Lido
Lido is a decentralized liquid staking protocol for Ethereum and other Proof-of-Stake assets, governed by Lido DAO. It issues stETH and wstETH, supports modular node-operator setups including V3 stVaults, and serves retail DeFi users, institutional custodians, and DeFi protocol builders.
- Company typePrivate
- Founded2020
- HeadquartersLondon, United Kingdom
- Headcount51–100
- GTM typeB2B
- OfferingSoftware
What Lido does
Lido is a decentralized liquid staking protocol for Ethereum and other Proof-of-Stake assets, governed by Lido DAO and operated since 2020. Its core product, stETH, is a rebasing liquid staking token representing staked ETH plus accrued rewards, with a non-rebasing wrapped variant wstETH bridged across multiple chains via Chainlink CCIP. Around stETH, Lido has built a modular platform comprising node operator modules (Curated Module, Simple DVT Module via SSV/Obol, Community Staking Module) and Lido V3 stVaults for tailored, configurable staking setups. The Lido Earn suite extends beyond staking into automated yield vaults: EarnETH allocates ETH and stETH across blue-chip DeFi protocols, while EarnUSD accepts USDC/USDT deposits for stablecoin yield, with the DAO committing to cover losses. Governance runs through Lido DAO via Snapshot signaling, on-chain votes, Dual Governance (an stETH-holder timelock veto), and LEGO grants.
Lido serves three primary customer segments: (1) individual DeFi users seeking permissionless liquid staking without running validators or meeting the 32 ETH minimum; (2) institutional clients — custodians (Fireblocks, Copper.co, BitGo, Taurus), market makers (Wintermute), treasuries (Enterprise Ethereum Alliance), and ETF issuers (VanEck) — requiring regulated, audit-ready staking infrastructure, accessible via Lido V3 stVaults and the institutional channel; and (3) DeFi protocols and builders integrating stETH/wstETH as collateral or liquidity across 100+ integrations. Revenue is generated from fees on staking rewards distributed to stETH holders (a recurring, TVL-linked stream), supplemented by performance fees on the Earn vaults; the company is decentralized with no traditional equity structure, $14.99B in protocol TVL, ~9 million ETH staked, 900+ node operators, and over $1.95B in cumulative staking rewards paid since inception.
Lido firmographics
Firmographics- Name
- Lido
- Legal name
- Lido DAO
- Website
- https://lido.fi
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Lido is a decentralized liquid staking protocol for Ethereum and other Proof-of-Stake assets, governed by Lido DAO. It issues stETH and wstETH, supports modular node-operator setups including V3 stVaults, and serves retail DeFi users, institutional custodians, and DeFi protocol builders.
- Ownership category
- akta.pro rank
Lido industry classification
Industry- Product category
- Decentralized Liquid Staking Protocol
- NAICS
- Other Financial Vehicles (525990), Open-End Investment Funds (525910)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)
- akta.pro primary industry
- Staking, Restaking & Liquid Staking Finance (LST/LRT, validator markets) (FSAPAEAH)
- akta.pro secondary industries
- Staking-as-a-Service Platforms (Non-Custodial) (FSADAHAF), DAO Treasury, Governance & On-Chain Finance Tools (FSADAMAL)
Keywords
Where Lido is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Lido business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure
Revenue model
- Staking Fee Revenue: Lido charges a percentage fee on staking rewards distributed to stETH holders; revenue declined 23% in the prior year due to user withdrawals and lower staking yields amid network-wide APR compression. Revenue is recurring, driven by total staked ETH TVL.
- LDO Token Buyback Program: Lido DAO proposed a $20 million one-off LDO buyback funded by 10,000 stETH tokens to address price dislocation between LDO market price and protocol fundamentals, absorbing ~8.5% of LDO circulating supply.
- EarnUSD/EarnETH Vault Performance Fees: Lido's stablecoin and ETH yield vaults (EarnUSD accepting USDC/USDT; EarnETH allocating ETH/stETH across blue-chip DeFi protocols) generate yield-based fees; Lido DAO deployed $5M from its treasury into the vaults.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Pay-as-you-go | stETH Liquid Staking — variable APR on staked ETH |
| Usage-based | Pay-as-you-go | EarnETH Vault — ETH growth strategy |
| Usage-based | Pay-as-you-go | EarnUSD Stablecoin Vault — USD yield strategy |
| Other | Multi-year contract | Custom Institutional Solution — Lido V3 stVaults |
Go-to-market motion4 records
Marketing channels9 records
Lido product offering
Product offeringCore offering
Lido is a decentralized liquid staking protocol that lets users stake ETH (and other Proof-of-Stake assets) without running validators or meeting the 32 ETH minimum. Deposits are routed to vetted node operators and tokenized as stETH (rebasing) or wstETH (wrapped, non-rebasing), which can be used across DeFi as collateral or traded on secondary markets. Around the core, Lido offers modular staking products (Curated, Simple DVT, Community Staking Module, stVaults/Lido V3), institutional staking via partner custodians, and DeFi yield vaults (EarnETH, EarnUSD).
Product overview
Lido is a single unified decentralized liquid staking protocol for Ethereum, operating as a platform-plus-modules architecture. At its core, the protocol issues stETH (and its wrapped variant wstETH) — Ethereum's leading liquid staking token, with ~$14.99B TVL and 9,028,469 ETH staked at the time of the page. Around that core, Lido organizes products into three pillar areas: (1) Products, including stETH, wstETH, and the Lido Earn suite (EarnETH and EarnUSD yield vaults); (2) Node Operator modules, including the Curated Module, Simple DVT Module, Community Staking Module (CSM), and the newer modular stVaults (Lido V3) for personalized staking setups; and (3) Institutional Staking, providing stETH liquidity and utility for enterprises via integrations to Fireblocks, Copper.co, BitGo, Taurus, and Wintermute. Governance is handled by Lido DAO through the Research forum, Snapshot signaling votes, on-chain executable votes, Dual Governance (stETH dynamic timelock), Delegation, and LEGO grants. Supporting infrastructure includes the lido-ethereum-sdk developer SDK, comprehensive docs and smart-contract references on docs.lido.fi, an Immunefi bug bounty, Safe Harbor protections, and security audits from firms including Certora, MixBytes, Statemind, Ackee, OpenZeppelin, Consensys Diligence, ChainSecurity, Oxorio, Hexens, SigmaPrime, Composable Security, and Cantina.
Differentiator
Problem solved
Functional benefit
Brands
- stETH: Ethereum's leading liquid staking token issued by Lido, providing best-in-class security, deep liquidity, and competitive rewards.
- wstETH
- Lido Earn
- EarnETH
- EarnUSD
- stVaults
Products and services
- stETH Liquid Staking Permissionless liquid staking of any amount of ETH via Lido's staking interface; users receive stETH (rebasing) representing staked ETH plus rewards, redeemable 1:1 for ETH. Designed for individual crypto holders and DeFi users who want staking exposure without running validators.
- wstETH (Wrapped Lido Staked ETH) Non-rebasing wrapped version of stETH that accrues value via exchange-rate appreciation rather than balance changes; bridged across multiple chains via Chainlink CCIP and used as collateral across DeFi. Designed for DeFi protocols and cross-chain builders needing a yield-bearing ETH asset.
- EarnETH Vault (Lido Earn) Automated ETH growth vault that allocates ETH and stETH across leading blue-chip DeFi protocols to optimize capital efficiency; advertises variable 4.4% APY with ~$145M TVL. Designed for ETH holders seeking enhanced on-chain yield beyond base staking rewards.
- EarnUSD Stablecoin Vault (Lido Earn) USD-denominated yield vault accepting USDC and USDT deposits, automatically allocating across DeFi strategies with transparent asset selection and risk controls; reported ~$29.5M TVL and 7.9% APY at launch. Designed for stablecoin holders seeking on-chain yield.
- stVaults (Lido V3) Modular staking product on Lido V3 that enables tailored staking setups with validators of choice, configurable access to liquidity, and bespoke validator configurations via the stVaults platform. Designed for institutional clients and advanced users needing customized validator and liquidity arrangements.
- Lido Institutional Staking Institutional-grade staking offering providing stETH liquidity and utility for enterprises, delivered through integrations with Fireblocks, Copper.co (Clearloop), BitGo, Taurus, and Wintermute, plus bespoke validator configurations via stVaults. Designed for asset managers, custodians, treasuries, and ETF issuers.
- Community Staking Module (CSM) Permissionless module allowing independent and community stakers to join Lido's validator set with flexible validator configurations, subject to a configurable stakeShareLimit. Designed for solo and independent node operators who want access to Lido's staking reward distribution.
Quantifiable outcome
- $1,956,752,332 in staking rewards paid since 2020
- +4 more outcomes
Companies that use Lido
Customer profileNamed customers11 records
Segments4 records
Ideal customer profiles4 records
Lido technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration17 records
Feature8 records
Lido partnerships and signals
Strategic signalScale indicators15 records
Recent moves6 records
Expansion highlights6 records
Lido competitors and assessment
Company assessmentDirect peers
- Rocket Pool: Decentralized Ethereum liquid staking protocol issuing rETH, the most direct competitor to Lido's stETH. Both target retail and institutional stakers with permissionless validator onboarding and competing on decentralization, fee structure, and integration breadth.
- Frax Finance: Decentralized stablecoin and liquid staking protocol issuing frxETH, a competing liquid staking token. Frax overlaps with Lido in ETH liquid staking, DeFi integrations, and yield products, positioning them as direct substitutes for stETH/rETH.
Broad incumbents
- Coinbase (cbETH): Largest US-regulated crypto exchange offering cbETH liquid staking token. Coinbase is a broad incumbent competing with Lido via centralized staking services; cbETH competes head-to-head with stETH in institutional channels, and Coinbase also faces similar SEC regulatory scrutiny over staking programs.
- Binance (WBETH): World's largest crypto exchange offering wrapped BETH (WBETH) liquid staking. Competes with Lido in retail and institutional ETH staking globally, leveraging Binance's exchange-native distribution to capture stakers who prefer centralized over decentralized rails.
- Kraken (ETH staking): Major US-regulated exchange offering centralized ETH staking services. While Kraken does not issue a liquid staking token comparable to stETH, it competes for the same institutional and retail ETH staking demand and has been the subject of SEC staking-program enforcement cited in Lido's class-action.
Emerging players
- EigenLayer: Ethereum restaking protocol enabling staked ETH (including stETH) to secure additional services. EigenLayer is complementary to Lido (Lido deposits can be restaked via EigenLayer) but represents an emerging yield layer that may attract capital and attention away from core liquid staking.
- Kelp DAO: Liquid restaking protocol issuing rsETH. Competes with Lido in the liquid staking/restaking category and was the subject of a major April 2026 exploit that triggered the DeFi United recovery effort (in which Lido participated), highlighting both Kelp's growing relevance and its security risk profile.
- Ankr: Decentralized infrastructure provider offering liquid staking (ankrETH) and node services. Competes with Lido in liquid staking and RPC/node infrastructure; smaller scale and more focused on multi-chain staking than Lido's Ethereum-centric offering.
- Stader Labs: Multi-chain liquid staking protocol with ETH (ETHx) and other PoS assets. Competes with Lido in liquid staking but with a multi-chain focus, serving stakers on Ethereum and other networks who want a non-Lido alternative.
- Marinade Finance: Decentralized liquid staking protocol for Solana issuing mSOL. While focused on Solana rather than Ethereum, Marinade is structurally analogous to Lido — DAO-governed liquid staking with native yield token — and represents Lido's model as applied to other PoS ecosystems.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Lido social profiles
Digital presenceLido compliance and trust
Trust signalCompliance1 record
Lido financial estimates
Financial estimateRevenue estimate
Valuation estimate
Lido leadership team
Management profileNumber of profiles
Lido subsidiaries and ownership
Company hierarchySubsidiaries1 record
Lido funding detail
Funding detailFunding overview
Funding rounds5 records
Investors12 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Lido M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Lido
What does Lido do?
Lido is a decentralized liquid staking protocol that lets users stake ETH (and other Proof-of-Stake assets) without running validators or meeting the 32 ETH minimum. Deposits are routed to vetted node operators and tokenized as stETH (rebasing) or wstETH (wrapped, non-rebasing), which can be used across DeFi as collateral or traded on secondary markets. Around the core, Lido offers modular staking products (Curated, Simple DVT, Community Staking Module, stVaults/Lido V3), institutional staking via partner custodians, and DeFi yield vaults (EarnETH, EarnUSD).
Is Lido a public or private company?
Lido is a private company. It is classified as venture growth investor backed and is currently operating.
When was Lido founded?
Lido was founded in 2020. It employs 51 to 100 people.
Where is Lido based?
Lido is headquartered in London, United Kingdom, in the Europe region.
How does Lido make money?
Three revenue lines are on record. Staking Fee Revenue is the primary driver. The others are LDO Token Buyback Program and earnUSD/EarnETH Vault Performance Fees.
Who are Lido's main competitors?
Direct peers on record are Rocket Pool and Frax Finance. Broad incumbents are Coinbase (cbETH), Binance (WBETH) and Kraken (ETH staking). Emerging players are EigenLayer, Kelp DAO, Ankr, Stader Labs and Marinade Finance.
Does Lido have an API?
Yes. Lido provides a developer SDK (lido-ethereum-sdk) on GitHub with TypeScript support, enabling developers to integrate Lido's staking functionality (stETH/wstETH), stake withdrawals, and related operations into applications. Documentation is hosted at docs.lido.fi including deployed smart contracts, a token integration guide, and a Builder section referencing SDK, Docs, Smart contracts, stVaults, GitHub, Audits, Bug bounty, and Discord resources. Developer documentation is at docs.lido.fi.
What industry is Lido in?
Lido's product category is Decentralized Liquid Staking Protocol. Its primary akta.pro industry code is FSAPAEAH, Staking, Restaking & Liquid Staking Finance (LST/LRT, validator markets), with a secondary code of FSADAHAF, Staking-as-a-Service Platforms (Non-Custodial). Its NAICS code is 525990 and its SIC code is 6200.