Lido EarnETH is a managed DeFi strategy vault on Ethereum built on Mellow Protocol infrastructure, accepting ETH, WETH, stETH, and wstETH deposits. Yield is generated by allocating across multiple DeFi protocols including Aave, Morpho, Uniswap, Pendle, and Gearbox. The vault is curated jointly by Mellow and Lido with a 5-of-8 multisig governance structure.
AUM
$151m
Net APY
1%
Active Users
2k
Type
Vault
Network
Ethereum
CCC-
High RiskCeiling BB+
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CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from CCC- to BB+ reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security52
KMPKey Management Permissions64
MMarket28
LLiquidity26
CCollateral78
PMProtocol Mechanics36
ICEInfra Counterparty Exposures75
PCEProtocol Counterparty Exposures38
GGovernance28
FRFinancial Resilience42
TLCTeam Legal Compliance68
DTDocumentation Transparency67
Performance
Assets Under Management · 30D▲ 16.36%
$151m
Over the last 30 days, the total value of Lido EarnETH has grown 16.36% with $21.24M in inflows.
Net APY · 30D▼ 38.27%
1%
Over the last 30 days, the APY has decreased from 1.62% to 1.00%.
Active Users · 30D▲ 45.42%
2k
Over the last 30 days, active users have increased by 45.42%, reaching 2.4K wallets.
Market Details
ChainEthereum
Treasury$148.50M
Oracles UsedMellow Permissioned Oracle ↗
Asset ManagerMellow
Stated Withdrawal Time72 hours
Infrastructure ProviderMellow
Component Ratings
Contract Addresses (63)
Key Strengths
S1Mellow Core Vault architecture audited by multiple independent firms including competitive and traditional audits, with an EarnETH-specific audit completed within 30 days of deployment
S2Governance exceeds minimum multisig thresholds with a 5-of-8 structure shared between Mellow and Lido, with a TimelockController enforcing scheduling delays
S3Fully non-custodial with all contracts verified on Etherscan and deployment addresses documented in a single canonical source
S4Collateral limited to highest-quality assets (ETH, WETH, stETH, wstETH) backed by Lido's diversified validator set with strong slashing protection
Key Risks
R1Active loss event from leveraged rsETH/ETH position representing a significant portion of vault TVL when a KelpDAO bridge exploit impaired the asset, with a coordinated restoration plan in progress
R2Vault fully paused with zero exit liquidity, far exceeding the stated withdrawal period with no resumption timeline announced
R3TimelockController has a confirmed minimal delay, providing insufficient governance protection for upgrades or parameter changes
R4No active bug bounty covers EarnETH or Mellow Core Vault contracts; existing programs scope only the core Lido protocol
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