Testnet live

Lido V3 Testnet on Hoodi

Builders can use stVaults as infrastructure for customized staking setups with configurable fees and validation options, while retaining access to stETH liquidity. V3 testnet will be live at least till the mainnet launch anticipated late Summer 2025.

stVaults Case Studies

stVaults-based DeFi product

A customized staking product powered by the stVaults infrastructure, where the additional layer of rewards is generated by using stETH from stVault in DeFi protocols.
Additional layer of rewards is generated by using stETH in DeFi protocols.

Institutional staking

A personalized staking setup featuring a single Node Operator and securing stETH liquidity access via a preferred custody solution.
Personalized setup with a single Node Operator where stETH is stored via a preferred custody solution.

Leveraged staking

A tailored configuration with an utilization-efficient Reserve Ratio, enabling users to maximize stETH minting capacity and apply recursive leverage through a lending market.
Utilization-efficient Reserve Ratio enables effective recursive leverage through a lending market.

Flexible vaults for any staking use case

Build your own

stVaults-based DeFi Product

As an example, we consider a personalized staking setup with a single Node Operator, full utilization of available stETH Minting Capacity, and subsequent use of stETH in DeFi to add an additional layer of rewards.

stVault based DeFi product diagram

Annualised Economics Breakdown

Staking rewards
Gross Staking Rewards3.2 ETH

Validators generate staking rewards on top of the 100 ETH deposited to the Beacon Chain.

e.g., 3.2% Staking APR.

Node Operator Fee– 0.096 ETH

Set per stVault through consensus between the Vault Owner and the Node Operator.

e.g., 3% out of Gross Staking Rewards earned.

stETH Liability Growth
Lido Fee0.1728 stETH

In this example, the annual Lido Fee approximately equals to 6% of the Lido Core Gross APR and can be calculated by the equation:

Lido Fee = 6% × 3.2% Lido Core Gross APR × 90 stETH = 0.1728 stETH;

e.g., Lido v2 Gross APR ~ 3.2%.

Note: The Lido Fee is accrued in stETH to enhance capital efficiency. Earned ETH rewards remain within the stVault, allowing the Node Operator to redeposit them into validators on the Beacon Chain — thereby compounding overall staking rewards. As a result, the Lido Fee increases both the stVault’s stETH liabilities and collateral.

Minted stETH rebase2.592 stETH

The stVault’s liquidity is provided in stETH, a rebasing token — its balance updates daily to reflect accrued staking rewards. To ensure the Staker’s repayment amount is always accurately represented, the minted stETH liability adjusts daily in line with stETH’s rebasing mechanics. This is primarily a technical adjustment, as the liability increase is offset by the rewards the Staker earns as a holder of stETH.

e.g., stETH APR ~ 2.88%.

stVault Bottom Line

A positive stVault Efficiency indicates that the Node Operator’s performance is sufficient to cover the growth of the stETH Liability.

stVault Bottom Line+ 0.3392 ETH
stVault Efficiency0.3392%

stETH Usage Outside the stVault

The Vault Owner generates primary profit by using minted stETH in DeFi protocols:

stVault Efficiency Upside+ 0.3392%
Minted stETH APR (normalized to stVault Total Value 100 ETH)+ 2.592%
Additional APR from DeFi strategy (normalized to stVault Total Value 100 ETH)+ 2.53%
Total APR5.4612%

Institutional Staking

As an example, consider a bank that requires liquid staking through a personalized setup with a single Node Operator, full utilization of the available stETH minting capacity, and storage of the minted stETH in a licensed custody solution.

stVault based DeFi product diagram

Annualised Economics Breakdown

Staking rewards
Gross Staking Rewards3.2 ETH

Validators generate staking rewards on top of the 100 ETH deposited to the Beacon Chain.

e.g., 3.2% Staking APR.

Node Operator Fee– 0.096 ETH

Set per stVault through consensus between the Vault Owner and the Node Operator.

e.g., 3% out of Gross Staking Rewards earned.

stETH Liability Growth
Lido Fee0.1728 stETH

In this example, the annual Lido Fee approximately equals to 6% of the Lido Core Gross APR and can be calculated by the equation:

Lido Fee = 6% × 3.2% Lido Core Gross APR × 90 stETH = 0.1728 stETH;

e.g., Lido v2 Gross APR ~ 3.2%.

Note: The Lido Fee is accrued in stETH to enhance capital efficiency. Earned ETH rewards remain within the stVault, allowing the Node Operator to redeposit them into validators on the Beacon Chain — thereby compounding overall staking rewards. As a result, the Lido Fee increases both the stVault’s stETH liabilities and collateral.

Minted stETH rebase2.592 stETH

The stVault’s liquidity is provided in stETH, a rebasing token — its balance updates daily to reflect accrued staking rewards. To ensure the Staker’s repayment amount is always accurately represented, the minted stETH liability adjusts daily in line with stETH’s rebasing mechanics. This is primarily a technical adjustment, as the liability increase is offset by the rewards the Staker earns as a holder of stETH.

e.g., stETH APR ~ 2.88%.

stVault Bottom Line

A positive stVault Efficiency indicates that the Node Operator’s performance is sufficient to cover the growth of the stETH Liability.

stVault Bottom Line+ 0.3392 ETH
stVault Efficiency0.3392%

stETH Usage Outside the stVault

The Vault Owner generates primary profit via higher validation performance than Lido Core APR plus rewards received as a stETH holder.

stVault Efficiency Upside+ 0.3392%
Minted stETH APR (normalized to stVault Total Value 100 ETH)+ 2.592%
Total APR2.9312%

Leveraged Staking

As an example, we consider a personalized staking setup involving a single Node Operator, full utilization of the available stETH minting capacity, and recursive leverage through a lending market.

Leveraged Staking diagram

In our example

Leverage multiplier~9×
stVault — Total Value894.85 ETH
stVault — Total stETH Minting Capacity850.11 stETH
stVault — stETH Liability850.11 stETH
Lending Market — stETH Used as Collateral850.11 stETH
Lending Market — ETH Borrowed794.85 ETH
Staker-Owned ETHOnly the initial 100 ETH remains under direct ownership

Annualised Economics Breakdown

Staking rewards
Gross Staking Rewards30.4251 ETH

Validators generate staking rewards on top of the 100 ETH deposited to the Beacon Chain.

e.g., 3.4% Staking APR.

Node Operator Fee– 1.217 ETH

Set per stVault through consensus between the Vault Owner and the Node Operator.

e.g., 4% out of Gross Staking Rewards earned.

stETH Liability Growth
Lido Fee1.6322 stETH

In this example, the annual Lido Fee approximately equals to 6% of the Lido Core Gross APR and can be calculated by the equation:

Lido Fee = 6% × 3.2% Lido Core Gross APR × 850.11 stETH = 1.6322 stETH;

e.g., Lido v2 Gross APR ~ 3.2%.

Note: The Lido Fee is accrued in stETH to enhance capital efficiency. Earned ETH rewards remain within the stVault, allowing the Node Operator to redeposit them into validators on the Beacon Chain — thereby compounding overall staking rewards. As a result, the Lido Fee increases both the stVault’s stETH liabilities and collateral.

Minted stETH rebase24.4832 stETH

The stVault’s liquidity is provided in stETH, a rebasing token — its balance updates daily to reflect accrued staking rewards. To ensure the Staker’s repayment amount is always accurately represented, the minted stETH liability adjusts daily in line with stETH’s rebasing mechanics. This is primarily a technical adjustment, as the liability increase is offset by the rewards the Staker earns as a holder of stETH.

e.g., stETH APR ~ 2.88%.

stVault Bottom Line

A positive stVault Efficiency indicates that the Node Operator’s performance is sufficient to cover the growth of the stETH Liability.

stVault Bottom Line+ 3.0926 ETH
stVault Efficiency (normalized to the Staker’s initial 100 ETH)3.0926%

stETH Usage Outside the stVault

The Staker used the minted stETH to loop through a lending market in order to amplify staking rewards. Additional income and expenses from the lending market:

Rebase rewards from stETH used as collateral on the lending market+ 24.4832 stETH
Supply-side rewards from the lending market+ 2.5503 stETH
Interest paid on borrowed ETH- 21.1431 ETH
Total rewards8.983 ETH
Total APR8.983%

Total APR is normalized to the Staker’s initial 100 ETH.

Note: All lending market parameters are illustrative. Actual values depend on the specific product and prevailing market conditions.

Start Building Now

  • User and integration guides

    Explore detailed instructions for managing and integrating stVaults. Multiple levels of interaction and integration are covered — enabling you to start building your own stVault.

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  • Testnet deployment info

    Access essential information about networks and deployed contracts’ addresses.

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  • Technical design documentation

    Dive deep into the stVaults technical architecture and design principles.

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  • Risk assessment framework for stVaults

    Learn about Lido’s approach to risk management for stVault owners, stETH holders, and the Lido protocol — and join the discussion on the forum.

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  • Fee structure

    Meet the financial aspects of building on the stVaults infrastructure, structuring the possible Lido fee approaches.

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Сoming next

  • Lido V3 whitepaper (RFC)

    A deep dive into the future of Ethereum staking with stVaults is currently in the works. Stay tuned for the upcoming Lido V3 whitepaper proposal to join the conversation on the forum.

  • Community feedback

    We’ll collect and incorporate builders' and users' feedback throughout the testnet phase.

  • Audits

    A thorough review of all code by multiple top-tier auditing firms, along with peer review of the risk framework and processes.

  • Snapshot voting

    Before the mainnet launch, we will initiate a Lido DAO vote to approve the design and launch plan for V3.

  • Mainnet launch

    The final stage will be the mainnet launch, accompanied by all necessary documentation, audits, tooling, and end-user products built on top of stVault during the testing phase.