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

github

twitter

discord

etherscan

website

Liquid staking

Lido Finance

# Lido Finance Active users (daily) Methodology

## 1. Overview

Daily Active Users (DAU) for Lido measures the count of unique Ethereum addresses that interact with Lido's liquid staking protocol on any given day. This metric captures user engagement by tracking two primary activities: depositing ETH to receive stETH tokens and requesting withdrawals from the protocol. The calculation aggregates distinct user addresses across these interaction types to provide a comprehensive view of daily protocol usage.

## 2. Data sources

This metric relies on the following raw blockchain data sources:
- **Ethereum event logs**: Parsed `stETH_Submitted` events from Lido v1 contracts capturing ETH deposit submissions
- **Ethereum event logs**: Parsed `WithdrawalQueueERC721_WithdrawalRequested` events from Lido v2 contracts capturing withdrawal requests  
- **Ethereum transaction metadata**: Block timestamps and transaction hashes providing temporal context for user interactions
- **Chain availability data**: Data quality filters ensuring complete blockchain coverage

## 3. Step-by-step calculation

### Component A: User interaction extraction
- **Purpose**: Identifies and categorizes all user interactions with Lido's liquid staking protocol
- **Logic**: The system extracts user addresses from two specific Ethereum events. For `stETH_Submitted` events from Lido v1 contracts, the `sender` parameter identifies users making ETH deposits and classifies them as "Depositor" user types. For `WithdrawalQueueERC721_WithdrawalRequested` events from Lido v2 contracts, the `requestor` parameter identifies users requesting withdrawals and classifies them as "Withdrawer" user types. Each interaction record includes the `block_timestamp`, `transaction_hash`, `user_address`, and `user_type` classification.
- **Key fields**: `sender` and `requestor` addresses are extracted as `user_address`, `block_timestamp` provides temporal context, `user_type` distinguishes between Depositors and Withdrawers

### Component B: Business classification
- **Purpose**: Applies consistent business categorization across all user interactions
- **Logic**: All user interactions are uniformly classified under the "liquid_staking" category for both `market_sector_id` and `business_segment_id`. The `product_id` field is set to null since Lido operates as a single liquid staking product. The `chain` field is set to "ethereum" to identify the blockchain network.
- **Key fields**: `market_sector_id` and `business_segment_id` both set to "liquid_staking", `chain` set to "ethereum"

### Final aggregation
- **Combining components**: User interactions from both deposit and withdrawal events are combined into a unified dataset containing all Lido user activities
- **Time aggregation**: Block timestamps are truncated to day-level boundaries using timestamp truncation to create daily time buckets
- **Final calculation**: The system counts distinct user addresses within each daily time bucket, regardless of user type or number of transactions. A user who both deposits and withdraws on the same day is counted only once. Chain availability filters are applied to ensure data completeness and quality.
- **Output structure**: The final metric produces daily counts of unique active users, with each record containing the date, timestamp grain ("day"), chain ("ethereum"), user type, product identification, and the distinct user count (`user_dau`)

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

Unique revenue-generating users over a fixed 24-hour window.

Lido FinanceLDO

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown