STRICT-Score
Max. Potenzial
1.1x
Potenzieller Ertrag
Wahrscheinlichkeit
75%
Erfolgschance
Risikoniveau
4/10
Mittleres Risiko
Marktkapitalisierung
$25.66B
Volumen
$13.70M
STRICT-Score Aufschlüsselung
Unser proprietäres Bewertungssystem evaluiert Projekte anhand von 6 Schlüsseldimensionen.
Analyseübersicht
Analyseübersicht
Lido stETH is the dominant liquid staking token for Ethereum, representing over 29% of all staked ETH with approximately $32-38 billion in total value locked as of December 2025. The protocol enables users to stake ETH while receiving stETH, a liquid derivative that maintains ~1:1 peg with ETH and can be used across DeFi protocols. With 3.3% APY and over 35.7 million ETH staked across the network, Lido has generated $44.68 million in revenue in 2025 while maintaining deep liquidity integrations across more than 12 blockchain networks.
Investitionsthese
stETH offers a compelling alternative to holding ETH by providing passive yield generation (3-3.3% APY) while maintaining liquidity and DeFi composability. Unlike native Ethereum staking which locks funds, stETH can be traded, used as collateral, or deployed in yield strategies across hundreds of DeFi protocols. For ETH holders, the question is not whether to hold ETH, but whether to earn yield on it. With Lido controlling 29% market share and serving as the de facto liquid staking standard, stETH represents the most liquid and battle-tested way to earn staking rewards. The protocol has weathered market stress, including the 2022 de-pegging event, and continues to generate substantial revenue ($90M annualized) while maintaining operational efficiency through recent cost optimization.
Wettbewerbsposition
Lido dominates the liquid staking market with 29% of staked ETH versus Rocket Pool at 2.8% and smaller competitors like Coinbase cbETH. stETH offers superior DeFi liquidity and integration compared to alternatives, though it trails in decentralization versus Rocket Pool which has 2,700+ node operators versus Lido's 30. While Coinbase charges 35% commission on rewards, Lido's 10% fee is more competitive. Rocket Pool offers slightly higher base yields (2.8% vs 2.78%) and better decentralization, while Frax's frxETH targets higher APR through more aggressive strategies. However, stETH's unmatched liquidity, institutional backing, and battle-tested infrastructure make it the default choice for most liquid staking users despite centralization trade-offs.
Fazit
Lido stETH represents the gold standard for liquid staking, offering ETH holders a straightforward way to earn 3-3.3% APY while maintaining liquidity. While centralization concerns and smart contract risks exist, the protocol's market dominance, institutional traction, and proven resilience make it the optimal choice for most users seeking staking exposure. For ETH holders not planning to sell, converting to stETH is a logical move to capture yield. The recommendation is ACCUMULATE for existing ETH holders, particularly as institutional adoption via staking ETFs expands in 2025.
Stärken
- Market dominance with 29% of all staked ETH and $32-38B TVL, making it the largest liquid staking protocol
- Deep DeFi integration across 12+ blockchains with near-perfect 1:1 liquidity against ETH
- Proven resilience through multiple market cycles and the 2022 de-pegging event
- Strong revenue generation at $44.68M in 2025 (147% above budget) with $90M annualized
- Institutional traction evidenced by $175M+ TVL in Gauntlet-Governed Vault offering ~5% APY
Risiken
- Smart contract risk across extensive DeFi integrations and protocol complexity
- Centralization concerns with only 30 node operators controlling 29% of staked ETH
- Slashing risk from validator misbehavior, though distributed across operator set
- De-pegging risk during extreme market stress as demonstrated in June 2022
- Regulatory uncertainty around liquid staking derivatives and potential systemic risk concerns
- Competition from Rocket Pool (2.8% market share), Coinbase cbETH, and emerging protocols
Kommende Katalysatoren
BlackRock and institutional Ethereum staking ETF approvals driving institutional adoption
Zeitrahmen: Q1-Q2 2025
Ethereum network upgrades improving staking yields and validator economics
Zeitrahmen: Q2-Q3 2025
Expansion of DeFi integrations and new yield opportunities for stETH holders
Zeitrahmen: Ongoing 2025
Preisziele
Mirrors ETH bear case with stETH maintaining 1:1 peg. Assumes crypto market downturn and reduced staking yields.
Tracks ETH base case with continued 3-3.5% staking APY and maintained institutional interest in yield products.
Follows ETH bull case with potential APY expansion and increased institutional adoption via staking ETFs.
STRICT-Score
Bewertung: 78/100 | Potenzial: 1.1x
Verwandte im gleichen Sektor - Liquid Staking
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Haftungsausschluss: Diese Analyse dient nur zu Informationszwecken und sollte nicht als Finanzberatung betrachtet werden. Führen Sie immer Ihre eigene Recherche durch, bevor Sie Anlageentscheidungen treffen. Investitionen in Kryptowährungen sind volatil und mit erheblichen Risiken verbunden.