stake.link liquid
stake.link does not meet our size floor. It is a liquid staking protocol on Ethereum: depositors stake through its pools and receive a liquid token in return. At $65M TVL at the 2026-08-14 survey, a client position sized for our sleeve would be a meaningful share of the venue, which creates exit risk on its own. We do not open an individual review until it clears the size floor, whatever the protocol’s quality. TVL sustained above the line reopens the file.
- TVL sustained above the retired TVL threshold for 30 days
Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.
The research file
Mechanism
Users deposit LINK through the Priority Pool. stake.link assigns it to Chainlink staking capacity run by a group of fifteen node operators. stLINK is a rebasing receipt that distributes rewards. stake.link uses the same share-accounting design for other network assets, so the liquid product tracked here is a multi-LST platform.
Control and operating evidence
Strategy contracts route stake. A Governance Council, DAO and multisig hold key powers. stake.link publishes contract addresses, named multisig signers, CodeHawks/Cyfrin/Sigma Prime/Trust/Zellic audits, Hypernative monitoring and an Immunefi program. The protocol still depends on Chainlink staking and its capacity rules.
Exit consequences
Users burn stLINK for LINK through a withdrawal pool. The Priority Pool can provide instant liquidity. Otherwise, stake.link describes roughly one-to-seven-day processing while it cycles unbonding. A direct Chainlink exit can require 28 days. Secondary markets add the risk of a depeg and limited AMM depth.
Why the class rule decides
DefiLlama recorded about $81.4M, below the size floor. We do not open an individual review until the protocol clears it. Size therefore decides before we compare this non-ETH LST and multi-network platform with client-approved staking products. Sustained scale reopens review of capacity, operator concentration, governance, slashing and stressed withdrawals.
Research status
This is a capacity-unproven record for stake.link liquid, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- stake.link Docs — platform and operator model · primary · accessed 2026-08-14
Supports: multi-LST platform, stLINK, operator consortium, auto-compounding - stake.link Docs — exits, controls and security FAQ · primary · accessed 2026-08-14
Supports: withdrawal timing, Priority Pool, multisig, audits, monitoring - stake.link Docs — staking-pool share mechanics · primary · accessed 2026-08-14
Supports: receipt shares, strategy routing, reward distribution, burn to withdraw - DefiLlama — stake.link liquid survey record · secondary · accessed 2026-08-14
Supports: survey TVL, Ethereum deployment, liquid-staking category
Inherited controls
The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.
| Chain | Verdict | Control | Control constraint |
|---|---|---|---|
| Ethereum | Approved | No freeze key | No sequencer, no upgrade key, no operator who can be compelled. Rule changes require social consensus. |