In recent days, Ethereum has surged with a significant upward trend, boosting the morale of "Ethereum enthusiasts" and rapidly heating up bullish market sentiment. This rally has not only driven a comprehensive recovery in the Ethereum ecosystem but also elevated expectations for the staking functionality of Ethereum spot ETFs, with related staking projects becoming hotspots for capital inflows.

Ethereum has recently experienced a multi-day strong rebound, with its total market capitalization surpassing Alibaba to rank 39th globally. The surge has topped Douyin's trending list, becoming a focal point of market discussions.

According to CoinGecko data, as of May 12, Ethereum's price rose to 2,521,hittingatwo−monthhigh,witha40.487.58 billion. Coinglass data shows that as of press time, Ethereum's month-to-date return in May reached 39.53%, marking its strongest monthly gain since 2025 and significantly surpassing the median (18.43%) and average (31.15%) May returns of previous years. This rally ended Ethereum's three-month downtrend, signaling a turning point in market sentiment recovery and demonstrating synchronized improvements in capital inflows and investor confidence.

On-chain capital flows further validate this trend. Artemis data indicates that the Ethereum ecosystem attracted 1.2billionininflowsoverthepastsevendays,rankingfirstamongallblockchains,withnetinflowsexceeding490 million, far ahead of other major public chains.

This rebound is attributed to multiple factors, including marginal improvements in macroeconomic policies, price corrections from prior excessive bearish sentiment, the impending Ethereum Pectra upgrade, expanding real-world narratives, and positive expectations for Ethereum spot ETF staking.

Among these, ETF staking expectations have emerged as a key catalyst. Over the past few months, several institutions have actively sought SEC approval to introduce staking mechanisms into crypto ETF products. Although the SEC recently delayed approvals for applications from Fidelity, Grayscale, and others, related discussions are accelerating.

In late April, Grayscale met with the SEC's crypto task force in Washington, D.C., discussing regulatory changes for Ethereum ETP staking. Grayscale noted that U.S.-managed Ethereum ETP assets total 8.1billionbuthavelostapproximately61 million in staking revenue since launch due to staking ineligibility. The firm argued that introducing staking would enhance Ethereum's network security while providing additional returns for shareholders.

BlackRock, another asset management giant, also met with the SEC's crypto task force, covering topics like crypto asset regulation, ETF staking, and options products. The meeting discussed "considerations for facilitating ETPs with staking functionality," parameters for determining crypto ETF option positions and exercise limits, and specific approval criteria. BlackRock's Head of Digital Assets, Robert Mitchnick, stated in March that while integrating staking into Ethereum spot ETFs poses "complex challenges," staking yields are crucial for investment returns in this space, potentially marking a "leapfrog moment" for Ethereum.

Notably, Hong Kong's regulators have taken the lead on crypto ETF staking. In April, the Hong Kong Securities and Futures Commission (SFC) issued new guidelines allowing licensed virtual asset trading platforms (VATPs) to offer staking services to clients. Virtual asset funds (e.g., Ethereum spot ETFs) can participate in on-chain staking under a prudential regulatory framework, with two Ethereum spot ETFs with staking functionality subsequently approved.

These positive developments in ETF staking have bolstered market expectations for Ethereum and accelerated confidence recovery.

The Ethereum staking sector has become a focal point for capital and narratives. DeFiLlama data shows that as of May 12, Ethereum's staking sector TVL rebounded to 34.11billion,a60.312.85 billion, a 54.8% gain in 30 days.

This article by PANews examines the latest market dynamics and performances of five top Ethereum staking projects, which have achieved breakthroughs in technical progress, governance mechanisms, and ecosystem development, driving overall market recovery with double-digit growth in TVL and token prices.

Lido: TVL Soars Near $23 Billion, Driven by Technology and Governance

Lido, the largest liquid staking protocol, saw its TVL reach approximately $22.93 billion as of May 12, a 57.5% monthly increase, according to DeFiLlama. Coingecko data shows its native token, LDO, gained about 48.6% over the same period.

In recent months, Lido has advanced in governance and technology. In April, Lido DAO initiated multiple governance votes, including Snapshot and Aragon main-stage votes, covering protocol updates and decisions. Lido also launched its V3 testnet, allowing developers to create customized staking solutions using Lido stVaults on the Hoodi Ethereum testnet. Lido stVaults are modular primitives enabling stakers, node operators, and protocols to tailor solutions to their needs, customizing fee structures, validator settings, and risk/return profiles while retaining stETH advantages. Lido recently announced an upcoming "dual governance" mechanism, a dynamic time-lock system allowing stETH holders to exit Lido on Ethereum during contentious DAO governance motions.

Notably, despite recent concerns over a suspected oracle private key leak by Chorus One, Lido DAO promptly launched an emergency proposal, ensuring stakers remained unaffected and the protocol remained secure and operational. Lido's oracle system employs a 9-of-5 multisig mechanism, so a single oracle failure does not threaten the system, with other nodes unaffected.

EigenLayer: Multi-Faceted Progress Drives Token Price and TVL Growth

EigenLayer maintains its lead in the restaking sector. DeFiLlama data shows its TVL reached $11.36 billion as of May 12, a 52% monthly increase, with its native token, EIGEN, gaining 69.7% over the same period, according to Coingecko.

Over the past two months, EigenLayer has advanced in technical upgrades, developer ecosystem, and application expansion. In mid-April, EigenLayer's Slashing (penalty mechanism) went live on mainnet, requiring operators and stakers using EigenPod CLI to perform checkpoint upgrades. Application Verification Services (AVSs) can now directly implement penalty conditions on mainnet. EigenLayer soon announced the upcoming Redistribution feature, adding capabilities to its Slashing upgrade. Redistribution allows decentralized verification services (AVSs) to redistribute staked funds after penalties rather than burning them, supporting complex use cases like lending and insurance protocols. The feature initially supports non-ETH assets (e.g., LSTs, EIGEN, USDC, AVS tokens), with ETH support planned for June's Ethereum mainnet launch. Recently, EigenLayer announced participation in the May 7 Ethereum Pectra upgrade to support network improvements, plans to introduce validator integration features for EigenPods, and a "Berlin Hacker Village" event to attract global developers for next-gen verifiable applications.

Rocket Pool: From Node Incentives to Ecosystem Integration, Driving TVL and Token Price Growth

Rocket Pool, another prominent Ethereum staking protocol, saw its TVL reach $1.74 billion, a 56.3% monthly increase, with its native token, RPL, gaining about 67.5% over the same period, according to DeFiLlama and Coingecko.

Over the past two months, Rocket Pool has focused on technical upgrades, community governance, and DeFi ecosystem expansion. In March, Rocket Pool distributed 133 ETH to node operators, emphasizing free pool access and zero usage fees to attract participants. In April, Rocket Pool released the Smart Node update, held a community call to discuss DAO bridge fee funding and share quarterly product roadmap updates, and advanced rETH integration into DeFi protocols. In May, Rocket Pool actively promoted node software updates to support the Pectra upgrade.

Symbiotic: TVL Surpasses $1 Billion, Secures Tens of Millions in Funding

Restaking protocol Symbiotic emphasizes modular security and capital efficiency. DeFiLlama data shows its TVL exceeded $1.09 billion, a 45% monthly increase.

Over the past two months, Symbiotic has advanced its universal restaking protocol and secured significant funding. In April, Symbiotic announced a 29millionSeriesAroundledbyParadigm,CyberFund,PanteraCapital,andCoinbaseVenture.Thatsamemonth,ether.filauncheda40 million crypto venture fund, with Symbiotic among its initial investments.

SSV Network: Token Price Gains Over 90% Monthly, Active Validators Exceed 100,000

As of May 12, SSV Network's TVL exceeded $8.9 billion, with nearly 3.467 million ETH staked, according to its official website. Coingecko data shows its token, SSV, gained 91.6% over the past month.

Recently, SSV Network announced surpassing 100,000 active validators, accounting for about one-tenth of Ethereum validators, with tweets supported by partners like Lido, Renzo, Kraken, ChainLayer, HashKey Cloud, Nansen, Swell, and Eigenpie. On May 6, SSV Network announced the launch of the SSV 2.0 testnet on Hoodi, aiming to enhance Ethereum ecosystem security by introducing "application-based" (bApps) concepts, reduce developer security costs by up to 90%, and provide risk-free yields for validators, unlocking greater value for the ecosystem.