Lido DAO is a decentralized autonomous organization that offers staking infrastructure across various blockchain networks.
One of its main features is a liquid staking option for Ethereum. This allows users to stake their ETH and receive stETH tokens in return, which represent both their staked ETH and any staking rewards earned.
The security of Lido DAO is ensured through decentralized governance, thoroughly audited code, and robust smart contracts. These smart contracts operate on Ethereum, managing user deposits and distributing staking rewards among other tasks. Several independent security firms have audited Lido's contracts to identify and fix any potential security issues.
LDO is the native token of the platform, also acting as its governance token. With LDO, holders can engage in governance proposals and vote on crucial matters such as board changes, new integrations, and platform updates. Essentially, LDO holders have decision-making powers over the platform’s development and operations.
Currently, Lido supports staking for Ethereum and Polygon, having recently discontinued support for Solana.
Who are the founders of Lido DAO?
Lido was founded in 2020 by Konstantin Lomashuk, Vasiliy Shapovalov, and Jordan Fish, with support from a group of financial firms and angel investors.
These financial backers include Semantic VC, ParaFi Capital, Libertus Capital, Bitscale Capital, StakeFish, StakingFacilities, Chorus, P2P Capital, and KR1.
Additionally, several angel investors played a role in launching Lido, such as Stani Kulechov of Aave, Banteg of Yearn, Will Harborne of Deversifi, Julien Bouteloup of Stake Capital, and Kain Warwick of Synthetix.
What makes Lido DAO unique?
Lido is designed to make staking accessible to a broader audience by pooling ETH from multiple users, removing the need for technical skills. Users don’t need to stake a minimum of 32 ETH to operate their own validator, allowing more people to participate in staking.
Lido Liquid Staking V2, or Lido V2, is the latest version of Lido DAO’s protocol, aimed at providing a more efficient staking solution for Ethereum 2.0.
A standout feature of Lido V2 is its "Liquid Staking" model, which enables users to deposit ETH into the Lido pool and receive stETH tokens in return. These tokens can be traded on secondary markets or utilized in "LSDFi" protocols, giving users a liquid form of staked ETH that can be used for various purposes.
Overall, the Lido DAO network is a secure and reliable system that allows users to participate in governance and earn rewards while contributing to the network's security.
How many Lido DAO (LDO) coins are there in circulation?
As of June 2023, there are 879,588,042 LDO tokens in circulation, which is about 88% of the total supply. The maximum supply is set at 1,000,000,000 LDO.
When examining LDO's tokenomics, the distribution is as follows:
- DAO treasury — 36.32%
- Investors — 22.18%
- Validators and signature holders — 6.5%
- Initial Lido developers — 20%
- Founders and future employees — 15%
How is the Lido DAO network secured?
Funds are secured within a smart contract, making them inaccessible to validators. LDO token holders participate in the Lido DAO to review, approve, and onboard new node operators, and penalize any existing ones that violate chain rules.
Additionally, Lido has a $2,000,000 bug bounty program hosted on the Immunefi platform, a leading DeFi bug bounty provider. This program focuses on preventing user fund losses, service disruptions, unauthorized takeovers, data breaches, and data leaks. Lido has already awarded $250,000 across 7 bug bounties.
Where can you buy Lido DAO (LDO)?
Lido DAO (LDO) can be purchased on major cryptocurrency exchanges such as Binance, Coinbase, KuCoin, Kraken, and others.
