LSDx

A Quantitative Intelligence Layer for Liquid Staking Derivatives

1 Preface

Liquidity is not utility. Yield is not safety. Valuation must sit between them. — Vahab Rostampour

This book presents the design, rationale, and implementation of LSDx — a quantitative intelligence layer for Liquid Staking Derivatives (LSDs). It is written for researchers, protocol builders, DAO treasuries, and DeFi-native quant teams seeking to understand and compare LSD tokens with rigour.

You will find each chapter focused and standalone. From pricing logic to risk scoring and adjusted yield modelling, the content is designed to be clear, testable, and composable. Mathematical assumptions are stated explicitly. Use cases are grounded in real-world treasury and vault design scenarios.

LSDx is not a staking protocol — it is the missing analytical backbone of the LSD ecosystem.

If you’re designing allocation strategies, evaluating LSDs, or building the infrastructure of decentralised finance, this book offers the tools and structure to do so intelligently.

Note

This book is both a white paper and a working product document for LSDx.
It is intended to evolve alongside the project. Sections may reference smart contract modules, datasets, and prototypes under development.