[{"data":1,"prerenderedAt":326},["ShallowReactive",2],{"api/learn-center-post-en-GB-what-is-lido-ldo":3,"en-gb/learn/cryptocurrency-guide/what-is-lido-ldo-en-GB-seo":57,"footer-en-GB":62,"navigation-en-GB-learn-center":235,"api/learn-categories-en-GB":286},{"seo":4,"locale":28,"breadcrumbs":29,"excerpt":37,"featuredImage":38,"components":39,"title":5,"formattedPublishedAt":50,"geofencings":51,"category":52,"pagination":54,"campaignExternalId":8},{"title":5,"metaTitle":6,"metaDescription":7,"keywords":8,"metaRobots":8,"structuredData":9,"metaImage":10,"metaSocial":18,"canonicalURL":8,"localizations":19},"What is Lido? (LDO)","What is Lido? (LDO) | Bitstamp by Robinhood","What is Lido? How does LDO work? Read our guide to Lido’s liquid staking services and start trading LDO on Bitstamp by Robinhood – the original crypto exchange.",null,{},{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},"bitstampImageUrl/What_is_LDO_1png_b0afc394b7_b15fdf2f20.png","image/png",".png",1920,1080,"What_is_LDO_1png_b0afc394b7.png","",[],[20,23,26],{"pathname":21,"locale":22},"/learn/cryptocurrency-guide/what-is-lido-ldo/","en",{"pathname":24,"locale":25},"/es/learn/cryptocurrency-guide/what-is-lido-ldo/","es",{"pathname":27,"locale":28},"/en-gb/learn/cryptocurrency-guide/what-is-lido-ldo/","en-GB",[30,34],{"id":31,"text":32,"url":31,"asUrl":33},"/learn/cryptocurrency-guide/","Cryptocurrency guide",true,{"id":35,"text":5,"url":27,"asUrl":36},"what-is-lido-ldo",false,"\u003Cp>Lido is a multi-platform staking solution that allows users to access the benefits of staking their crypto without fully locking their tokens.\u003C/p>\n",{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},[40],{"component":41,"props":42,"content":43,"secondaryContent":47,"ctas":48,"secondaryCtas":49,"ctasNoMarginTop":36},"section.full-text",{"centered":36,"withoutSectionContainer":36},{"text":44,"width":45,"align":46},"\u003Cp>Lido is a multi-platform staking solution that allows users to access the benefits of staking their crypto without fully locking their tokens.\u003C/p>\n\u003Cp>In \u003Ca href=\"/en-gb/learn/crypto-101/what-is-proof-of-stake-pos/\">\u003Cstrong>Proof of Stake (PoS)\u003C/strong>\u003C/a> networks, users can lock their digital assets through \u003Cstrong>staking\u003C/strong> to participate in the consensus process and continue adding blocks to the blockchain. Users may be penalized with a removal of a portion of their locked funds if they behave maliciously. This design effectively pulls a large amount of crypto out of the liquid market, potentially increasing the asset’s volatility and preventing stakers from participating in \u003Ca href=\"/en-gb/learn/web3/what-is-web3/\">Web3\u003C/a> applications (like \u003Ca href=\"/en-gb/learn/web3/what-is-gamefi-and-play-to-earn-p2e/\">gaming\u003C/a>, \u003Ca href=\"/en-gb/learn/web3/what-is-decentralized-finance-defi/\">decentralized finance (DeFi)\u003C/a>, and \u003Ca href=\"/en-gb/learn/web3/what-are-nfts-non-fungible-tokens/\">NFTs\u003C/a>) with their staked capital. In exchange for locking their funds and maintaining the blockchain, stakers earn rewards from the network.\u003C/p>\n\u003Cp>But what if staked tokens weren’t fully “locked” and \u003Cem>could\u003C/em> be used in \u003Ca href=\"/en-gb/learn/crypto-101/what-are-decentralized-applications-dapps/\">decentralized applications (dapps)\u003C/a>? That is the basis for Lido, a liquid staking solution that operates on smart contract PoS blockchains like \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-ethereum-eth/\">Ethereum\u003C/a>, \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-polygon-matic/\">Polygon\u003C/a>, \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-solana-sol/\">Solana\u003C/a>, and \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-polkadot-dot/\">Polkadot\u003C/a>. When a user stakes ETH through Lido (rather than directly through the Ethereum blockchain), they receive stETH (staked ETH) tokens in return which are not locked and are freely transferable.\u003C/p>\n\u003Cp>This stETH can then be used to generate rewards in DeFi protocols like Curve and Aave, or for trading on decentralized exchanges like \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-uniswap-uni/\">Uniswap\u003C/a>. At the same time, it generates steady reward, like staking directly to the Ethereum blockchain. In short: Lido gives users the ability to benefit from staking by earning rewards (less a 10% fee) while avoiding some of the restrictions accompanying traditional staking. Throughout 2022 and into 2023, approximately 30% of all ETH were staked through Lido.\u003C/p>\n\u003Cp>Lido is managed by a \u003Ca href=\"/en-gb/learn/crypto-101/what-are-decentralized-autonomous-organizations-dao/\">decentralized autonomous organization (DAO),\u003C/a> which is made up of holders of its governance token: LDO. This token lets members of Lido’s community vote on proposals to add/change node operators and fees set by the service, among other things.\u003C/p>\n\u003Ch2>How was Lido developed?\u003C/h2>\n\u003Cp>Lido was introduced in October 2020 by Konstantin Lomashuk, Vasiliy Shapovalov, and Jordan Fish. Lomashuk is the founder and CEO of P2P Validator, a non-custodial staking service that was started in 2018 and by 2020 was managing over $4 billion in assets. Shapovalov works alongside Lomashuk as P2P Validator’s CTO. P2P Validator remains a main validator, developer, and operator of Lido.\u003C/p>\n\u003Cp>Jordan Fish, known in the crypto community as “CryptoCobain” or, more commonly as “Cobie”, runs a popular crypto podcast and is an investor in the cryptocurrency space. He published the original introduction to Lido Finance on Medium and was involved in its development before leaving the project c. 2021.\u003C/p>\n\u003Cp>Lido raised over $150 million since its inception, including $70 million in March 2022 from crypto investing giant Andreessen Horowitz.\u003C/p>\n\u003Ch2>How does Lido work?\u003C/h2>\n\u003Cp>Lido offers a platform that allows users to stake as much or as little crypto as they want, regardless of the minimum threshold required by the blockchain.\u003C/p>\n\u003Cp>For example, Ethereum validators must set up a node, which requires 32 ETH as well as technical hardware and know-how. This minimum amount can be hard for the average user to meet, and Lido’s liquid staking solution lowers the barrier to staking for many casual crypto users.\u003C/p>\n\u003Ch3>Staked Ethereum (stETH)\u003C/h3>\n\u003Cp>Although Lido supports other chains, its flagship offering is liquid staking on Ethereum. When an Ethereum user stakes with Lido, they receive stETH in return.\u003C/p>\n\u003Cp>This new ERC-20 token can be used like any other token on the Ethereum blockchain. For example, anyone can use their stETH to provide liquidity on the ETH/stETH pool on \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-curve-finance-crv/\">Curve\u003C/a> or use the token as \u003Ca href=\"/en-gb/learn/web3/what-is-decentralized-lending-and-borrowing/\">collateral to take out a loan\u003C/a> on \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-aave/\">Aave\u003C/a>.\u003C/p>\n\u003Cp>When wishing to retrieve their Ethereum back from Lido, users can burn stETH and redeem the underlying ETH at any point in time.\u003C/p>\n\u003Cp>While the prices of ETH and stETH are expected to be closely aligned, the two tokens are not formally “pegged.” This was especially evident during the collapses of both Terra and FTX in 2022 where the price of stETH dropped below ETH. However, in usual market conditions, \u003Cstrong>arbitrageurs\u003C/strong> find small differences in the prices between stETH and ETH and trade between the two. This generates profits for traders while keeping the prices of the two assets relatively stable.\u003C/p>\n\u003Ch3>Backed by node operators\u003C/h3>\n\u003Cp>In order to formally stake the pooled assets from its depositors, Lido uses a core group of node operators. In the case of Ethereum, this means that Lido distributes users’ tokens in 32-ETH batches to all node validators. (In May 2023, there were 30 such validators.) The deposits and withdrawals of user funds are managed by smart contracts.\u003C/p>\n\u003Cp>The Lido DAO is responsible for approving the nodes that power Lido, so these generally must be trusted entities with a history of good behavior as a validator. This reduces the risk of the validator being \u003Cstrong>slashed\u003C/strong> (having its staked funds taken as a penalty), though this remains a risk to Lido users.\u003C/p>\n\u003Cp>Lido charges a 10% fee on staking rewards, and these are split between node operators and the Lido DAO treasury.\u003C/p>\n\u003Ch2>How is the LDO token used?\u003C/h2>\n\u003Cp>Owning LDO gives users the ability to vote on proposals to govern Lido through the Lido DAO. For example, the DAO adjudicates which users/entities can become validators for Lido, decides what fees Lido charges to operate, manages insurance and development funds, directs how to allocate the DAO’s treasury funds, and more.\u003C/p>\n\u003Cp>One important way the DAO controls funds is through the Lido Ecosystem Grants Organization (LEGO), which supplies funding for Lido-based development efforts. One LEGO grant was the impetus behind implementing liquid staking on Solana, and many other grants have pushed Lido forward like this over the years.\u003C/p>\n\u003Ch3>Token distribution\u003C/h3>\n\u003Cp>LDO was launched in January 2021, and it was announced that there was a total supply of 1 billion LDO tokens. At that time, 36.32% of all LDO were unlocked and available to use in the DAO treasury. Investors were allocated 22.18% of all LDO, 20% were given to Lido’s initial developers, 15% to founders and future employees, and 6.5% to validators and signature holders.\u003C/p>\n\u003Ch2>Lido essentials\u003C/h2>\n\u003Cul>\n\u003Cli>Lido is a liquid staking solution that lowers the barrier for staking on multiple Proof of Stake blockchains—most notably, Ethereum.\u003C/li>\n\u003Cli>Throughout 2022 and into 2023, approximately 30% of all ETH were staked through Lido, which returns stETH to users as a liquid token to be used in DeFi, for trading, and other uses.\u003C/li>\n\u003Cli>LDO is Lido’s governance token, allowing holders to participate in decentralized governance of the platform.\u003C/li>\n\u003C/ul>\n\u003Cp>This webpage has been approved as a financial promotion by Bitstamp UK Limited which is registered with the UK’s Financial Conduct Authority. Please read the \u003Ca href=\"/legal/risk-warning/\" rel=\"nofollow\">Risk Warning Statement\u003C/a> before investing. Cryptoassets and cryptoasset services are not regulated by the Financial Conduct Authority. You are unlikely to be protected if something goes wrong. Your investment may go down as well as up. You may be liable to pay Capital Gains Tax on any profits you earn.\u003C/p>\n","full","left",{"text":17},[],[],"July 29th, 2024",{},{"title":32,"url":31,"geofencings":53},{"geofencing-uk":33},{"previous":55,"next":56},"/en-gb/learn/cryptocurrency-guide/what-is-jupiter-jup/","/en-gb/learn/cryptocurrency-guide/what-is-limewire-lmwr/",{"description":7,"ogDescription":7,"ogImage":58,"twitterImage":58,"twitterSite":59,"twitterCreator":59,"twitterCard":60,"twitterTitle":6,"twitterDescription":7,"titleTemplate":61},"https://assets.bitstamp.net/msc/_ipx/enlarge_true&f_png&fit_cover&q_85&s_1200x630/bitstampImageUrl/What_is_LDO_1png_b0afc394b7_b15fdf2f20.png","@Bitstamp","summary_large_image","%s",{"ready":33,"sections":63,"disclaimer":233,"copyright":234},[64,102,115,138,175,194],{"title":65,"content":17,"items":66},"About",[67,72,77,82,87,92,97],{"noFollow":33,"isExternal":36,"name":68,"value":69,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":70,"geofencings":71},"Who We 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Pulse","/crypto-pulse/",{},{},{"title":176,"content":17,"items":177},"Address",[178,182,186,190],{"noFollow":36,"isExternal":36,"name":179,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":180,"geofencings":181},"Bitstamp Ltd",{},{},{"noFollow":36,"isExternal":36,"name":183,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":184,"geofencings":185},"5 New Street Square",{},{},{"noFollow":36,"isExternal":36,"name":187,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":188,"geofencings":189},"London, EC4A 3TW",{},{},{"noFollow":36,"isExternal":36,"name":191,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":192,"geofencings":193},"United Kingdom",{},{},{"title":195,"content":17,"items":196},"Contact",[197,202,206,210,214,218,223,228],{"noFollow":36,"isExternal":36,"name":198,"value":199,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":200,"geofencings":201},"Customer support","/customer-support/",{},{},{"noFollow":36,"isExternal":36,"name":203,"value":203,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":204,"geofencings":205},"info@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":207,"value":207,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":208,"geofencings":209},"press@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":211,"value":211,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":212,"geofencings":213},"support@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":215,"value":215,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":216,"geofencings":217},"complaints@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":219,"value":220,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":221,"geofencings":222},"+44 20 3868 9628","+442038689628",{},{},{"noFollow":36,"isExternal":36,"name":224,"value":225,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":226,"geofencings":227},"+1 800 712 5702","+18007125702",{},{},{"noFollow":36,"isExternal":36,"name":229,"value":230,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":231,"geofencings":232},"+352 20 88 10 96","+35220881096",{},{},"\u003Cp>Please read the general \u003Ca href=\"/legal/risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Warning\u003C/a>, and \u003Ca href=\"/legal/uk-investment-risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Summary\u003C/a> for UK residents before investing in crypto-assets. \u003C/p>\n\u003Cp>Crypto-assets services are provided by the following Bitstamp legal entities depending on client residency: (1) Bitstamp Europe S.A., which is authorized by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as a payment institution (licence number Z00000012) and crypto-asset service provider (licence number N00000003); Registered address: 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg; Registration number: B196856; (2) Bitstamp UK Ltd., which is registered with the Financial Conduct Authority (FCA) in the UK for the provision of certain cryptoassets activities under the Money Laundering Regulations (Firm Reference Number 978690); Registered address: 5 New Street Square, EC4A 3TW London, United Kingdom; Registration number: 14174243; (3) Bitstamp Ltd.with its registered address at 5 New Street Square, EC4A 3TW London, United Kingdom and registration number: 8157033; (4) Bitstamp Global Ltd., which is registered as a Virtual Asset Service Provider in the British Virgin Islands and is supervised by the British Virgin Islands Financial Services Commission (FSC); Registered address: Floor 4, Banco Popular Building, Road Town, Tortola VG1110, British Virgin Islands; Registered number: 2086429; and (5) Bitstamp Asia Pte Ltd, which is authorized by the Monetary Authority of Singapore (MAS) as a major payment institution (licence number PS20200667); Registered address: 63 Chulia Street, OCBC Centre East, #15-01, Singapore 049514; Registered number: 202016687K;\u003C/p>\n\u003Cp>Virtual currency services to US residents are provided by Bitstamp USA, Inc., which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Licensed as a Money Transmitter by the New York State Department of Financial Services. Review a \u003Ca href=\"/legal/usa-inc/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">list of its licenses and other registrations\u003C/a> (NMLS number \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">1905429\u003C/a>) for more information; Registered address: 85 Willow Road, Menlo Park, CA 94025, United States of America; Registered number: 5481543.\u003C/p>\n\u003Cp>Investment services with regards to trading in crypto derivatives are provided by Bitstamp Financial Services Ltd., which is authorized and supervised by the Slovenian Securities Market Agency (ATVP) as a MiFiD investment firm. Trading crypto derivatives carries significant risks and may result in substantial losses. Please trade responsibly and ensure you understand the associated risks. You can find more about the risks \u003Ca href=\"/legal/financial-services/general-terms-and-conditions/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>. To help you understand the risks involved we have put together a series of \u003Ca href=\"/derivatives/key-information-documents/\" target=\"_blank\" rel=\"noopener noreferrer\">Key Information Documents (KIDs)\u003C/a> highlighting the risks and rewards related to each derivatives contract. Crypto derivatives trading is not available to customers in the US, Canada, Japan and some other countries. Bitstamp Financial Services Ltd. does not provide crypto-asset services.\u003C/p>\n\u003Cp>To find out more about which Bitstamp entity you receive services from, please check the Profile/My information in your Bitstamp account. You can read more about our legal terms, policies and disclosures \u003Ca href=\"/legal/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>.\u003C/p>\n","\u003Cp>All rights reserved © 2026 Bitstamp by Robinhood. \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NMLS #1905429\u003C/a>\u003C/p>\n",{"items":236,"ready":33,"platformButtonText":282,"backButtonText":283,"logInButtonText":284,"signUpButtonText":285},[237,242,248,251,255,260,265,268,273,278],{"headerName":238,"sidemenuName":119,"url":239,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":240,"submenu":241,"tag":17},"Institutions","/en-gb/institutional-trading/",{},[],{"headerName":243,"sidemenuName":243,"url":244,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":245,"submenu":246,"tag":247},"Derivatives","/perpetual-futures/",{},[],"NEW",{"headerName":134,"sidemenuName":134,"url":135,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":249,"submenu":250,"tag":17},{},[],{"headerName":252,"sidemenuName":252,"url":107,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":253,"submenu":254,"tag":17},"Mobile App",{},[],{"headerName":256,"sidemenuName":256,"url":257,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":258,"submenu":259,"tag":17},"Markets","/markets/",{},[],{"headerName":261,"sidemenuName":261,"url":262,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":263,"submenu":264,"tag":17},"Earn Stake","/en-gb/crypto-staking/",{},[],{"headerName":111,"sidemenuName":111,"url":112,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":266,"submenu":267,"tag":17},{},[],{"headerName":269,"sidemenuName":269,"url":270,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":271,"submenu":272,"tag":17},"Blog","https://blog.bitstamp.net/",{},[],{"headerName":274,"sidemenuName":274,"url":275,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":276,"submenu":277,"tag":17},"Learn","/learn/",{},[],{"headerName":279,"sidemenuName":279,"url":107,"noFollow":36,"showInHeader":36,"showInSidemenu":33,"geofencings":280,"submenu":281,"tag":17},"Get Bitstamp by Robinhood app",{},[],"Go to platform","Back","Log in","Get started",[287,291,295,299,303,307,310,314,318,322],{"title":288,"url":289,"geofencings":290},"Blockchain technology","/en-gb/learn/blockchain/",{},{"title":292,"url":293,"geofencings":294},"Company profiles","/en-gb/learn/company-profiles/",{},{"title":296,"url":297,"geofencings":298},"Crypto 101","/en-gb/learn/crypto-101/",{},{"title":300,"url":301,"geofencings":302},"Crypto definitions","/en-gb/learn/crypto-definitions/",{},{"title":304,"url":305,"geofencings":306},"Crypto trading","/en-gb/learn/crypto-trading/",{},{"title":32,"url":308,"geofencings":309},"/en-gb/learn/cryptocurrency-guide/",{},{"title":311,"url":312,"geofencings":313},"People profiles","/en-gb/learn/people-profiles/",{},{"title":315,"url":316,"geofencings":317},"Security","/en-gb/learn/security/",{},{"title":319,"url":320,"geofencings":321},"Tutorials","/en-gb/learn/bitstamp-tutorials/",{},{"title":323,"url":324,"geofencings":325},"Web3","/en-gb/learn/web3/",{},1775562975904]