but instead selects from dozens of AVSs—each with their own token, yield profile, and slashing risk.

This shift creates a role that closely mirrors portfolio management, potentially bringing staking providers under investment regulation regimes like MiFID II in Europe or equivalents globally. Three current workaround models are emerging: outsourcing via liquid restaking protocols, relying on curated third-party evaluations, or relocating to more permissive jurisdictions.

• • • Staking providers now decide which AVSs to support, often without delegator input
    • Liquid restaking models turn providers into passive infra partners
    • Curator partnerships are rising to help navigate AVS risk/reward tradeoffs
    • Some providers are relocating to avoid uncertain or restrictive regulations

WILL SHANNON, LIDO DAO – Node Operator Workstream.  Lido V3 Introduces ST Vaults for Better Validator Control
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Will introduced ST Vaults, a new feature in Lido V3 that allows users to stake ETH with a specific node operator of their choice and optionally mint stETH against that deposit. Unlike Lido’s existing pooled model, this setup enables a direct relationship between depositors and validators—offering more control, verifiability, and optional liquidity access.

The new model caters to institutional and DeFi use cases that require custom validator selection while still integrating with the broader Lido ecosystem. ST Vaults can be used for staking ETFs, structured products, restaking strategies, and client-directed validator setups.

• • • ST Vaults are permissionless, non-custodial staking environments tied to a single validator operator.
    • Users stake ETH into a vault and can mint stETH against it to unlock liquidity.
    • Node operators gain the ability to attract direct capital and set custom fees.
    • Advanced strategies (restaking, leverage, structured products) can be built on top.

COLLIN MYERS, OBOL LABS – CEO.  Distributed Validators Meet Institutional Standards.
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Collin Myers outlined how distributed validator technology (DVT) is evolving to meet institutional demands for fault tolerance, risk mitigation, and operational privacy. He emphasized that institutional staking now requires not just yield, but risk-adjusted yield—shaped by validator diversity, infrastructure segregation, and slashing protection.

• • • Ethereum’s upcoming Pectra upgrade enables auto-compounding and supports up to 2,048 validators per machine, reducing infra overhead and improving cost efficiency.
    • DVT clusters allow for private, interconnected validator environments—better suited for institutions concerned with operational control and legal exposure.
    • Myers noted that institutions will increasingly look beyond base yield, evaluating validator performance based on risk-adjusted returns.

BRIAN FABIAN CRAIN, CHORUS ONE – CEO. The long tail of staking networks is shrinking—but new staking-DeFi combos may hold the key.
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Brian shared how Chorus One is navigating a shifting staking landscape where Solana and Ethereum dominate reward flows, and smaller networks struggle to stay viable. He explored the diminishing appeal of restaking yields, the rise of loop staking strategies, and how DeFi integrations could extend the lifespan and profitability of staking products. With increased consolidation and TradFi interest, he sees staking yield as crypto’s enduring value hook.

• • • Restaking yields are dropping—loop staking and MEV optimizations may outperform on ETH and SOL
    • Consolidation is coming; only high-performing staking firms can meet institutional yield expectations

ALON MUROCH, SSV NETWORK – CEO. ETH needs a new value engine—and it might come from beyond Ethereum itself.
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Alon proposed “based applications” as a way for Ethereum validators to secure off-chain infrastructure—like bridges, oracles, or AI agents—creating new validator revenue and utility for ETH. If successful, this could restore Ethereum’s role as the internet’s trust layer and give solo stakers a compelling economic case.

• • • Based apps let validators opt in to secure non-EVM systems for additional yield
    • ETH utility shifts from staking-only to multi-purpose economic security

LUCIO TATO, TELEFÓNICA TECH – COO. Telcos can bridge the gap between blockchain networks and everyday users. 
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Lucio explained Telefónica Tech’s role in bringing institutional-grade validators onto the NEAR protocol through Metapool’s professional node operator program. He argued that decentralized ownership of digital infrastructure will eventually replace legacy systems and that telcos are well-positioned to educate users and accelerate adoption.

• • • Telefónica is running a NEAR validator and participating in governance
    • The telco brings reach, education, and trust to decentralization

DAVID NORRIS, NEAR FOUNDATION – ECOSYSTEM LEAD. Real-world decentralization needs professional infrastructure partners. 
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David explained how the NEAR Foundation partnered with Metapool and enterprise node operators to expand the validator set and address centralization risks. He highlighted the importance of both geographic and institutional diversity, as well as the next phase of building real-world use cases on top of this infrastructure—from AI agents to enterprise applications.

• • • NEAR’s decentralization plan includes growing validator diversity via trusted professionals
    • Future use cases include AI, agent coordination, and enterprise integration

MIRKO SCHMIEDL, STAKING REWARDS – CEO. Looping BTC could unlock a new structured product category.
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Mirko outlined how BTC, long considered an idle “hodl” asset, may soon find new utility in structured products through leveraged yield loops. He described a potential design: stake BTC via a liquid wrapper, borrow against it in DeFi, then restake the borrowed BTC—repeating to amplify returns. The model hinges on BTC’s low borrow APY and rising demand for non-custodial, transparent yield structures. The opportunity lies in harnessing idle BTC for predictable returns while retaining exposure to the underlying asset.

• • •  Looping BTC involves reusing staked assets as collateral to magnify yield delta.
    • Borrowing costs for BTC on Aave remain low—under 0.5%—enabling net positive looped returns.

MAKSYM REPA, BTCSTAKING / LOMBARD – DEFI LEAD. BTC’s on-chain use needs transparency and risk-proof infrastructure.
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Maksym emphasized that institutional capital will not enter BTC staking markets unless on-chain verification and clear auditability become the norm. He shared Lombard’s approach of building a BTC custody consortium with live-reserve oracles and transaction attestations. Referencing Bera Chain’s “Boyco” campaign, where ~$2B in BTC-denominated liquidity was attracted despite modest incentives, he argued that net new liquidity flows are waiting—but only if protocols can offer verifiable risk controls.

• • • BTC is the most cost-efficient source of liquidity—but institutions demand proof, not promises.
    • Campaigns like Bera’s show that incentives alone aren’t enough without credible infrastructure.

MATHIAS IMBACH, CEO at Sygnum Bank – Institutional staking takes two years of paperwork, not two clicks.
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Imbach explained how onboarding PostFinance, a state-owned Swiss bank, into Ethereum staking took nearly two years due to compliance requirements—not technical hurdles. He detailed the strict regulatory conditions surrounding material outsourcing, such as ensuring every step (from validator to yield distribution) is legally documented, traceable, and auditable.

• • • Required auditable dashboards to show how yield was generated and passed through to clients
    • Addressed regulatory concerns around custody, validator delegation, and failure scenarios (e.g. who’s liable if slashing occurs)
    • Developed a best-price guarantee framework with automated data validation to ensure pricing transparency for institutional clients

ANDREW GIBB, COO at TwinStake – Institutions aren’t buying validators. They’re buying audit-readiness.
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Gibb noted that while validator performance is “table stakes,” institutional clients choose TwinStake for its ability to deliver tax-ready reporting, compliance documentation, and yield optimization. He emphasized that regulatory expectations, not just APY, drive how institutions pick staking providers.

• • • Provides clients with exportable staking income reports for tax compliance and financial close processes
    • Manages slashing protection, infrastructure certification, and segregated custody to meet institutional internal audit policies
    • Supports early participation in new chain staking to capture above-market yield during post-launch windows

ALEXANDRE FAZEL, Chief Partnership Officer at SwissBorg – Staking sits at the bottom of DeFi’s risk ladder.
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Fazel outlined a DeFi risk-reward spectrum, placing staking as the least risky (primarily slashing risk), followed by overcollateralized DeFi lending (liquidation), LPs (impermanent loss), and yield farming (multi-layered counterparty exposure). He emphasized that real yield comes not just from APY but asset price appreciation and compounding, particularly in bull markets.

• • • Urged users to focus on staking for real yield—the combination of interest + price appreciation
    • Promoted automated risk-adjusted strategies like Morpho pools to dynamically manage DeFi exposure
    • Warned that DPEG risk in liquid staking derivatives must be accounted for in portfolio decisions