Lido

Lido於2020年12月推出，首創流動性質押，發行stETH——一種代表質押ETH及獎勵的重基代幣。2022年，它引入wstETH以實現DeFi組合性，並於2023年推出社群質押模組（CSM），實現無需許可的節點運作。2025年的一項重大升級整合了超過800萬枚ETH，將驗證節點數量減少三分之一，並提升效率。2024年，Lido推出EarnETH與EarnUSD金庫以提供收益策略，2025年則啟用NEST自動回購機制，年度上限為1000萬美元。該協議亦在2026年的Kelp安全事件中展現韌性，核心質押資產保持安全，並提議建立一個價值580萬美元的stETH橋樑以覆蓋受影響的金庫。值得注意的是，以太坊基金會於2025年從Lido贖回了21,271枚ETH，顯示出機構信任。Lido於2025年引入的雙重治理模式賦予stETH持有者否決權，標誌著邁向去中心化控制的長期轉變。

正面：NEST自動回購機制已部署，但因收入基準尚未達成而仍未觸發；已執行兩批自主回購，購入約1,003萬枚LDO，使流通供應量減少約1%。Lido Earn擴展：EarnETH達9.06萬枚ETH，EarnUSD穩定幣金庫上線，TVL為3,210萬美元。DAO抽成率於5月創下6.10%的歷史新高。隨著ETH回升，截至8月25日金庫增至約1.213億美元。 負面：上半年淨虧損445萬美元（包含Kelp一次性支出），美元收入受ETH價格下跌47%影響。僅捕獲5.7%的新增淨質押；機構資金流向其他平台。NEST預算為負；9月9日檢查點跳過回購。排隊等待時間約33天，APR降至2.59%。Earn收入因費用減免僅為年化收入54萬美元。

On July 27, 2026, Lido began its largest upgrade since V2, migrating more than 8 million staked ETH to Curated Module v2, which for the first time requires curated node operators to post ETH collateral; network validator count is expected to fall by about one third and attestations per epoch by roughly 29%, at the cost of about 0.28 percentage points of staking yield.

On October 15 the main interface enabled staking ETH directly from Arbitrum, Base, Linea and Optimism for wstETH, with Chainlink CCIP handling the cross-chain leg; on June 23 Lido had revoked canonical recognition for wstETH bridges on nine chains including zkSync Era, Scroll, Mantle and Polygon PoS. NEST automated buybacks went live in August, and LDO circulating supply fell for the first time, down 16.4 million tokens (1.8%); H1 2026 delivered a $1.6 million operating surplus that turned into a $4.45 million loss after a $6.1 million Kelp-related charge, with the treasury falling from $157.3 million to $88.3 million. On August 13 Sharplink staked $200 million of ETH through Lido, custodied at Anchorage.

Future strategy and roadmap: Lido's structural problem is that market share has decoupled from industry growth: staked ETH rose to 9.13 million in the first half, yet its share fell from 23.93% to 21.18% and it captured only 5.7% of net network additions, because new capital went to custody and staking ETFs where it was historically weak. The answer is breaking the single pool into modules: stVaults let institutions pick operators and segregate assets, validated by Anchorage custody and wstETH minting, WisdomTree's fully staked ETP and Sharplink's $200 million allocation, though 5,768 ETH is still far from the one million ETH target. A 6.15% effective take funded $15.9 million of half-year net revenue, while NEST buybacks paused on a negative budget, so share defence and token value capture are not yet in step.

共同創辦人： 瓦西里·沙波瓦洛夫：Lido 共同創辦人。曾任 P2P Validator 技術長（2020-2022）。持有南方聯邦大學應用數學碩士學位。活躍於 Twitter，帳號為 @_vshapovalov。 康斯坦丁·洛馬舒克：Lido 共同創辦人（根據 founders.io）。 核心高層： 卡斯柏·拉斯穆森：Lido 行銷主管（自 2020 年 9 月起）。曾任 Bitfinex 通訊總監。持有馬斯特里赫特大學國際商業學士學位。 伊西多羅斯·帕薩迪斯：質押長（自 2025 年 6 月起），曾任驗證人主管（2021-2025）。曾是 Nike 財務治理與控管經理。

Lido charges a 10% protocol fee on staking rewards, split between node operators and the DAO treasury and deducted automatically during the daily rebase.

Lido splits this fee by staking module: 5% to node operators and 5% to the DAO in the Curated Module, versus 3.5% and 6.5% in the Permissionless module.

Lido allocates 6% and 4% in the ICS module, 7% and 2% in Normal Clusters, and 5% and 4% in Super Clusters, with stakers keeping 90% of rewards in every module.