Lido
The largest protocol in DeFi at $24.43bn, and the one that publishes the formula behind its own yield instead of just the number.
- Founded
- 2020
- Registered
- Decentralised
- Site
- lido.fi
The short answer
It is the counter-example to our own thesis about staking disclosure and we give it full credit: the APR Lido advertises is already net of its 10% fee, the formula is written into its documentation, and its public API returns the same number the front end shows. Disclosure scores 10 out of 10, the only such mark we have awarded. The problem is depth — $17.2bn of stETH outstanding against roughly $113m of on-chain liquidity, 0.66%, with only 0.07% of supply trading in a day.
Key facts
| Value secured | $24.43bn — the largest single protocol in DeFias of 14 Jul 2026 |
|---|---|
| Disclosure | 10 out of 10. The advertised APR is already net of the 10% fee, the formula is in the documentation, and the public API returns the same number the front end shows.as of 14 Jul 2026 |
| stETH outstanding | $17.2bnas of 14 Jul 2026 |
| On-chain depth | Roughly $113m — 0.66% of the outstanding stETHas of 14 Jul 2026 |
| Daily turnover | 0.07% of supplyas of 14 Jul 2026 |
| Upgradeability | 5 out of 10 — contracts upgradeable through a DAO with emergency committees able to act quicklyas of 14 Jul 2026 |
| Rating cards | Two: DeFi protocols and liquid stakingas of 14 Jul 2026 |
The one staking provider that tells you what it takes
Our staking rating exists because the industry shows you a gross yield and takes its cut quietly. Lido is the counter-example, and we scored its disclosure 10 out of 10 — the only such mark we have given.
Three things earn it. The APR it advertises is already net of the 10% fee, so the number you see is the number you get. The formula is written into the documentation, so you can reconstruct it rather than trust it. And the public API returns the same figure the front end displays, which sounds trivial and is the check that catches the venues where it does not.
The comparison is what makes it land. Kraken’s own support documentation states that the APYs it shows in-app do not include its commission. Coinbase states a retail rate and never states the take rate behind it. Lido publishes the arithmetic. It is a decentralised protocol behaving better on disclosure than two of the largest regulated companies in the sector.
The depth problem, which is the real risk
There is $17.2bn of stETH outstanding and roughly $113m of on-chain depth behind it — 0.66%. Only 0.07% of the supply trades in a day. Selling even 1% of the float into the market would move it substantially.
That matters because stETH is usually described as liquid staking, and the liquidity in that phrase refers to the existence of a market rather than its capacity. In calm conditions the peg holds and exits are easy. In the conditions where you would most want to exit — everyone at once — the book is thin, and the discount is the price of leaving.
The protocol-level exit is the fallback and it is not fast: unstaking goes through Ethereum’s withdrawal queue, which lengthens exactly when demand to leave rises. So the two routes out are a thin market and a slow queue, and stress hits both simultaneously. We score its liquidity 5 out of 10 on the liquid staking card for this.
Upgradeability scores 5 as well. The contracts are upgradeable through a DAO with emergency committees able to act quickly — necessary for a staking protocol that may need to respond to a consensus-layer problem, and still a set of people who can change the rules of a $24.43bn system.
Incident record
No recorded incidents since 2020, verified 14 Jul 2026.
In our ratings
Compared with
Our coverage of Lido
- How to spot a fake proof of reserves27 Sept 2026
- Bitget loses $351.6m — and the fund it says covers it is one we could not verify25 Sept 2026
- Is Kraken safe? The evidence, and what it lacks25 Sept 2026
- What happens to your coins if an exchange goes bankrupt23 Sept 2026
- Is Coinbase safe? What its own filings say19 Sept 2026
- How to move crypto off an exchange, step by step17 Sept 2026
- Token approvals: the permission that drains wallets15 Sept 2026
- What "not your keys, not your coins" leaves out9 Sept 2026
- The seed phrase mistakes that cost people everything7 Sept 2026
- Hardware wallet or software wallet: how to decide5 Sept 2026
Questions people ask
Is the Lido APR the yield I actually receive?
Yes, and it is rare. Lido’s advertised APR is already net of its 10% fee, the formula is in its documentation, and its public API returns the same number the front end shows. We score disclosure 10 out of 10, the only such mark in our staking rating.
Can I always sell stETH?
In calm conditions, yes. There is $17.2bn outstanding against roughly $113m of on-chain depth — 0.66% — and only 0.07% of supply trades daily, so selling at size moves the price. The protocol exit runs through Ethereum’s withdrawal queue, which lengthens exactly when demand to leave rises.
Who controls Lido?
A DAO, with emergency committees able to act quickly. That is necessary for a staking protocol that may need to respond to a consensus-layer problem, and it means a set of people can change the rules of a $24.43bn system. Upgradeability scores 5 out of 10.
Is Lido safe?
Its record scores 9 out of 10 and it is the largest protocol in DeFi by value secured. The risks are structural rather than historical: upgradeable contracts under DAO control, and depth thin enough that exiting at size in stressed conditions means accepting a discount.
What changed
- 27 Sept 2026 — Profile published.