The full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
Research, not financial advice. Read the terms.
About Lido Staked Ether
Analysis of 25 Jan 2026Lido stETH remains the leading liquid staking protocol for Ethereum, holding 25% of all staked ETH with approximately $25-28 billion total value locked as of January 2026. The protocol enables users to stake any amount of ETH while receiving stETH, a liquid derivative maintaining 1:1 peg with ETH usable across 12+ blockchain networks.
Full overviewShow less
With 2.5-3% base staking APY and over 9 million ETH staked through Lido, the Ethereum validator exit queue has cleared to zero for the first time while the entry queue shows $8.49 billion worth of ETH waiting to stake. The protocol's Dual Governance system launched July 2025 gives stETH holders veto power with rage-quit protection, while the V3 upgrade with stVaults enables institutional customization through partners like P2P.org and Everstake.
