Lido DAO(LDO)

Overview

Lido DAO is a liquid staking protocol for proof-of-stake blockchains, most notably Ethereum, launched around the start of the Beacon Chain in late 2020. Users who deposit ETH receive stETH, a token representing their staked position, which can be used across DeFi while the underlying deposit remains bonded with validators. The actual validation work is delegated across a set of node operators approved by the protocol.

LDO is the protocol's governance token, allowing holders to vote in the DAO on parameters such as fee structure, node operator onboarding, and treasury management. LDO does not itself accrue staking rewards and is distinct from stETH. Lido has at times accounted for the largest share of staked ETH, prompting ongoing discussion about validator concentration and proposals around self-limiting its share and diversifying its operator set.