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.

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Lido Finance

# Lido Finance Total value locked Methodology

## 1. Overview

Total Value Locked (TVL) for Lido represents the USD value of all assets managed across Lido's liquid staking protocols. This metric combines the value of staked ETH and MATIC in traditional liquid staking, plus ETH reserves held in stVaults (Lido's institutional vaults product). The calculation aggregates data from multiple blockchain events and external state sources, converting all values to USD using end-of-day price feeds.

## 2. Data sources

The TVL calculation relies on several key data sources:

- **Lido Oracle events**: Ethereum blockchain events from Lido's Oracle contract (`PostTotalShares` events) providing total pooled ETH amounts for the v1 protocol
- **stETH rebase events**: Ethereum blockchain events from Lido's stETH token contract (`TokenRebased` events) providing total ETH amounts for the v2 protocol
- **MATIC staking state**: External state data tracking total MATIC token amounts staked through Lido's Polygon liquid staking service
- **StVaults state data**: External state tracking total value locked in Lido's institutional vault products and associated pooled ETH amounts
- **End-of-day price feeds**: Token price data for USD conversion of ETH, MATIC, and other assets
- **Token metadata**: Decimal precision information for accurate token amount calculations

## 3. Step-by-step calculation

### Component A: Assets staked calculation

**Purpose**: Calculates the USD value of assets staked through Lido's traditional liquid staking services (stETH and stMATIC)

**Logic**: 
For stETH amounts, the calculation uses different blockchain events depending on the time period. Before May 16, 2023, it extracts the `postTotalPooledEther` field from Lido Oracle `PostTotalShares` events on Ethereum. After May 16, 2023, it uses the `postTotalEther` field from stETH `TokenRebased` events. For each day, multiple events may occur, so the system takes the last event per day using a row number window function partitioned by day and ordered by timestamp descending.

For stMATIC amounts, the calculation uses external state data that tracks total MATIC tokens staked, extracting amounts from JSON-formatted data where available.

All asset amounts are then converted to USD by first correcting for token decimal places using metadata, then applying end-of-day exchange rates. The system includes manual corrections for specific dates (November 9 and November 11, 2022) where historical data anomalies occurred.

**Key fields**: `postTotalPooledEther` and `postTotalEther` for ETH amounts, `matic_staked` for MATIC amounts, `timestamp` for daily aggregation, `token_address` for asset identification

### Component B: StVaults ETH reserves calculation

**Purpose**: Calculates the USD value of ETH reserves held in Lido's institutional stVaults products

**Logic**: 
This component calculates net ETH reserves by taking the total value locked in each stVault and subtracting the pooled ETH portion that represents traditional staking. The system joins stVault TVL state data with pooled ETH by shares data on vault address and timestamp. The calculation is: ETH reserves = Total vault TVL - Pooled ETH amount. This isolates the additional ETH held as reserves in institutional products.

The resulting ETH reserve amounts are converted to USD using the same decimal correction and price feed methodology as the assets staked component.

**Key fields**: `tvl` for total vault value, `pooled_eth` for traditional staking portion, `stvault_address` for vault identification, `eth_reserves` as the calculated difference

### Final aggregation

**Combining components**: The two components are combined using a union operation, treating both assets staked USD values and stVaults ETH reserves USD values as equivalent TVL contributions. Each record maintains its timestamp, chain identifier, and product classification.

**Currency conversion**: All token amounts are converted to USD using a two-step process: first correcting raw blockchain amounts using token-specific decimal places (18 decimals for ETH and WETH, 18 decimals for MATIC), then multiplying by end-of-day exchange rates from price feeds.

**Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation. For blockchain events with multiple occurrences per day, the system selects the last event of each day to represent the end-of-day state.

**Final calculation**: The total TVL equals the sum of USD-converted assets staked (stETH + stMATIC) plus USD-converted stVaults ETH reserves. Gap-filling logic ensures continuous daily data by forward-filling missing values or applying zeros based on the configured fill strategy. Chain availability filters ensure only data from active blockchain networks is included in the final metric.

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Lido FinanceLDO

Total value locked

Total value locked

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