Stakers deposit funds into Lido and receive a return on investment in the form of staking rewards (supply-side fees).

Lido is a non-custodial staking protocol built on Ethereum and other blockchains. Lido was founded by a pseudo-anonymous team and launched in 2020.

LDO tokenholders own and govern the protocol. They currently take a cut of the total staking rewards earned by the protocol (revenue). Lido’s investors include ParaFi Capital, Bitscale Capital, KR1, etc.

governance

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Liquid staking

Lido Finance

# Lido Finance Assets staked Methodology

## 1. Overview

Assets staked measures the total value of assets deposited into Lido's liquid staking protocols, denominated in USD. This metric combines staked Ethereum (stETH) and staked Polygon (stMATIC) to provide a comprehensive view of Lido's total assets under management. The calculation aggregates daily snapshots of staked amounts across both protocols, converts them to USD using end-of-day price feeds, and ensures data consistency through gap-filling and validation.

## 2. Data sources

The calculation draws from several key data sources:

- **Lido Ethereum events**: Parsed `PostTotalShares` events from Lido v1 Oracle contract and `TokenRebased` events from Lido v2 stETH contract on Ethereum mainnet, containing total pooled ETH amounts
- **External state data**: Lido stMATIC protocol state data tracking total MATIC deposits and staking amounts
- **Token price feeds**: End-of-day price feeds for ETH and MATIC tokens to enable USD conversion
- **Token metadata**: Token decimal specifications for proper unit normalization
- **Chain availability data**: Information about data availability windows for different blockchain networks

## 3. Step-by-step calculation

### Component A: stETH assets staked

- **Purpose**: Tracks the total amount of ETH staked in Lido's Ethereum liquid staking protocol
- **Logic**: The calculation uses different event sources based on deployment timeline. For dates before May 16, 2023, it queries Lido v1 Oracle `PostTotalShares` events and extracts the `postTotalPooledEther` field. For dates from May 16, 2023 onwards, it switches to Lido v2 stETH `TokenRebased` events and uses the `postTotalEther` field. For each day, the system identifies all relevant events, orders them by timestamp, and selects the latest event to represent the end-of-day staked amount. This ensures daily snapshots reflect the most current staking totals.
- **Key fields**: Block timestamp for daily aggregation, `postTotalPooledEther` and `postTotalEther` for staked amounts, transaction hash and log index for event identification

### Component B: stMATIC assets staked  

- **Purpose**: Tracks the total amount of MATIC tokens staked through Lido's Polygon liquid staking protocol
- **Logic**: This component sources data from external state tables that track MATIC staking deposits. The system extracts staked amounts from JSON-formatted data, filtering out any null or invalid values. Unlike the stETH component which uses blockchain events, this relies on pre-aggregated state data that represents total MATIC deposits in the protocol.
- **Key fields**: Timestamp for daily boundaries, `matic_staked` amounts extracted from JSON format, block number for data versioning

### Component C: Data combination and standardization

- **Purpose**: Unifies stETH and stMATIC data into a consistent format for aggregation
- **Logic**: The system combines both components using a union operation, standardizing field names and formats. Timestamps are truncated to daily boundaries, chain identifiers are assigned (both marked as 'ethereum' since stMATIC tracking occurs on Ethereum mainnet), and business classification fields are populated consistently. Token addresses are mapped - WETH address `0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2` for ETH and MATIC address `0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0` for MATIC.
- **Key fields**: Standardized `timestamp`, `chain` identifier, `token_address` mapping, `amount` as unified staked value field

### Component D: USD conversion and decimal correction

- **Purpose**: Converts native token amounts to USD values with proper decimal handling
- **Logic**: The system applies the convert_to_usd_and_correct_decimals macro which performs two key transformations. First, it corrects for token decimal places using metadata to ensure amounts are in standard units (e.g., converting wei to ETH). Second, it multiplies by end-of-day USD prices from price feeds to convert native token amounts to dollar values. This enables aggregation of different token types in a common denomination.
- **Key fields**: `assets_staked` amounts after decimal correction and USD conversion

### Component E: Metric finalization and gap filling

- **Purpose**: Ensures data consistency, validates identifiers, and handles missing data points
- **Logic**: The finalize_metric_assets_staked macro applies several data quality measures. It validates that all required identifiers are present and correctly formatted. For missing daily values, it applies a 'fill_zeros' strategy, inserting zero values for days without staking activity rather than forward-filling previous values. This approach accurately reflects periods when no assets were staked rather than artificially extending prior balances.
- **Key fields**: `data_id` set to 'lido', `product_id`, `chain_id`, final `assets_staked` values

### Final calculation

- **Manual corrections**: The system applies hardcoded corrections for specific historical dates (November 9, 2022: $6,223,342,987.22 and November 11, 2022: $6,084,122,384.49) to address known data quality issues
- **Chain availability filtering**: Final results are filtered based on chain availability windows to exclude periods where underlying blockchain data may be incomplete or unreliable
- **Output format**: The final metric represents total USD value of assets staked across Lido's protocols, aggregated daily with consistent business classification and chain identification

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of assets staked or restaked through the project.

Lido FinanceLDO

Assets staked

Assets staked

Competitive landscape

Chain breakdown