Staking · Liquid Staking · stETH
Lido lets users stake ETH and receive stETH, a rebasing liquid staking token that accrues daily staking rewards while staying usable across DeFi.
The largest Ethereum liquid staking protocol.
stETH price
$0.4336
-2.8% 24h
Latest data · 15 min delay
Deepest liquidity and broadest DeFi integration of any LST; staking is delegated across a DAO-curated set of professional node operators.
A rebasing ERC-20 liquid staking token minted 1:1 when ETH is deposited. Balances rebase daily to reflect accrued staking rewards net of the protocol fee, so 1 stETH tracks 1 staked ETH plus rewards.
A non-rebasing wrapper of stETH whose balance stays constant while its exchange rate to stETH grows. Preferred for DeFi integrations (lending, LPs, L2s) that do not handle rebasing tokens well.
Introduced in Lido V2, a modular contract that routes stake to distinct node-operator modules (Curated, Simple DVT, and Community Staking), letting the DAO add operator sets with different trust and decentralization profiles.
The Lido V2 mechanism allowing stETH holders to redeem stETH for ETH at a 1:1 ratio via a queue that mints a withdrawal NFT, fulfilled from staking rewards, buffered deposits, and validator exits.
Lido's second mainnet operator module, using distributed validator technology (Obol and SSV) to let clusters of solo and community stakers collectively run validators, broadening operator decentralization.
A protection layer (live June 2025) that lets stETH/wstETH holders escrow tokens to delay (>1% TVL) or, at a 10% threshold, trigger a 'rage quit' that halts execution of DAO proposals they object to.
10% of staking rewards, split between node operators and the DAO treasury; stakers keep 90%
Lido - Protocol FeeDecember 18, 2020
Messari - Lido DAO profileMay 15, 2023 with the Lido V2 upgrade (1:1 stETH-to-ETH redemption)
Lido V2 Mainnet LaunchHow Lido maps onto established TradFi structures, and where it diverges.
Money market fund / liquid deposit receipt
Lido
Like a money-market fund share, stETH is a liquid, transferable claim that accrues yield continuously while the underlying capital is put to productive use (staking rewards vs. short-term instruments).
TradFi analogue
There is no fund manager, custodian bank, or redemption gate operator; yield comes from Ethereum protocol issuance rather than interest-bearing securities, and both the token and its yield are fully on-chain and non-custodial.
Lido DAO
Governing body The decentralized organization of LDO holders that governs the protocol via Aragon on-chain votes and Snapshot signaling, controlling upgrades, operator onboarding, fee parameters, and the treasury.
Lido Labs BORG Foundation
DAO-adjacent foundation / contributor entity A Lido-DAO-adjacent foundation established to coordinate core contributors and operational work supporting the protocol, formed following a Lido DAO Snapshot vote.
Seed
2020-12-01$2M
Strategic (LDO token sale)
2021-05-01$73M
Key milestones: launches, upgrades, exploits and governance events.
Mainnet launch (V1) with stETH
ExecutedInitial launch of the liquid staking protocol and the stETH token on Ethereum.
SourceLido V2 (Staking Router + withdrawals)
ExecutedModular Staking Router and 1:1 stETH-to-ETH withdrawals enabled.
SourceSimple DVT Module
ExecutedDistributed-validator operator module deployed on mainnet via Obol and SSV.
SourceDual Governance
ExecutedstETH-holder veto/rage-quit protection layer activated on mainnet.
SourceLido V3 (stVaults)
StatedV3 introduces customizable staking vaults (stVaults) allowing configurable, isolated staking setups; extensive V3 audits by Certora, MixBytes, and Consensys Diligence completed in Q4 2025.
SourceYou deposit ETH into the Lido protocol and receive stETH 1:1. Your ETH is staked across Lido's node-operator set to secure Ethereum, and stETH balances rebase daily to reflect staking rewards minus the 10% protocol fee. stETH stays liquid and usable across DeFi while your underlying ETH remains staked.
stETH is a rebasing token whose balance grows daily as rewards accrue. wstETH is a wrapped, non-rebasing version that keeps a fixed balance while its value versus stETH increases; it is used in DeFi protocols and on L2s that do not support rebasing tokens.
Lido applies a 10% fee on staking rewards only (never on your principal). The fee is split between node operators and the DAO treasury. Users keep 90% of the rewards earned by their staked ETH.
Yes. Since the Lido V2 upgrade (May 2023, following Ethereum's Shapella upgrade), stETH holders can redeem stETH for ETH at 1:1 through the withdrawal queue. Redemptions can take from hours up to several days depending on demand and validator exit times.
Key risks include smart-contract bugs, validator slashing or downtime, oracle failure, and stETH trading at a discount to ETH on secondary markets during stress (as happened in June 2022). Lido mitigates these with extensive audits, a diversified operator set, distributed validator technology, and a coverage/insurance fund.
LDO is Lido's governance token. Holders vote on DAO proposals such as protocol parameters, operator onboarding, and treasury spending. Under Dual Governance, stETH/wstETH holders can also delay or block proposals they oppose.
