Lido DAO

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Lido DAO

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Lido DAO

The Lido DAO (LDO) is a (DAO) that enables users to stake their without locking assets or maintaining infrastructure. It provides liquidity for staked tokens by issuing users 1:1 tokenized versions of staked assets. [6]

(stETH) is an example of a token that represents staked  in , combining the value of the initial deposit and staking rewards. [12]

Lido supports and other layer-1 , such as , , , and . Its voting power is determined by governance token (LDO), which decides the key parameters of liquid staking protocols. By participating in other on-chain activities, users can compound their staking rewards on Lido for additional yields. [1][2][3]

History

Lido launched in December 2020, shortly after the Ethereum 2.0 Beacon Chain[16] went live. on the Ethereum blockchain presented challenges, including only allowing multiples of 32 ETH and requiring technical expertise to stake. were locked during the initial phase of ETH 2.0, preventing them from being used in other protocols. [5]

Lido offers non-custodial staking services as a potential solution to capital inefficiency issues, allowing users to tokenize their staked ETH as and utilize it across other protocols. [12]

Lido's focus was initially only on Ethereum. Still, it has expanded to other blockchains: Lido on launched in September 2021, on in November 2021, on in May 2022, and on in February 2022. Stakers of native SOL asset receive a derivative token, bSOL; stakers receive stMATIC, stakers receive stDOT, and stakers receive stKSM. [4][5][6]

Lido Technology

Users can deposit ether into the Lido on Ethereum 1.0 to receive in return. tokens can be used to participate in other decentralized protocols, such as lending. tokens are upon deposit and when withdrawn. When deposited, ether is distributed among operators chosen by the Lido DAO and is locked into the deposit contract. [16]

facilitate communication between the beacon chain and the Ethereum 1.0 chain. Specifically, the monitor the balances of on the beacon chain, transmitting this information to Lido's Ethereum 1.0 daily. The balance of may fluctuate due to rewards, slashing, and penalties. [17]

The updates the token ratio, with rewards exceeding slashing penalties, resulting in a profit. The balance increases accordingly, and a 10% fee is applied to the rewards, with half allocated to operators as per their stake value and the other half sent to the Lido treasury. [18]

Tokenomics

Lido has two tokens: the token, a tokenized version of staked , and LDO, which grants governance rights in the Lido DAO.

stETH token

is a token representing staked ether in Lido, combining the value of the initial deposit + rewards - penalties.  tokens are upon deposit and when redeemed.  token balances are 1:1 to the staked using Lido.  token balances are updated daily when the reports changes in total stakes.

tokens can be used as one would use , allowing users to earn rewards whilst benefiting from, among other things, yields across  products.

The token is a tokenized version of staked ether. When a user sends ether into the Lido , the user receives the corresponding amount of tokens. The token represents Lido users’ deposits and the corresponding rewards and slashing penalties. The token is a liquid alternative for the staked ether: it could be transferred, traded, or used in applications. Lido makes the token balance track the balance of the corresponding beacon chain ether. A user’s balance of tokens corresponds 1 to 1 amount of ether a user could receive if withdrawals were enabled and instant.

LDO token

LDO is an  token granting governance rights in the Lido DAO. The Lido DAO governs a set of protocols, decides on key parameters (e.g., fees), and executes protocol upgrades to ensure efficiency and stability. Holding the LDO token grants voting rights within the Lido DAO. The more LDO is locked in a user’s voting contract, the greater the decision-making power the voter gets. [7]

Launch & Initial Token Distribution

1 billion LDO tokens were minted during the LDO launch in December 2020. The token allocation was as follows:

  • DAO Treasury: 36.32%
  • Investors: 22.18%
  • Initial developers: 20%
  • Founders and future employees: 15%
  • Validators and withdrawal key signers: 6.5%

The tokens have a one-year lock-up, which is followed by a one-year vesting period, except for the Treasury. [7]

Utility

The LDO token grants voting rights in the Lido DAO, with voting weight proportional to the amount of LDO tokens in the voting contract. The Lido DAO is responsible for upgrades, operators, fee structures, and oracles.

Users receive a tokenized version of their staked assets. When on the via Lido, users receive in return (stPOLY for on the , and for staking on the blockchain, etc.). These tokenized assets can be used in other decentralized protocols (e.g., lending). [8]

Governance

Lido’s governance follows three steps: open discussion, off-chain voting, and on-chain execution. This structure allows for broad participation, enabling community members to engage through public forums, gas-free signaling, and final protocol-level decisions at different stages.

Each phase is publicly documented to ensure transparency and record proposal development and outcomes. The structured, time-bound process slows decision-making to minimize rushed or malicious proposals, supporting deliberate, decentralized governance aligned with Lido’s goals.  [25]

On-Chain Voting

Lido’s on-chain voting process is split into two phases: a main phase and an objection phase. In March 2025, the durations were extended to 72 hours for the main phase and 48 hours for the objection phase to improve voter engagement and address declining participation.

The adjustments respond to concerns about short voting windows, reduced active voting despite wider token distribution, and the need for oversight in delegated voting. The revised timeline gives participants more time to assess proposals and respond to delegated actions, aiming to balance timely decision-making with thorough community involvement. The voting schedule runs from Wednesday to Monday, allowing structured and deliberate governance. [25]

GateSeal

GateSeal is an emergency mechanism in the Lido protocol that allows certain to be paused quickly in response to critical vulnerabilities. It prevents unauthorized fund movement by halting functions such as user withdrawals and operator exits while leaving the rest of the protocol operational to limit disruption.

The mechanism creates a time buffer, enabling the community to assess incidents and vote on solutions before contracts automatically resume. GateSeal can only be activated by a committee with at least 3 of 6 members in agreement, preventing unilateral decisions. Following recent governance updates, the pause duration is 11 days, allowing sufficient time for proposal preparation, voting, and re-voting if needed. [25]

DAO Committees

Lido DAO uses specialized committees to manage operations, rewards, and treasury oversight, combining subject-matter expertise with decentralized governance. groups make decisions with set quorum requirements, and all actions are recorded on-chain to ensure transparency.

For treasury security, any holding over $50,000 must grant unlimited allowance to the Lido Aragon Agent, allowing the to recover funds if necessary. Routine operations are handled through the Easy Track system, which streamlines approvals while preserving accountability. [25]

Lido V3

In February 2025, Lido implemented the Lido V3 testnet. V3 introduces stVaults, a modular framework that allows users to customize setups while maintaining access to liquidity and integrations. This design supports tailored configurations for institutional stakers, Operators, and asset managers, enabling strategies that align with specific compliance, operational, or financial goals.

stVaults contribute to decentralization by enabling diversity through user-defined fees, infrastructure, and bonding rules while maintaining fungibility. The system balances security and performance by requiring bonded to reduce slashing risk and using dynamic fees to encourage competition. stVaults also offer optional upgradeability, allowing users to opt in or out of Lido governance, preserving flexibility and control within decentralized framework. [26] [27]

stVaults

stVaults in Lido V3 offer customizable staking setups that allow users to configure validation methods, fee structures, and risk-reward profiles while maintaining access to liquidity. The system is designed to accommodate various stakeholders—institutions can meet compliance needs, Operators gain access to high-volume stakers, and asset managers can adapt strategies using as collateral.

Operating alongside the Lido Core Protocol, stVaults are non-custodial and allow to be staked with selected Operators. This enables personalized configurations while still , providing broad integrations and liquidity access. To reduce slashing risks, stVaults use a Reserve Ratio (RR) that requires a minimum bonded amount of , keeping overcollateralized. This approach enhances security and supports network stability through flexible bonding requirements and reputation-based risk management. [26] [27]

Vault Customization

stVaults offer customizable configurations that allow users to tailor validation setups, optimize reward strategies, and develop specialized products while leveraging the liquidity and security of . Institutional users can create dedicated stVaults with selected Operators, control access, and integrate as needed while maintaining non-custodial control over deposited .

stVaults also support leveraged by enabling strategies that source from primary or secondary markets. Additionally, they offer optional exposure to restaking, allowing participants to explore shared security models without affecting the broader Lido ecosystem. [26] [27]

Lido V2

On February 7, 2023, the Lido team proposed upgrading the Lido protocol. The two major focal points of the upgrade are: [22]

Staking Router

Lido's Staking Router is a major protocol upgrade that moves the operator registry to a modular and more composable architecture. The Staking Router will act as the nucleus of the Lido vision: a platform where stakers, developers, and operators can collaborate without friction and drive the future of a decentralized together. [18]

Stakers will benefit from a more diverse and secure Operator set, as their deposits will be distributed over many independent entities, mitigating network downtime risk and improving resiliency. [18]

Operators benefit through the new modules, and additional types of Operators, such as solo stakers, small groups, , and professional operators, can increase their avenues of participating in the Lido protocol. [18]

For developers, users can propose and implement modules using different operator compositions and with various competitive characteristics (such as cover options and fee structures) and apply for inclusion into the Staking Router’s module set. [18]

Withdrawals

Withdrawals enable users to unstake their stETH and, in return, receive ETH at a 1:1 ratio for their staked ETH. The withdrawal mechanism added to Lido’s protocol design includes two modes: [18]

  • Turbo Mode is the default mode unless a catastrophic event or unforeseen scenario affects the network. In Turbo Mode, withdrawal requests are fulfilled quickly, using all available from user deposits and rewards. The time to exit the network is uncertain; however, in the best case, withdrawal requests can be processed within hours without requiring a exit. [19]
  • Bunker Mode is proposed to process withdrawals in an orderly manner under catastrophic scenarios. Its purpose is to prevent sophisticated actors from gaining an unfair advantage against other stakers by delaying withdrawals in the whole protocol and socializing the negative impact. [19]

Advanced DeFi Strategies for stETH Launch

In June 2024, Lido announced a partnership with Mellow Finance - one of two inaugural Lido Alliance members alongside Drop - to provide stETH holders with access to a number of advanced DeFi vaults - including restaking - in collaboration with Symbiotic. [22]

The vaults are part of Lido's vision to enter the Ethereum restaking space and to provide Ethereum stakers with access to restaking opportunities. [22]

The advanced DeFi strategies are launched in collaboration with Mellow Finance, a restaking primitive enabling permissionless Liquid Restaking Token (LRT) creation based on individual risk profiles and curation models. [22]

Decentralized Validator Vault

Introduced on August 13, 2024, the Decentralized Validator Vault (the “Vault”) - implemented by Mellow - is designed to boost the number of Distributed active in the Simple DVT Module, advance the decentralization and resilience of the Lido on operator set, improve network security, and allow stakers to potentially benefit from DVT provider incentives. [24][23]

"This vault aims to boost the adoption of Distributed Validators via the Lido Simple DVT Module, enhancing network security and increasing overall validator numbers." - the team tweeted[24]

This Vault will stake through Lido on , with 90% of potential Obol and incentives directed to vault stakers, with 10% going toward Operators. The Vault offers stakers the chance to receive rewards and DVT provider incentives from protocols like , Obol, and Mellow. [24]

Partnerships

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