2024 was transformational for Dinero, but 2025 will be the year things accelerate.

For the past couple years (2022, 2023), we’ve made it a tradition to reflect on the road behind us before discussing what’s ahead. So, before diving into our plans for 2025, let’s take a moment to look back on 2024 and set the stage for the coming year.

A Quick Look Back

2023 was a tricky year. The long tail of DeFi stagnated, ve-governance hit a low point, and our products like Marionette (a Hidden Hand feature for veTokens) and pxGMX/pxGLP struggled to gain the traction we wanted. Our corner of DeFi felt slow, and so did growth opportunities.

But we noticed something: institutional interest in crypto was growing. It was clear that a “flight to quality use cases” would lead the next phase of DeFi on Ethereum, and those projects would need competitive yield–something we know best–to stand out. That insight led to Dinero and the launch of pxETH, our flagship liquid staking protocol.

Beating the Odds

At the start of 2024, pxETH had 1,250 ETH staked. Today, it has over 50,000 ETH staked—a 4,300% increase.

We knew competing in liquid staking wouldn’t be easy. It’s a crowded field with entrenched players and billions of incentives already in place. Unable to chase short-term trends like leveraged point farms, we focused on positioning pxETH as yield infrastructure for institutions, L1s, L2s, and DeFi protocols.

This worked. pxETH became a flexible solution for scaling yield, and the numbers and quality of integrations prove it. We went from a niche DeFi protocol to being featured in Bloomberg alongside major institutional players, partnering with tier-1 networks, and comfortably bootstrapping over $150M in TVL without overspending on incentives (c. 50% under the DAO-approved budget).

Institutional pxETH and Branded LSTs

Institutional pxETH (ipxETH) and Branded LSTs, both built on pxETH, show what it means to focus on yield infrastructure. These are key areas where we’re doubling down in 2025.

We announced ipxETH in July 2024 as a collaboration with Dinero, Nomura’s Laser Digital, and Galaxy Digital to create simple, compliant access to Ethereum’s highest-yield staking product, pxETH. The contracts are live on Ethereum mainnet, and we’re working closely with the responsible parties to wrap up the final steps to get funds flowing.

Going into 2025, with a successful ipxETH launch on the horizon, we envision a future where we work with more asset management firms to broaden the reach of the product. This mostly revolves around a strategy that involves us working with new institutional players in geographies that were previously inaccessible.

Branded LSTs are a retail product for L1s and L2s. Instead of networks promoting or incentivizing a mix of third-party liquid staking tokens, Branded LSTs let them launch their own ETH LST, built on staked pxETH (apxETH). This allows networks to offer their users the best ETH staking yield in DeFi under their own brand, without building new protocols from scratch. In 2024,

Branded LSTs like seiyanETH (Sei), flrETH (Flare), orbETH (Arbitrum), zkETH (ZKSync), moveETH (Movement), and iETH (Ink).

In 2025, we’ll launch new Branded LSTs, including beraETH (Berachain) and plumeETH (Plume), while rolling out those announced last year and expanding the ones already live. This strategy remains a top priority, enabling us to tap into large-scale incentive programs hosted by partner networks. By leveraging these 8-9 figure initiatives, we can sustainably scale yield on the underlying product and maintain an edge on the competition by deepening our collaborations with the foundations behind these huge ecosystems.

Looking Ahead: “Institutional Abstraction”

This year’s focus is "Institutional Abstraction," a thesis guiding our product suite to bridge institutional-grade offerings with the native crypto market. Our goal is to introduce the highest-yielding, battle-tested on-chain protocols we’ve been building to the trillions of dollars in TradFi that are up for grabs.

While 2024 was a year of building, rebranding, and setting the foundation, 2025 is about accelerating Dinero’s growth. Institutional TVL will start coming in, Branded LSTs will roll out across major networks, we'll begin a new CEX strategy to increase reach, and we’ll keep scaling yield across DeFi protocols.

And don’t forget: