LDO: Lido Income Statement
Shown as its 2019–2022 sample; the latest readings and full history are included with Pro.
Where each day's staking rewards on Lido went: to the holders of stETH, to the node operators who run the validators, and to the Lido DAO's treasury.
Why use it. The stack is Lido's income statement: rewards are its fees, node operators its cost of revenue, the treasury's share what the DAO itself earns. How to read it. The top of the stack is the day's rewards. Lido charges 10% of the rewards, split between node operators and the treasury; the rest goes to stETH holders.
Calculation. Lido: each daily oracle report's rewards on the stake (consensus-layer balance change plus withdrawals, less the 32 ether of every validator that appeared, plus the execution-layer rewards it collected), dated to the report's day and valued at CryptoKeyhole's ETH/USD close for the report's hour. Revenue is Lido's 10% fee, the ether value of the stETH it mints to its treasury and node operators; the supply side is the 90% left to stETH holders. Read from Lido's own report events on CryptoKeyhole's own Ethereum node (from 30 April 2021 its PostTotalShares, earlier its Completed reports). The treasury's part: the stETH the Lido DAO treasury (and, until 2022, its insurance fund) received from each report's fee, read from the stETH Transfer events of the report's block on our node: minted to it directly until December 2025, and since Lido V3 (the report of 25 December 2025) passed on to it by the Lido contract the fee is minted to. The node operators' staking modules get the rest of the fee. Lido reports once a day, about 12:00 UTC: each day holds that day's report.