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Lidolido.fi

Overall Evaluation

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Questions + Answers

Lido was provided an initial questionnaire by the EDDC to provide further insights into how Lido works and to evaluate their safety as a Staking Pool Service. Please see below for the EDDC questions and Lido answers.

  • 6

    PASS

    3

    WARNINGS

    1

    ISSUES

    0

    SLASHINGS

Distributed/DAO

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Lido has split our withdrawal key into 11 different parts, each held by a different member of the Lido DAO.

Yes. Lido has partnered with Unslashed Finance to cover staked Ethereum against up to 5% slashing penalty.

Lido is a DAO comprised of some of the most established builders, developers and backers within the cryptocurrency space. This includes, amongst many others, Semantic Ventures, ParaFi Capital, Terra, KR1, Stakefish, P2P, Chorus One Staking Facilities, Certus, MakerDAO, Aave, Synthetix and a number of angel investors.

See above answer: Lido is a DAO comprised of some of the most established builders, developers and backers within the cryptocurrency space. This includes, amongst many others, Semantic Ventures, ParaFi Capital, Terra, KR1, Stakefish, P2P, Chorus One Staking Facilities, Certus, MakerDAO, Aave, Synthetix and a number of angel investors.

Lido's smart contracts have been audited by Sigma Prime and Quantstamp in 2020. The results of these audits can be found here: https://github.com/lidofinance/audits

Lido aims to allow users to stake ether without losing the ability to trade or otherwise use their tokens. Lido will be a decentralized infrastructure for issuing a liquid token that has a degree of flexibility compared to self-staking.

Users will send ether to the staking pool contract to be minted stETH tokens in return. That ether will be distributed between node operators to maintain uniform distribution and deposited to be validated by their validators. Withdrawal credentials for that ether will be set either to threshold signature of distributed custody or, if withdrawal to eth1 addresses will get accepted by the community, to an upgradeable smart contract that will handle withdrawals when they are enabled.

Node operators also validate transactions on the beacon chain. The DAO selects node operators and adds their addresses to the NodeOperatorsRegistry contract. Authorized node operators have to generate a set of keys for the validation and also provide them with the smart contract. As ether is received from users, it is distributed in chunks of 32 Ether between all active node operators. The staking pool contract contains a list of node operators, their keys, and the logic for distributing rewards between them.

Lido uses a set of node operators who are responsible for validating the ETH staked with Lido. The addition and removal of node operators is voted upon by the Lido DAO. Lido uses a distributed validator set to improve decentralisation of our staking operations and to mitigate slashing and hostage risks.

Lido investors include Semantic VC, ParaFi Capital, Libertus Capital, Terra, Bitscale Capital, StakeFish, StakingFacilities, Chorus, P2P Capital and KR1, Stani Kulechov of Aave, Banteg of Yearn, Will Harborne of Deversifi, Julien Bouteloup of Stake Capital and Kain Warwick of Synthetix.

Lido is a DAO that provides a liquid staking service for Ethereum 2.0, allowing users to earn staking rewards without maintaining staking infrastructure. When staking ETH using Lido, users receive a token - stETH - a tokenized version of their staked ETH. A user’s stETH balance is updated daily to reflect earned staking rewards. Through the issuance of stETH, Lido creates a liquid alternative for staked ether, allowing tokens otherwise locked up to be transferred, traded and used across DeFi applications.

The Lido DAO is built around the LDO token - a governance token granting voting rights across the Lido DAO.

Lido charges a 10% on staking rewards.

Deep-dive Report

Key Takeaways

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Strengths
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Improvement Areas
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Changed
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