Glossary
Lido
The largest liquid-staking protocol on Ethereum — issues stETH against ETH staked across a curated set of node operators. Holds a third of staked ETH.
Lido pioneered liquid staking on Ethereum in 2020. Users deposit ETH and receive stETH, a rebasing ERC-20 that accrues staking rewards while remaining transferable and usable as DeFi collateral. The staked ETH is spread across an allowlisted node-operator set governed by the LDO token.
The protocol holds the largest single share of staked ETH — roughly 30% at peak — which has made its concentration a recurring decentralization debate. stETH and wstETH are core collateral in most Ethereum money markets.