The Diversified Staked ETH Index ($dsETH) by Index Coop is the premier token that represents a curated basket of decentralized liquid staking protocols on Ethereum.
Overview of dsETH
Purpose : Provides diversified exposure to top Ethereum liquid staking tokens (LSTs) while actively favoring decentralized protocols based on node operator distribution.
Core Constituents : Includes leading decentralized options such as Rocket Pool (rETH) and Wrapped Lido Staked Ether (wstETH).
Fee Structure : Features a low streaming fee of 0.25% (25 bps) with zero mint or redeem fees.
Liquidity : Actively traded and pooled on decentralized exchanges like Uniswap.
(Note: If you are looking specifically at the Solana ecosystem, INF (Infinity) by Sanctum functions as a multi-LST liquidity pool token that aggregates a basket of various Solana liquid staking tokens.)
If by “basket of the top liquid staking protocols” you mean one token giving diversified exposure to Ethereum liquid-staking assets, the closest purpose-built product is dsETH (Diversified Staked ETH) from Index Coop. It was designed specifically to diversify across major Ethereum LSTs rather than concentrate exposure in one provider.
However, there’s an important distinction:
dsETH → basket of liquid-staked ETH assets/protocols. This is the closest match to your description.
stETH / wstETH → very liquid exposure to Lido, but not a basket. Lido currently represents about 56.5% of Ethereum LST market share.
DPI → broader DeFi-protocol-token index, not a liquid-staking basket, and Index Coop says the product has been sunset.
LDO/RPL/ETHFI/etc. basket → this would represent the governance/equity-like tokens of liquid-staking protocols, which is a different investment thesis from holding the underlying LSTs. There isn't an obvious dominant index token for this category today.
One caveat: “best” depends heavily on what you want the basket to represent—the underlying staked ETH, the protocol governance tokens, or a combination. Ethereum.org distinguishes LSTs as claims on staked ETH and its rewards, which is why an LST basket behaves differently from a basket of protocol tokens.
If you're specifically looking for a liquid-staking equivalent of an ETF—ideally with the top 5–10 protocols weighted by TVL/liquidity—I can compare the existing tokens/products and their current composition, fees, liquidity, and risks.
Yes. The closest thing I found is Based ETH (bsdETH), although there are some important caveats.
1. Based ETH (bsdETH) — closest current match
Based ETH is an RToken on Base whose mandate is explicitly to maintain an Ethereum-aligned basket of liquid-staking tokens, with diversification across LST providers. It is built using Reserve Protocol.
It is actually live: recent on-chain data shows roughly 570 bsdETH in supply and ~$1.2M market cap. basescan.org The project is still active in 2026; its forum shows a Q1 2026 report and ongoing proposals concerning the collateral basket.
The interesting part is that the basket can evolve. For example, governance has considered/added assets such as rETH and wsuperOETHb, rather than permanently locking the index to a fixed set of LSTs.
Big drawback: it's relatively small and Base-specific, so this isn't yet a highly liquid, institutional-grade "LST ETF."
2. dsETH — exactly what you're describing, but discontinued
The textbook answer is Diversified Staked ETH (dsETH) from Index Coop.
It was specifically designed as a single token containing leading liquid-staking protocols—originally Lido's wstETH, Rocket Pool's rETH, and StakeWise's sETH2—with methodology designed to favor decentralization.
However, Index Coop deprecated dsETH in January 2025. The DAO decided to stop maintaining the index and rebalance it into 100% wstETH, so I wouldn't consider dsETH a current solution.
Why this is interesting
The market is actually quite concentrated. Current Ethereum LST data shows roughly:
So a genuinely liquid "LST index" could give exposure to the major staking protocols without forcing the investor to pick a winner.
My take: if by "leading liquid staking protocols" you mean something like "hold one token that automatically owns a diversified basket of stETH/rETH/eETH/etc., accrues staking yield, and periodically rebalances," then yes, the product category exists—but there isn't currently an obvious dominant, highly liquid token filling that role. bsdETH is the closest live product I found; dsETH was the more established version but has been discontinued.
If you're asking because you're considering buying one, I can dig into the current basket composition, liquidity, fees, smart-contract/rehypothecation risks, and compare bsdETH vs simply holding wstETH/eETH/rETH vs building your own basket.
