Since the launch of ETH staking, there’s been ongoing debate about whether ETH or BTC is the better “money.” People argue over which asset institutions would prefer to hold and make tedious comparisons between the two.
So far, BTC has been the clear favorite—not just for crypto-native holders, but also for institutions. It’s easier to understand, more liquid, and simpler to store and manage.
However, with the rise of ETH staking and easier access to staking yields, we believe this dynamic will shift as we bridge the education and product gap. That’s why we built ipxETH—the first institutional-grade staking solution designed for those seeking secure, seamless exposure to ETH yield under a compliant regulatory framework.
Yield is Our Edge
We’re often asked why an institution would choose ipxETH over Lido, Rocket Pool, or other well-known liquid staking solutions. The answer comes down to two things: yield and, less excitingly, infrastructure. Let’s start with the yield.
pxETH has consistently offered the highest ETH staking yields in crypto since its launch. We won’t dive into the specifics—you can find that here—but it’s worth emphasizing: as of now, staked pxETH (apxETH) is yielding over twice as much as its nearest competitors, including Lido and Rocket Pool. This is a significant edge.
It’s not just crucial for crypto-native users but also for institutions with a responsibility to generate returns. A difference between 3% APR and 7% APR is substantial, whether you're a DeFi user or managing institutional capital. While pxETH’s yield is already compelling, easy access is just as important. That’s where ipxETH comes in.
ipxETH as a Solution
The primary goal of ipxETH is to offer institutional access to tangible Ethereum yield—more than double the rate of existing staked ETH products—while operating within a compliant regulatory framework for accredited investors with jurisdictional constraints.
The protocol generates enhanced carry by distributing deferred validator returns from the permissionless apxVault, which functions similarly to a senior tranche in a dual-tranched staking system. This is done without engaging with retail assets, ensuring compliance with commingling of liquidity regulations. Both the product and model are designed to sustainably outperform average Beacon Chain returns. This is because most retail users defer their validator yield to opt into a junior tranche, which offers exposure to public markets and generates returns solely from liquidity provision.
This solution allows clients to leverage a retail validator set through permissioned asset management rails, enabling them to capture enhanced yields from the apxETH system.
ipxETH offers a rate that encourages investors to reconsider and capture carry they might have previously left on the table—not only due to increased returns, but also the added security of insured qualified custodians, top-tier validator operators, access via legacy on-ramps, and management by some of the most trusted names in traditional asset management.
As the highest-yielding, compliant Ethereum staking product on the market, ipxETH is designed for investors hesitant to stake their ETH due to the historically skewed risk-return profile. It addresses concerns such as smart contract risk, limited offerings with inadequate carry, and regulatory uncertainty, providing a safer, more attractive option.
ipxETH is designed to address and eliminate all potential concerns around staking Ethereum.
Benefits for Dinero
What does this mean for Dinero? The launch of ipxETH is another advancement in our yield baseplate thesis. This thesis centers on the idea that Dinero’s product suite will serve as foundational yield infrastructure for DeFi, L1s/L2s, and now, with ipxETH, institutions. In the competitive liquid staking landscape, ipxETH, as a first-of-its-kind ETH staking product, allows us to stand out.
ipxETH’s TVL will be publicly visible, like all our products, allowing the ecosystem to track institutional engagement with pxETH. Watch this space.
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Disclaimer
Important information about the strategy mentioned in this blog post:
Pre-Marketing communication: This document is a pre-marketing communication addressed exclusively to professional and institutional investors residing in eligible jurisdictions. This document is not a contractually binding document or an information document required by any legislative provision, and is not sufficient to take an investment decision. Please refer to the offering documentation of the relevant product before making any final investment decisions. The product and/or strategy described herein shall be accessible only to institutional investors residing in eligible jurisdictions and shall not be accessible to, amongst others, (i) investors residing/domiciled in the United States, Canada, Australia, or Japan, and/or (ii) retail clients/consumers in any jurisdiction.
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Certain information contained herein constitutes forward-looking statements, which can be identified by the use of terms such as “may”, “will”, “should”, “expect”, “anticipate”,“project”, “estimate”, “intend”, “continue” or “believe” (or the negatives thereof ) or other variations thereof. Due to various risks and uncertainties, including those discussed above, actual events or results, the ultimate business or activities of Laser Digital or the actual performance of the strategy mentioned herein may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. The key facts and service providers referenced here are subject to change. Some statements reflect Laser Digital's views, estimates, opinions, or predictions based on proprietary models and assumptions, particularly concerning the digital asset market. There is no guarantee that these views, estimates, opinions, or predictions are accurate or will be realized. If these assumptions or models are incorrect or circumstances change, the strategy’s actual performance may differ significantly and be lower than the estimated performance.
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Risks: An investment in any of the products mentioned herein involves significant risks, including loss of an investor’s entire capital investment. Alternative investment strategies are intended only for investors who understand and accept the risks associated with investments in such products and these products are not suitable for all investors. Investments in digital assets are high-risk investments and you should not expect to be protected if something goes wrong. The volatility and unpredictability of the price of digital assets may lead to significant and immediate losses. You are invited to do all the necessary research and learn before investing in digital assets. In considering any performance data in this document, you should bear in mind that past or targeted performance is not indicative of future results, and there can be no assurance that any of the strategy would achieve its investment objectives, comparable results or that target returns would be met. Nothing herein is intended to imply that the Laser’s investment methodology may be considered “conservative”, “safe”, “risk free”, or “risk averse.” The capital and/or return are not guaranteed, nor are they protected.
Performance: Figures presented in this document may refer to the past or simulated past performance. Past and simulated past performance is not a reliable indicator nor a guide of future performance. Where the information contains an indication of future performance, such forecasts are not a reliable indicator of future performance. Expected, targeted and/or estimated future returns are not guaranteed and a loss of the entire original capital may occur. The price and value of investments referred to in this document may fluctuate. Current performance may be lower or higher than the performance data quoted. Where not relevant or representative, outliers may be excluded. Any future performance is subject to taxation which depends on the personal situation of each investor, and which may change in the future. The actual performance of a strategy may differ from the performance of the underlying asset and such difference may be material. Neither the actual past performance of the strategy and/or the underlying asset nor the hypothetical performance of the strategy or the underlying asset is an indication or guarantee of similar performance of the strategy in the future; therefore, no representation is made that any such performance / returns will be achieved by the strategy. Any target or estimated return of the strategy or any product or service offered by Laser Digital is provided for illustrative purposes only, is unaudited and does not represent actual returns, but is instead provided to reflect Laser Digital preliminary view of potential and/or targeted investment returns
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About Galaxy:
Galaxy (TSX: GLXY) is a digital asset and blockchain leader providing access to the growing digital economy. We serve a diversified client base, including institutions, startups, and qualified individuals. Since 2018, Galaxy has been building a holistic financial platform spanning three complementary operating businesses: Global Markets, Asset Management, and Digital Infrastructure Solutions. Our offerings include, amongst others, trading, lending, strategic advisory services, institutional-grade investment solutions, proprietary bitcoin mining and hosting services, network validator services, and the development of enterprise custodial technology. The company is headquartered in New York City, with global offices across North America, Europe, and Asia. Additional information about Galaxy's businesses and products is available on www.galaxy.com.