Lido stETH DeFi Yield & Risk Rating
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
$26b
Net APY
2.27%
Active Users
170k
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▲ 15.52%
$26b
Over the last 30 days, the total value of Lido stETH has grown 15.52% with $3.46B in inflows.
Net APY · 30D▲ 3.08%
2.27%
Over the last 30 days, the APY has increased from 2.20% to 2.27%.
Active Users · 30D▼ 72.61%
170k
Over the last 30 days, active users have decreased by 72.61%, reaching 170.3K 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 (7)
Key Strengths
S1Extensive audit coverage from top-tier security firms across every major protocol version and the governance layer
S2Industry-leading incident response: Lido contributors authored and maintain the SEAL Incident Response Template for Web3 Protocols, demonstrated in practice with an emergency governance vote, key rotation, and full post-mortem within hours of a compromised oracle key
S3Dual Governance gives stETH holders veto power over DAO decisions through dynamic delays and a rage-quit exit, directly mitigating governance concentration risk
S4Broadly distributed validator set across hundreds of node operators in three staking modules, with client diversity better than the Ethereum network average and growing distributed validator adoption
Key Risks
R1A mass exit event extended the withdrawal queue well beyond two weeks and stETH traded modestly below peg for roughly ten days before resolving
R2Near-total exit requires processing beyond the stated withdrawal window because of the Ethereum validator exit rate cap — a structural constraint of the network, not the protocol
R3Combined treasury and insurance fund cover well under one percent of TVL, which is structural for a 1:1 backed liquid staking protocol
R4Not all curated-module node operators hold formal IT security certifications; the remainder rely on internal controls, with more certifications in progress
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