In the ever-volatile world of crypto, liquid staking tokens have taken a hit lately. According to a recent post from Token Terminal, these assets are "down bad" over the past 90 days, with most projects seeing double-digit percentage drops in their token prices. But amid the sea of red, three standout performers—Sanctum's CLOUD, Bedrock's BR, and Kernel DAO's KERNEL—have managed to swim against the current, posting impressive gains.

For those new to the space, liquid staking is a DeFi innovation that lets you stake your cryptocurrencies (like Ethereum or Solana) to secure the network and earn rewards, while receiving a "liquid" token in return. This liquid token can be traded, lent, or used in other protocols without locking up your original assets. It's a game-changer for liquidity in staking, but like much of crypto, it's subject to market whims.

The data shared by Token Terminal paints a clear picture: out of the top 20 liquid staking projects by market cap, only three have seen positive price changes in the last three months. Sanctum's CLOUD leads the pack with a whopping +62.5% increase, pushing its fully diluted market cap to $161.6 million. Hot on its heels is Bedrock's BR at +24.7% ($62.5 million market cap), followed by Kernel DAO's KERNEL with +16.7% ($182.9 million).

What sets these outliers apart? Sanctum, built on Solana, has been gaining traction with its user-friendly liquid staking pools and integrations across the ecosystem. Bedrock focuses on multi-chain liquid staking, offering yields on assets like Bitcoin and Ethereum. Kernel DAO, meanwhile, emphasizes community-driven governance in its staking solutions, which might be resonating with investors seeking more decentralized options. These projects could be benefiting from specific ecosystem developments or renewed interest in Solana-based DeFi, which has shown resilience compared to other chains.

On the flip side, heavyweights like Lido Finance's LDO (-26%, $901.1 million market cap) and EigenLayer's EIGEN (-26.6%, $1.9 billion) have felt the pain, likely due to broader market corrections and fading hype around restaking narratives. Even high-profile names like Jito's JTO (-51%, $1.1 billion) and Rocket Pool's RPL (-52.6%, $76.2 million) are deep in the red, reflecting investor caution amid regulatory uncertainties and macroeconomic pressures.

This downturn isn't isolated—it's part of a larger crypto market slump, with Bitcoin and Ethereum also facing headwinds. However, for meme token enthusiasts and blockchain practitioners, liquid staking remains a vital tool. It provides the liquidity needed to dive into volatile meme plays without unstaking your core holdings, potentially amplifying gains during bull runs.

If you're looking to explore these projects further, check out Sanctum, Bedrock, or Kernel DAO for more details. And for real-time data, Token Terminal's dashboard is a go-to resource for crypto fundamentals.

As the market evolves, keeping an eye on these trends can help you navigate the DeFi landscape smarter. Whether you're staking for yields or hunting the next meme token moonshot, understanding liquid staking's pulse is key to staying ahead.