Lido is a non-custodial liquid staking protocol that lets users stake crypto (notably Ethereum) in any amount and receive tokenized derivatives (e.g. stETH) in return. These derivatives accrue staking rewards while remaining liquid " users can trade, lend, or use them in DeFi without waiting for an unbonding period. Lido operates via a network of vetted node operators and is governed by the Lido DAO, distributing decision-making power among LDO token holders.