$0.3981

Lido DAO is a decentralized autonomous organization that offers staking services across several blockchain networks. Its primary offering is a liquid staking solution for Ethereum, enabling users to stake ETH and receive stETH tokens that represent their staked amount plus rewards. The protocol is secured through decentralized governance, audited code, and smart contracts on Ethereum, which manage deposits and reward distribution. LDO, the native token, serves as the governance token, allowing holders to vote on proposals and influence platform decisions. Currently, Lido supports staking for Ethereum and Polygon, with Solana support recently being phased out.

Lido was founded in 2020 by Konstantin Lomashuk, Vasiliy Shapovalov, and Jordan Fish. The project received support from various financial firms and angel investors during its launch. Notable financial backers include Semantic VC, ParaFi Capital, Libertus Capital, Bitscale Capital, StakeFish, StakingFacilities, Chorus, P2P Capital, and KR1. Angel investors who contributed include Stani Kulechov of Aave, Banteg of Yearn, Will Harborne of Deversifi, Julien Bouteloup of Stake Capital, and Kain Warwick of Synthetix.

Lido differentiates itself by making staking more accessible, pooling ETH from multiple users to eliminate the need for technical expertise or the 32 ETH minimum required to run a validator. Its latest version, Lido V2, offers a more efficient and flexible staking solution for Ethereum 2.0. The liquid staking model allows users to deposit ETH and receive stETH tokens, which can be traded or used in other DeFi applications, providing liquidity. This approach enables broader participation and enhances the utility of staked assets, contributing to the network's security and governance.

As of June 2023, the circulating supply of LDO is approximately 879,588,042 tokens, representing about 88% of the total supply, which is capped at 1 billion. The token distribution is as follows: the DAO treasury holds 36.32%, investors have 22.18%, validators and signature holders receive 6.5%, initial developers get 20%, and founders and future employees are allocated 15%.

Funds are safeguarded within smart contracts, preventing validators from direct access. LDO holders participate in governance to vet, select, and onboard new node operators, and can penalize those who are slashed according to chain rules. Additionally, Lido runs a bug bounty program with Immunefi, offering up to $2,000,000 for reporting vulnerabilities. The program aims to prevent user fund losses, denial of service, governance attacks, and data breaches. So far, Lido has paid out $250,000 across seven bounties.

LDO tokens can be purchased on several major cryptocurrency exchanges, including Binance, Coinbase, KuCoin, and Kraken.