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 Revenue Methodology

## 1. Overview

Revenue measures the portion of fees that a project retains, as determined by its take rate. The remaining fees are distributed to supply-side participants, such as node operators. The protocol's earnings from liquid staking services, specifically Lido Staked Ether and Lido Staked MATIC, are represented by this metric. These earnings are generated before the deduction of operating expenses. The revenue is derived from a protocol take rate applied to staking rewards, which is split between the protocol treasury and node operators.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events and `DistributeRewardsEvent` events from `stMatic` contracts, covering Ethereum
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Lido Staked Ether revenue tracking

- **Purpose**: To capture the protocol fees generated from Lido Staked Ether.
- **Logic**: ERC-20 `Transfer` events of Lido Staked Ether are parsed. Transfers to the protocol treasury address and designated staking module addresses from either the null address or the accounting contract address are identified. A specific denylisted transaction is excluded from the treasury transfers. For periods before the activation of the Staking Router, the treasury mints are multiplied by two to represent the full 10% protocol fee, as node operators were not paid through module addresses during this time. For periods after the Staking Router activation, the actual mints to both the treasury and the staking modules are summed.
- **Key fields**: `block_timestamp`, `amount`, `to_address`, `from_address`, `token_address`

### Component B: Lido Staked MATIC revenue tracking

- **Purpose**: To capture the protocol fees generated from Lido Staked MATIC.
- **Logic**: `DistributeRewardsEvent` events from `stMatic` contracts are parsed to extract reward distribution amounts.
- **Key fields**: `block_timestamp`, `amount`

### Component C: Normalization and USD conversion

- **Purpose**: To normalize asset amounts and convert them to USD.
- **Logic**: The extracted revenue amounts for Lido Staked Ether and Lido Staked MATIC are aggregated by day. These amounts are normalized by decimal precision using asset metadata and multiplied by end-of-day asset prices to determine the daily revenue in USD. Daily granularity is maintained with UTC day boundaries.
- **Key fields**: `block_timestamp`, `amount`, `token_address`

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Lido FinanceLDO

Revenue

Revenue

Competitive landscape

Chain breakdown