Staking Pool · Review
ActiveLido Review 2026: Liquid ETH Staking and stETH Explained
Lido is a liquid staking protocol that lets users stake ETH and receive stETH, a token that earns rewards and can be used across DeFi. It is one of the largest DeFi protocols by TVL, but staking through it carries smart-contract and concentration risks.
By the DappsAtlas editorial team · Updated
DappsAtlas score
8.6/10
Excellent
Our verdict on Lido
8.6/10Lido suits ETH holders who want staking rewards without running a validator and who value keeping a liquid, widely accepted token in return. Its main strength is scale, integration depth and public security and governance processes. The main caveat is that stETH carries smart-contract, depeg and concentration risk, and fee details are not on the homepage, so read the documentation before staking.
Score breakdown
How Lido scores
- Security
- 8.4/10
- Ease of use
- 8.5/10
- Fees
- n/a
- Features
- 9.0/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Lido?
Lido is a liquid staking protocol focused on Ethereum, operating since 2020 according to its homepage. Users stake ETH and receive stETH, a token that earns staking rewards while staying usable in DeFi. DefiLlama lists it under Liquid Staking with roughly $23.5 billion in TVL.
The homepage cites 9,680,417 ETH staked, a 4.2% APR for stETH and more than $3.0 billion in rewards paid since 2020. It also lists Lido Earn products, EarnETH and EarnUSD, which route funds into DeFi strategies for higher yields, with $211.5M and $58.7M in TVL respectively.
DefiLlama shows activity on Ethereum, Solana, Terra, Moonriver and Moonbeam, and the site mentions stETH availability on layer 2 networks through the Lido UI. The project is governed by Lido DAO, with the LDO token used for voting.
How Lido works
When you stake ETH through Lido, you deposit ETH into the protocol and receive stETH in return. The protocol pools deposits and assigns them to validators run by node operators. Those validators earn Ethereum staking rewards, which are reflected in your stETH balance.
Because stETH is a regular token, you can trade it, post it as collateral on lending platforms such as Aave, or provide liquidity with it on exchanges such as Curve, Balancer and Uniswap. This lets you keep earning staking rewards while using the value elsewhere.
Validators are run through several modules. The Curated Module uses a vetted set of operators, Simple DVT splits validator duties across clusters of operators, and the Community Staking Module lets people join permissionlessly with a bond. LDO token holders govern the protocol through public votes.
7 features
Key features
01
Liquid staking with stETH
Stake ETH and receive stETH, which keeps earning rewards while you use it elsewhere. There is no lock-up period for holding the token, per the DefiLlama description.
02
Broad DeFi integrations
stETH is listed as integrated with wallets such as MetaMask and Ledger, and with Curve, Aave, Balancer, Uniswap, 1inch and Sky. The site cites 100+ integrations.
03
Modular node operator set
Validators are run through Curated, Simple DVT and Community Staking modules. The Community Staking Module is permissionless, and Simple DVT uses Obol and SSV technology.
04
Earn vault products
EarnETH is a growth vault that allocates ETH and stETH across DeFi protocols. EarnUSD offers USD-denominated reward strategies with risk controls and reporting.
05
stVaults and institutional staking
Lido V3 lets institutions set up tailored staking with validators of their choice through stVaults. Listed integrations include Fireblocks, BitGo, Anchorage, Copper and Taurus.
06
DAO governance
LDO holders vote on decisions through on-chain and off-chain votes. Dual Governance adds a dynamic timelock for stETH holders.
07
Public metrics and open code
The site links to Dune dashboards, validator performance metrics and a decentralization scorecard. The code is open source.
Pros and cons
What we like
- Large scale, with about $23.5 billion in TVL per DefiLlama.
- stETH is widely integrated, with 100+ integrations including Aave, Curve, Uniswap and major wallets.
- Non-custodial design, according to the homepage.
- Public security efforts: over $4M invested in audits, bug bounties and expert reviews, and open-source code.
- A diverse operator set of 700+ operators across several modules, including permissionless options.
- Transparent governance and public dashboards for validator performance.
Watch out for
- Smart-contract risk: stETH depends on Lido's contracts, and audits and bug bounties reduce that risk but do not remove it.
- The stETH market price can drift from the value of the underlying ETH, especially in stressed markets.
- A large share of staked ETH runs through one protocol, which raises concentration and decentralization concerns for Ethereum.
- The homepage does not show the protocol fee on staking rewards, so users must check the documentation.
- The headline APR, APY and TVL figures are snapshots and change over time.
- LDO governance can change protocol rules, so users depend on the DAO's decisions.
Lido fees
Fee details are not published on its homepage. Lido is a liquid staking protocol, and the APR shown is a figure the site presents for stakers. Users should check Lido's documentation and help center for how protocol fees on rewards are applied.
On top of any protocol fee, users pay Ethereum network gas fees when staking or moving tokens. The site says its multichain stETH offering gives lower fees on other chains. Swapping stETH on secondary markets also incurs the fees of whichever exchange you use.
Is Lido safe?
The homepage states that Lido is non-custodial and that no one can access or control stakers' funds. It lists over $4M invested in security, including audits, a bug bounty and expert reviews, and a Web3SOC Grade A certification. DefiLlama lists two audits. The code is open source, which allows outside review.
Risks remain. Smart-contract bugs, validator slashing, governance decisions and stETH depegging are all possible. The size of Lido's share of staked ETH also draws concentration concerns, which the project addresses through its decentralization scorecard and Dual Governance mechanism.
Lido is a protocol rather than a regulated financial institution. Users should check the rules in their own jurisdiction and never stake money they cannot afford to have locked in smart-contract risk.
6 steps
How to get started with Lido
- 1
Check the live Lido site for the current APR, TVL and supported networks, and make sure you are on the official address.
- 2
Connect a compatible wallet such as MetaMask or Ledger Live, which are listed among the ecosystem integrations.
- 3
Choose how much ETH to stake and confirm the transaction, keeping some ETH aside for gas fees.
- 4
Receive stETH in your wallet and decide whether to hold it, wrap it as wstETH, or use it in DeFi.
- 5
Read the audits, risk documentation and governance material before committing a large amount.
- 6
Track your position and rewards through the site's dashboards, and review the position periodically.
Who Lido is for
Lido is for ETH holders who want passive staking rewards while keeping a tradeable token, for DeFi users who want stETH as collateral or liquidity, and for institutions and node operators who want structured access through stVaults or the operator modules. It is less suited to anyone who wants zero smart-contract risk or avoids protocol governance.
Lido FAQs
What is Lido?
Lido is a liquid staking protocol. You deposit ETH and receive stETH, which represents your staked ETH and its rewards, so you do not have to run a validator yourself.
What is stETH?
stETH is Lido's liquid staking token for Ethereum. It can be traded on secondary markets, used as collateral in lending, or used for restaking, and a wrapped version, wstETH, is also supported.
How much can you earn with Lido?
The homepage showed 4.2% APR for stETH at the time of the data. EarnETH showed 7.5% APY and EarnUSD 5.5% APY. These figures change, so check the live site before depositing.
Is Lido safe?
The homepage describes the protocol as non-custodial, meaning no one can access or control stakers' funds directly. That does not remove smart-contract risk, market risk or the risk that stETH trades below ETH.
Has Lido been audited?
The homepage lists over $4M invested in security, including audits, bug bounties and expert reviews. DefiLlama lists two audits. The full audit reports are linked from the Lido site.
What is the LDO token?
LDO is the governance token of Lido DAO. Holders vote on key decisions, and the site describes on-chain votes, Snapshot signaling votes and a Dual Governance mechanism.
Who runs the validators?
The homepage says the Lido protocol uses more than 700 node operators across its Curated, Simple DVT and Community Staking modules. Node operators run validators on behalf of stakers.
Compare
Lido alternatives
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Jupiter Staked SOL is a Solana liquid staking product from the Jupiter DeFi platform, for SOL holders who want staking rewards with a liquid token.
Binance Staked SOL is a Solana liquid staking product that issues BNSOL for staked SOL, for holders who want tokenized staking through Binance.
Marinade Select is a Solana staking option that delegates SOL to validators screened on identity, performance and MEV policy, for transparency-minded users.
GETH is Guarda’s token for Ethereum stakers who want a tradable representation of ETH deposited in its staking pool.
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Aave V3 is a non-custodial DeFi lending protocol on 21 chains where users earn interest on deposits or borrow against collateral.
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Uniswap V3 is a non-custodial decentralized exchange protocol for token swaps and concentrated liquidity provision across 40+ chains.
DeFi Saver is a non-custodial tool for managing and automating leveraged lending positions across major DeFi protocols on Ethereum and layer-2 networks.
OKX is a major centralized crypto exchange for spot and derivatives trading, earn products and a Web3 wallet, with its own OKB token.
LayerZero V2 is a cross-chain messaging protocol and bridge infrastructure for developers and asset issuers, connecting dozens of blockchains.
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How we checked
Sources
Last updated . Spotted an error? Tell us and we will correct it.