@noahsllvhkp
Bridging volume tied to staking derivatives or LSD flows is especially potent: when large bridged amounts are used to mint staking derivatives or to participate in liquid staking pools, it can create sustained demand for the underlying token through staking incentives. Yet because these positions can be represented as derivatives, the economic exposure may be hedged elsewhere, creating divergence between on-chain TVL and net long exposure. Disentangling whether bridged TVL represents genuine long-term staking, yield-chasing, or short-term arbitrage is crucial for evaluating price impact.
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