The restaking gold rush is over, and top protocols are barely making a profit
Published . Updated .
As restaking yields dried up and smart-contract risks mounted, Ethereum's top liquid restaking protocol walked away from its core business to build a crypto neobank instead.
Directly affected
- CRCW Crypto
Named in this report.
Indirectly affected
- IBIT iShares Bitcoin Trust
This price moves with the crypto market
- COIN Coinbase
The crypto exchange moves with trading volumes
- MSTR Strategy
This company's value is tied to its bitcoin holdings
- MARA MARA Holdings
Bitcoin miners move with the bitcoin price
- RIOT Riot Platforms
Bitcoin miners move with the bitcoin price
- HOOD Robinhood
Retail trading apps move with crypto volumes
- FGDL Franklin Responsibly Sourced Gold ETF
GA selected FGDL as a RELATED security because its canonical security name directly matches this event's themes: gold. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
- GDE WISDOMTREE EFFICIENT GOLD PLUS EQUITY STRATEGY FUND
GA selected GDE as a RELATED security because its canonical security name directly matches this event's themes: gold. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
- GOLY STRATEGY SHARES GOLD ENHANCED YIELD ETF
GA selected GOLY as a RELATED security because its canonical security name directly matches this event's themes: gold. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
- KGLD KURV GOLD ENHANCED INCOME ETF
GA selected KGLD as a RELATED security because its canonical security name directly matches this event's themes: gold. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
Price reaction, T-5 to T+3
As restaking yields dried up and smart-contract risks mounted, Ethereum's top liquid restaking protocol walked away from its core business to build a crypto neobank instead.
Source: CoinDesk
The price since 28 Sep 2026: Franklin Templeton Holdings Trust (FGDL) versus the S&P 500
Since the first closing price after “The restaking gold rush is over, and top protocols are barely making a profit,” Franklin Templeton Holdings Trust (FGDL) is -0.74%. The S&P 500 fund (SPY) is +0.29% over the same days, a -1.03% difference versus the market.
Who gains and who loses around Franklin Templeton Holdings Trust (FGDL)
Companies tied to this story
- FGDL Franklin Templeton Holdings Trust
Franklin Templeton Holdings Trust (FGDL) is linked, with no stored direction, medium confidence in the 28 Sep 2026 story “The restaking gold rush is over, and top protocols are barely making a profit.” Reason on file: GA selected FGDL as a RELATED security because its canonical security name directly matches this event's themes: gold. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
- GDE Wisdomtree Efficient Gold Plus Equity Strategy Fund
Wisdomtree Efficient Gold Plus Equity Strategy Fund (GDE) is linked, with no stored direction, medium confidence in the 28 Sep 2026 story “The restaking gold rush is over, and top protocols are barely making a profit.” Reason on file: GA selected GDE as a RELATED security because its canonical security name directly matches this event's themes: gold. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
- GOLY Strategy Shares Gold Enhanced Yield Etf
For “The restaking gold rush is over, and top protocols are barely making a profit,” Strategy Shares Gold Enhanced Yield Etf (GOLY) is linked, with no stored direction, medium confidence. Reason on file: GA selected GOLY as a RELATED security because its canonical security name directly matches this event's themes: gold. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
- KGLD Kurv Gold Enhanced Income Etf
Kurv Gold Enhanced Income Etf (KGLD) is linked, with no stored direction, medium confidence in the 28 Sep 2026 story “The restaking gold rush is over, and top protocols are barely making a profit.” Reason on file: GA selected KGLD as a RELATED security because its canonical security name directly matches this event's themes: gold. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
- NUGT Direxion Daily Gold Miners Index Bull 2X Etf
In “The restaking gold rush is over, and top protocols are barely making a profit,” Direxion Daily Gold Miners Index Bull 2X Etf (NUGT) is linked, with no stored direction, medium confidence. Reason on file: GA selected NUGT as a RELATED security because its canonical security name directly matches this event's themes: gold. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
- SGDJ Sprott Junior Gold Miners Etf
In “The restaking gold rush is over, and top protocols are barely making a profit,” Sprott Junior Gold Miners Etf (SGDJ) is linked, with no stored direction, medium confidence. Reason on file: GA selected SGDJ as a RELATED security because its canonical security name directly matches this event's themes: gold. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
Franklin Templeton Holdings Trust (FGDL)
Franklin Templeton Holdings Trust (FGDL) is the company in “The restaking gold rush is over, and top protocols are barely making a profit,” the 28 Sep 2026 this story story.
The link for Franklin Templeton Holdings Trust (FGDL) is this: GA selected FGDL as a RELATED security because its canonical security name directly matches this event's themes: gold. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
Wisdomtree Efficient Gold Plus Equity Strategy Fund (GDE) is here too. Its reason reads: GA selected GDE as a RELATED security because its canonical security name directly matches this event's themes: gold. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
Price levels for Franklin Templeton Holdings Trust (FGDL)
FGDL traded between 54.25 and 58.07 across 20 sessions. The latest close on file is 55.11. GDE traded between 62.95 and 67.64 across 20 sessions. The latest close on file is 63.66. GOLY traded between 23.72 and 26.25 across 18 sessions. The latest close on file is 24.53.
What the saved facts support for Franklin Templeton Holdings Trust (FGDL)
46 out of 100
“The restaking gold rush is over, and top protocols are barely making a profit” scores 46 out of 100. The score uses 1 sources, and 6 linked companies.