Lido stETH is a liquid staking token on Ethereum representing staked ETH. Yield is generated from Ethereum consensus and execution layer rewards distributed across a diversified validator set.
AUM
$16b
Net APY
2.36%
Active Users
613k
Type
Liquid Staking
Network
Ethereum
A+
Qualified GradeCeiling AA
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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 A+ to AA reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security100
KMPKey Management Permissions100
MMarket87
LLiquidity85
CCollateral100
PMProtocol Mechanics100
ICEInfra Counterparty Exposures92
PCEProtocol Counterparty Exposures100
GGovernance100
FRFinancial Resilience87
TLCTeam Legal Compliance100
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 14.92%
$16b
Over the last 30 days, the total value of Lido stETH has dropped 14.92% with $2.73B in outflows.
Net APY · 30D▼ 1.49%
2.36%
Over the last 30 days, the APY has decreased from 2.39% to 2.36%.
Active Users · 30D▲ 0.77%
613k
Over the last 30 days, active users have increased by 0.77%, reaching 613.3K wallets.
Market Details
ChainEthereum
Treasury$148.50M
Code AuditsChainSecurity ↗Certora ↗OpenZeppelin ↗Consensys Diligence ↗Statemind ↗MixBytes ↗Sigma Prime ↗
Oracles UsedCustom 5-of-9 Oracle Quorum ↗
Stated Withdrawal Time1-5 days
Component Ratings
Contract Addresses
Smart Contract0xae7a...D7fE84
wstETH0x7f39...5E2Ca0
InsuranceFund0x8B3f...beDe35
WithdrawalQueue0x889e...12F9B1
NodeOperatorsRegistry0x5503...e028d5
Governance (Aragon Agent)0x3e40...6E9C8c
Governance (Aragon Voting)0x2e59...1E618e
Key Strengths
S1Extensive audit coverage from top firms including ChainSecurity, Certora, OpenZeppelin, Consensys Diligence, Sigma Prime, and Runtime Verification across all protocol versions
S2Lido contributors authored and maintain the SEAL Incident Response Template, the most widely referenced security standard in DeFi, demonstrated during the May 2025 Chorus One oracle compromise with rapid key rotation and full post-mortem
S3Dual Governance activated June 2025 grants stETH holders veto power with dynamic delays and rage quit capability, uniquely mitigating governance concentration risk
S4Highly diversified validator network across multiple staking modules with client diversity superior to network-wide averages and growing DVT adoption
Key Risks
R1Withdrawal queue can extend well beyond the stated window during mass exits with temporary secondary market depeg, as demonstrated in July 2025
R2Near-total TVL exit requires extended staggered processing due to Ethereum validator exit rate constraints, a structural limitation
R3Combined treasury and insurance reserves represent a small fraction of TVL, structurally constrained for a fully backed liquid staking protocol
R4Not all Curated Module node operators hold formal IT security certifications, though progress is tracked publicly with additional operators in the certification pipeline
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