Lido Finance

About Lido Finance Lido Finance is the largest decentralized liquid staking protocol on Ethereum, enabling users to stake ETH without locking assets or running validator infrastructure — all while receiving stETH, a liquid token usable across DeFi.

Launched in December 2020, Lido pioneered the liquid staking token (LST) model by issuing stETH, which automatically reflects accrued staking rewards in real-time and integrates natively into 100+ DeFi protocols including Aave, EigenLayer, and Curve.

Operated by the Lido DAO — governed by LDO token holders — the protocol manages deposits, reward distribution, and withdrawals entirely through audited, non-custodial smart contracts on Ethereum, removing centralized counterparty risk.

In 2025, Lido introduced its industry-first Dual Governance model, granting stETH holders direct governance power alongside LDO holders, reinforcing its commitment to community-driven decentralization.

With over $20B in Total Value Locked, ~9 million ETH staked, and a 24%+ share of all staked Ethereum, Lido Finance remains the dominant force in the liquid staking sector by TVL and market penetration.

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