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Lido is the largest liquid staking protocol on Ethereum, letting holders stake ETH without running a validator and without locking it up. Deposits are split across a diverse set of professional node operators selected by Lido governance, and stakers receive stETH — a rebasing token that tracks the deposit plus daily consensus and execution rewards.
The stETH token is liquid and integrates broadly across DeFi as collateral, in DEX pools, and in yield strategies, which is what made Lido a default building block of the Ethereum stack. The protocol is governed by holders of the LDO token, who decide on operator sets, fee parameters, and upgrades through on-chain voting.