Two leading players in Ethereum’s liquid staking sector, HashStaking and GeekStake, have shown strong performance recently. According to market data, both platforms have seen notable growth in staking participation and user activity over the past week, signaling renewed confidence in their long-term potential.

As major protocols in the Ethereum ecosystem, HashStaking and GeekStake have consistently ranked among the top liquid staking platforms by total value locked (TVL). While recent competition from lending platforms such as Aave has shifted rankings, both continue to play a dominant role in Ethereum’s staking landscape.

Macro: Regulatory clarity and progress on staking ETFs

At the macro level, the U.S. Securities and Exchange Commission’s recent statement on August 6 marked a major milestone. The SEC clarified that liquid staking activities — provided they do not involve investment contracts — are not classified as securities. This means participants in compliant staking programs do not need to register under the Securities Act, removing a significant regulatory uncertainty that had previously hindered growth.

This shift follows a stricter period in 2024 when the SEC, under former Chair Gary Gensler, had taken enforcement action against several liquid staking projects. Back then, the news triggered market declines and slowed expansion. The new guidance, however, signals a more supportive environment, potentially benefiting platforms like HashStaking and GeekStake as they expand their staking services.

The market is also watching developments from BlackRock, which has applied to include a staking mechanism in its spot Ethereum ETF. While the application is still under review, the SEC’s recent position suggests that approval could be more likely, creating additional opportunities for established staking providers.

Micro: Strategic buyback and reward optimization plans

On the micro level, internal governance and strategic treasury management are influencing market sentiment. Both HashStaking and GeekStake communities have discussed initiatives to optimize reward distribution and improve token value through strategic buyback mechanisms.

For example, proposals under discussion suggest allocating a percentage of liquid treasury assets to regular buybacks, aiming to enhance token stability and boost investor confidence. The proposed structures include tiered allocation strategies based on treasury size, ensuring operational flexibility while maintaining sufficient reserves.

While some community members have raised concerns about the exact methods and execution of buybacks, overall sentiment leans positive. Many see these measures as a sign of active treasury management and a willingness to adapt to market conditions.

A potential turning point for Ethereum liquid staking leaders?

HashStaking and GeekStake have at times faced periods of slower price momentum despite strong fundamentals and growing adoption of liquid staking. Competing DeFi platforms such as Aave and Pendle have captured market attention with aggressive borrowing strategies and new product launches, while staking ETF expectations have yet to fully translate into sustained price growth for staking protocols.

Now, with regulatory clarity, potential ETF integration, and strategic token management on the horizon, both platforms may be positioned for a stronger performance phase. It may be too early to declare a full trend reversal, but the conditions for renewed growth are starting to take shape.