what's lido finance?
Lido Finance is a leading liquid staking protocol in the DeFi ecosystem, enabling users to stake assets like Ethereum (ETH) and Solana (SOL) without locking them up, by issuing liquid staking tokens such as stETH and stSOL that represent staked assets and accrue rewards. Its primary purpose is to provide accessible staking opportunities with liquidity, allowing staked tokens to be used in various DeFi applications while earning staking yields. Key features include decentralized governance through the LDO token via the Lido DAO, support for multiple blockchains like Ethereum and Solana, and advanced infrastructure like Lido V3 stVaults for institutional-grade yield strategies and isolated staking. Recent developments highlight integrations with platforms like Linea and zkSync for Layer 2 scaling, as well as partnerships such as the $3M allocation to Origin's stETH ARM vault for liquidity and stability. Lido also emphasizes community staking modules (CSM) to diversify node operators and enhance protocol security. With over $30B in total value locked, it ranks among the top DeFi projects by development activity and adoption.
wstETH collateralizes fxProtocol yield; CSM validators increased; P/E 13.2x, 10% profit margin.
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wstETH is used as collateral in fxProtocol's fxMINT product to generate yield for the protocol.
Community Staking Module (CSM) currently has 17,492 validators, an increase of 3,221 validators, with an average performance of 99.70%.
Distributed 50.9851 stETH in operator rewards through the Community Staking Module (CSM), representing an increase of 0.3974 stETH.
Has a price-to-earnings ratio of 13.2x and a profit margin of 10%.
Has a market capitalization of $277M.
Delivers an estimated APR of 2.4%–3.2% for stETH holders as of April 2026.
enacted dual governance
Generated $44.6M in fees over 30 days, the highest amount among compared protocols in this timeframe.
Listed as top gainer April 14, 2026, ranking as fastest-growing top 12 protocol weekly.
Generated less than $12.4M in fees over 7 days, ranking second-highest protocol onchain below Hyperliquid Perps.
Integrated CoW Protocol for instant stETH unstaking liquidity into ETH, WETH, USDC, USDT, USDS, and WBTC, bypassing withdrawal queues.
Achieved positive 30-day revenue growth of +4.8% month-over-month.
Aave governance includes wstETH as cross-collateral alongside WETH and BTC.b for borrowing MegaETH's USDm at <0.02% interest.
Integrated Chainlink CCIP for one-click wstETH cross-chain swaps; Fast Swap feature under maintenance, though DEX swaps and in-protocol (w)stETH withdrawals operational.
Reached 100,000 ETH NAV and $200M TVL for EarnETH MetaVault on Mellow within 3 weeks of launch.
stETH ARM vault integrated with OpenCover to offer insurance coverage for deposits.
Plans to implement a long-term automated buyback and liquidity provision mechanism through NEST in 2026, designed to reduce circulating supply and deepen on-chain liquidity.
Presented at EthCC on 2026-03-30 on the Redford Stage, covering Lido V3 and Lido Earn for institutional adoption of staking and DeFi on Ethereum.
Ranked 3rd in Santiment's top 10 DeFi projects by development activity, moving up from previous month.
Integrated with Lido for ETH staking as part of the tETH liquid staking token offering.
Reached $19.739 billion in TVL, representing a 12.22% increase over the past 30 days.
Justin Sun holds $299M worth of stETH in on-chain holdings as tracked by Arkham Intelligence.
Community Staking Module (CSM) accounts for approximately 7.5% of total stake as of March 2026.
Over $100M has migrated to the new EarnETH vault from DVV, GGV, and stRATEGY vaults.
Holders of wstETH on Neutron and connected Interchain networks must bridge their tokens back to Ethereum by June 30th, 2026.
Former Growth Lead departed from the team.
Received an A+ credit rating from Credora Network based on quantitative simulation across price paths, oracle behavior, and liquidation capacity.
Generated $40.5 million revenue in 2025, down 23% from $52.4 million in 2024.
Sits at $18.7B TVL, generates $37.4M annual revenue as Ethereum's largest staking protocol.
Incurred total expenses of $45.5 million in 2025, a 13% decrease year-over-year.
Holds treasury assets of approximately $157.5 million, down about $14 million from 2024.
Approved one-off stETH-funded LDO accumulation program by Lido Growth Committee in late March 2026, using up to 10,000 stETH ($20M) from DAO treasury to acquire ~70M LDO (~7% of supply).
Operates Ethereum staking infrastructure through Lido Finance in collaboration with ChainSafe.
Published 2025 Annual Report covering execution against GOOSE objectives, use of DAO-approved grant funding, and delivery across product expansion, validator set development, and governance.
A whale address (0x831...8a3) deposited 13,300 ETH (approximately $28.63 million) into Lido within the past hour after withdrawing from Binance.
Featured in Four Pillars Weekly publication with an article titled "Lido IDVTC: A Significant Milestone Reflecting Lido's Long-Term Direction"
Integrated with Linea's Yield Boost feature for auto-staking bridged ETH, launching 2026-03-28.
Participating in a debate on ETH issuance at EthCC on 2026-03-23, with representation from Lido Finance.
Launched stVault for modular institutional non-custodial ETH staking, extending V3 Early Adopters Campaign through June 30, 2026, with 0% infrastructure fee on stVaults with 250+ ETH run by Identified Node Operators. Enabled a consolidation mechanism following Ethereum's Pectra upgrade, allowing validators to transfer balances directly while migrating into stVaults, and released Community Staking Module (CSM) v3, integrating DVT with native 0x02 validator support.
Remains unaffected by Resolv USR exploit on March 22, 2026, depegging USR to $0.025, requiring no user action.
Community Staking Module (CSM) has reached 559 node operators and 558,000 ETH staked.
Committed to not allowing any single operator in their validator set to account for more than 1% of total ETH stake.
Integrated wstETH as collateral in Liquity Protocol's BOLD stablecoin system, enabling borrowing at 50% LTV and minting BOLD while earning staking yield, accepted alongside ETH and rETH.
Offers Identified DVT Clusters (IDVTC) in Community Staking Module (CSM) with Obol, enabling lower bond requirements for more capital efficient distributed validator participation.
Earn product line attracted $250M in deposits since September 2025.
Experienced a minor slashing incident in the Community Staking Module (CSM) on March 12, 2026 at 20:38 UTC, with total projected penalties estimated at less than 1 ETH and covered by the affected node operator's bond.
Received $1.2 million (568 ETH) as block proposer fee from a single MEV transaction involving a victim exploit on March 12, 2026.
stETH-ETH pair captured 65% of all LST trading volumes in February 2026.
MetaVaults went live on Lido Finance, an onchain fund-of-funds infrastructure powered by Mellow Protocol.
Launched Lido EarnETH vault on Mellow Protocol with $5M first-loss protection.
Sponsors $10k hackathon track with Synthesis MD, starting March 13, 2026, with a build deadline on March 22, 2026, focused on AI agent integration for staking automation.
Launched specialized Aave V4 spoke on Ethereum March 30th, enabling modular borrowing. Liquidated $26M (10,938 wstETH) in E-Mode affecting 34 accounts on Aave March 10, 2026, due to misconfigured oracle cap; users reimbursed, no bad debt.
Onchain financial data becomes available on CoinGecko platform on March 10, 2026.
RockLogicGmbH migrated onto Obol Distributed Validators in Lido Finance's Curated Module.
wstETH and PT-wstETH are available for trading on Agra Bonds, a rate-based limit orderbook platform for onchain bonds.
Integrated as an adapter in Wayfinder AI's SDK and Delta Lab data repository.
Deployed Lido Harvester, a vault contract that automates yield collection from stETH into ETH with customizable withdrawal conditions, at address 0x0000000000BB8A44A568Ff0a9ef0E7fc20768E22.
Generated $221.43M in revenue during Q4 2025, with 90% allocated to staking rewards and MEV.
Added FourPillars (@FPvalidated) as an identified node operator.
Integrated wstETH into USDS Flagship vault on Morpho via Sky Money App, offering USD-denominated yield and representing 20% of vault allocation alongside stUSDS, cbBTC, ETH markets.
Paused new deposits to the ZKsync wstETH bridge due to a potential weakness, with a fix prepared via governance vote late March or early April 2026. No exploitation or impact to wstETH holders.
Committed 7,500 wstETH (approximately $13M+) as collateral through Symbiotic with ether.fi, Cap Money, FalconX, and M11 Credit.
Staked ETH reached 31% of total ETH supply.
Partnered with Hanwha for Asia's first JitoSOL ETP.
Generated approximately $1.60M in daily fees, equivalent to approximately $584M annualized.
Sponsored EthCC 2026 as RUBY sponsor in Cannes March 30-April 2, participated in institutional staking panel March 10, and hosts Lido Day in France.
Distributed approximately $50,000 in staking rewards to Obol Distributed Validator operators.
stETH is accepted as one of three qualifying assets (alongside ETH and WETH) for voting in Snapshot's "Ethereum Future" governance space, with holders of 0.02 or more tokens receiving equal voting rights on Ethereum Improvement Proposals for the Hegotá network upgrade, voting open until 2026-02-20.
Had approximately 228,992 ETH in the unstaking queue in July 2025, with an average wait time of around 71 hours (approximately 3 days), marking the highest unstaking queue level in nearly two years.
Reached 87,807 token holder addresses.
Sets stVaults infrastructure fee to 0% for vaults exceeding 250 ETH until 2026-03-31.
Integrated into Flying Tulip's yield strategies, deploying $1B public sale funds to Lido (alongside Aave) with all fees and yield used for buybacks distributed to users, launching 2026-02-17.
Hosts tokenholder update call with Lido Labs leadership on 2026-02-26 at 2PM UTC.
TVL sits at $19.88 billion in staked ETH as of March 23, 2026, ranking first among Ethereum liquid staking protocols.
Integrated with Chainlink Scale oracle infrastructure for deep protocol-level infrastructure, making Aave, GMX, and Lido wstETH accessible on day one of mainnet launch.
Rolled out V3 Phase 3 in February 2026, integrating with Nansen for analytics into stVaults with validator-level transparency.
Integrated wstETH into Dolomite's Ethereum deployment, enabling DeFi support for the wrapped staked ETH token.
Arthur Hayes sold 2.3 million LDO tokens at $0.42 per token on February 3, 2026, after purchasing them at $0.56 in December 2025, resulting in a $310,000 loss.
Achieved +0.73% TVL growth over the 30-day period ending around February 1, 2026.
Increased the Community Staking Module (CSM) permissionless share limit from 5% to 7.5% of total Lido stake.
Listed as a supported LSD (Liquid Staking Derivative) protocol for the MegaETH Public Mainnet launch
stETH staking yield stands at 2.5% APY as of January 19, 2026.
Deployed a Curve Finance factory pool with amplification coefficient A=200 (versus standard A=60) during the May 2022 stETH depeg event, where stETH fell to 0.9197 ETH (an 8% discount to ETH) due to heavy selling from Celsius and Alameda Research.
Achieved over $1 billion in stETH transferred across chains via Wormhole bridge.
Integrated with Origin Protocol's ARM-WETH-stETH vault, paired with OETH in a new Curve pool offering 15%–38% APY, generated an average 8.38% APY through the stETH ARM arbitrage mechanism over a 14-day period ending 2026-02-10.
Integrated with Jumper Earn to enable ETH staking through their platform, allowing users to stake from any asset and any chain.
Received $120M in whale inflows.
Reached between $22 billion and $35 billion in TVL, operating primarily on Ethereum and available on other chains.
Experienced increased voter participation after implementing new governance rules, contrasting with declining participation at other DeFi protocols.
Arthur Hayes sold ETH to buy LDO, PENDLE, and ENA during the week of December 22-28, 2025.
Ranked 5th by development activity in Santiment's top 10 DeFi projects for December 2025 and February 2026, then 4th for March 2026.
Captures less value than DeFi lending protocols per unit of TVL when net interest margins from borrowing are included, based on data comparing revenue across the onchain credit stack.
Nominated for "Best In Yield" award with results to be announced on December 30th, 2025.
Received approximately $38 million worth of stETH from a whale wallet that dumped AAVE tokens in exchange for stETH and WBTC.
Migrated cross-chain infrastructure to Chainlink CCIP.
Reached 8,700,000 ETH staked across 800+ node operators, with over 33% of stETH utilized in DeFi protocols.
Gearbox Protocol enabled direct withdrawals from Mellow for rstETH positions to allow users to exit without DEX fees or slippage, following Mellow's scheduled infrastructure upgrade after December 21, 2025.
Listed on Robinhood Crypto for spot trading on December 19, 2025.
Integrated with Eigenpie for liquid restaking, allowing stETH holders to restake as mstETH and earn additional rewards through Eigenpie's platform while maintaining liquidity.
Rolled out V3 Phase 3 on 2026-03-02, enabling permissionless stETH minting for all stVaults, and launched V3 Vote Phase 1. Key features include stVaults architecture, overcollateralization, delegation liquid staking, and institutional integrations with P2P Validator and Edge Capital Management offering rstETH⁺ vaults.