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No whitepaper found

Lido Staked Ether

stETH · Lido

UtilityReceipt for ETH kept staked — earns staking rewards while staying transferable.

What it is

Lido lets users stake any amount of ETH and issues stETH, a liquid token representing a share of pooled staked ETH plus accrued rewards.

Technology & consensus

ETH is pooled in the protocol, delegated to the operator set, and stETH rebases daily from the share rate as consensus-layer rewards accrue.

Token utility

stETH is transferable and composable across DeFi while accruing staking rewards, and it is the sole input to the protocol withdrawal queue for redeeming ETH.

Key risks & notes

stETH can trade below its reserve value (depeg risk as seen in 2022), slashing and validator penalties reduce rewards and can trigger bunker-mode withdrawal delays, and operator concentration plus DAO governance upgrades create protocol-level risk.

Primary source

No whitepaper found. The summary below is drawn from the project’s official documentation, site, or repository instead — the substitution is disclosed, not hidden.

Research status

Classification: No whitepaper found · Researched · Source material: official project documents only.

Machine-readable summary →

👁️ Evidence dossier

Verification classClass CFORA-01 scale — verification, not a quality ranking
Claim type · Liquid staking receipt (LST for ETH)
What does the holder own?

Title, redemption claim, fractional ownership, reserve exposure — or just narrative.

stETH is a rebasing ERC-20 receipt: 1 ETH staked mints 1 stETH, and balances rebase daily via the AccountingOracle to reflect accrued staking rewards.

high confidence

Evidence: [1] · [2]

Verified
Who holds the underlying?

Needs an identifiable custodian or entity — not a wallet address or a label.

The underlying ETH is staked to Ethereum validators operated by a DAO-curated set of node operators routed via the StakingRouter. There is no single custodian, though operator onboarding is permissioned and concentration concerns are real.

medium confidence

Evidence: [1] · [2]

Partially verified
How are reserves checked?

Custodian records → inventory → third-party audit → supply reconciliation.

Backing is on-chain auditable: stETH total supply versus pooled ETH is visible on-chain, and Lido publishes 99 audit reports covering Ethereum contracts plus an active Immunefi bug bounty running since 2021.

high confidence

Evidence: [1] · [2]

Verified
How does redemption work?

Eligibility, minimums, fees, KYC, settlement — and what happens to the token.

No issuer redemption exists. Withdrawal is a protocol FIFO queue issuing an unstETH NFT per request (min 100 wei, max 1000 ETH per request), served from the Lido buffer then validator exits, finalized in daily oracle batches. Secondary markets offer instant exit at market price.

high confidence

Evidence: [1] · [2]

Verified
Who is liable if redemption fails?

A legally accountable entity and jurisdiction — not a DAO label.

The Lido DAO governs the protocol, but there is no legal entity obligated to pay holders or defend any price. stETH is explicitly not pegged; withdrawal depends on protocol and Ethereum consensus-layer mechanics, not on a liable issuer.

high confidence
Unverified

❔ UNVERIFIED means not yet researched — not disproven. Rows marked “researched” were investigated and independent evidence was not found. Coverage expands as FORTUNA verifies. This dossier was researched 2026-09-15. Method: FORA-01 Asset Claim Verification Protocol.

❔ Frequently asked questions

What is Lido Staked Ether (stETH)?

Lido lets users stake any amount of ETH and issues stETH, a liquid token representing a share of pooled staked ETH plus accrued rewards.

What does the holder own?

stETH is a rebasing ERC-20 receipt: 1 ETH staked mints 1 stETH, and balances rebase daily via the AccountingOracle to reflect accrued staking rewards.

What is Lido Staked Ether's verification status?

Lido Staked Ether (stETH) carries verification class C (Class C): one or more questions are UNVERIFIED — researched, but independent evidence was not found. Unverified is a legitimate result, not a disproof. What would change it: Independent evidence on the unverified questions would move it — that is what UNVERIFIED invites.

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